Revista

de la

Universidad

del Zulia

Fundada en 1947

por el Dr. Jesús Enrique Lossada

DEPÓSITO LEGAL ZU2020000153

ISSN 0041-8811

E-ISSN 2665-0428

Ciencias del

Agro,

Ingeniería

y Tecnología

Año 14 N° 39

Enero - Abril 2023

Tercera Época

Maracaibo-Venezuela

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Digitization of monetary transactions in the field of public-private

partnership: International-legal experience

Stanislav Pohrebniak*

Liydmyla Panova**

Viktoriia Kachuriner***

Natalia Arabadzhy****

ABSTRACT

The purpose of the work is to analyze the international legal experience of digitization of

monetary payments in the field of public-private partnerships, as well as to highlight key

features and positive trends in this matter. The object of the study is the international legal

experience of digitization of monetary settlements in the field of public-private partnerships.

The research methodology consists of the following research methods: theoretical

generalization, scientific abstraction, system analysis, comparative analysis, historical

method, and a group of logical methods. With the help of the conducted research, the

peculiarities of digitization of monetary settlements in the field of public-private

partnerships in different countries were analyzed. In particular, it was determined that the

process of digitization of monetary payments in the sphere of public-private partnership

differs in different countries.

KEY WORDS: digitization, public-private partnership, monetary policy, contract law.

* Professor of the Department of Theory and Philosophy of Law, Yaroslav Mudryi National Law

University. ORCID: https://orcid.org/0000-0002-9422-4202

** Associate Professor of Civil Law Department, Taras Shevchenko National University of Kyiv

(Kyiv, Ukraine). ORCID: https://orcid.org/0000-0002-1393-8626.

*** Associate Professor of the International Law and Comparative Law Department,

International Humanitarian University, Ukraine. ORCID: https://orcid.org/0000-0003-2553-

5071

**** Associate Professor of the Department of State and Legal Disciplines, International

Humanitarian University, Ukraine. ORCID: https://orcid.org/0000-0002-7635-1259

Recibido: 19/10/2022 Aceptado: 09/12/2022

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Digitalización de transacciones monetarias en el ámbito de la

colaboración público-privada: Experiencia jurídica internacional

RESUMEN

Teniendo en cuenta que cada vez se digitalizan más esferas de la vida pública, es necesario

analizar la digitalización de los pagos monetarios en el ámbito de la colaboración público-

privada, teniendo en cuenta la experiencia jurídica internacional. El objetivo del trabajo es

analizar la experiencia jurídica internacional de digitalización de pagos monetarios en el

ámbito de las asociaciones público-privadas, así como destacar las principales características

y tendencias positivas en esta materia. El objeto de estudio es la experiencia jurídica

internacional de digitalización de liquidaciones monetarias en el ámbito de las

colaboraciones público-privadas. La metodología de investigación consta de los siguientes

métodos de investigación: generalización teórica, abstracción científica, análisis de sistemas,

análisis comparativo, método histórico y un grupo de métodos lógicos. Con la ayuda de la

investigación realizada, se analizaron las peculiaridades de la digitalización de liquidaciones

monetarias en el ámbito de las asociaciones público-privadas en diferentes países. En

particular, se determinó que el proceso de digitalización de los pagos monetarios en el ámbito

de la asociación público-privada difiere en los distintos países.

PALABRAS CLAVE: digitalización, asociación público-privada, política monetaria, derecho

contractual.

Introduction

The fast development of technologies contributes to the digitization of the economy

and other spheres of social life. Moreover, the coronavirus pandemic and the spread of online

payments created the prerequisites for the introduction of innovations in previously familiar

systems: monetary payments, and the conclusion of contracts. Globalization and integration

processes contribute to determining the need to introduce new tools for national economic

development and highlight advantages in the main areas of the economy.

Therefore, in the modern conditions of the development of social relations, it is

extremely important to review the concepts of public-private partnership to understand the

peculiarities of the implementation of such projects and the digitization of monetary

transactions in the implementation of such a partnership. Today, it is important to get a

comprehensive understanding of public-private partnership projects. In particular,

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governments of developing countries face problematic issues regarding financing,

implementation, and infrastructure support (including agricultural projects) to provide and

support services and economic growth in general.

The experience of foreign countries shows that public-private partnership projects

can improve service, and infrastructure and can contribute to economic "updating".

It is worth noting that public-private partnerships are generally defined as a way of

contracting for the development and maintenance of infrastructure services, using the

innovation and skills of the private sector to manage operations that often involve private

financing. However, a single generally accepted definition of public-private partnership has

not yet been formed. In particular, different definitions are used to describe the project

depending on the country. Public-private partnership is a universal form of cooperation

between the state/territorial communities and businesses, which allows for solving a wide

range of problems related to digitization (Vinnyk, 2020).

Digitization of monetary settlements in public-private partnerships has many

advantages for both public and private partners. Thus, the private partner gets the

opportunity to innovate and interact with customers, and the public partner can regulate,

monitor, and ensure trust in such a partner. A major role in ensuring trust is a clear

understanding of legal regulation and the consistency of the state's actions both internally

and during communication and cooperation with other states.

International experience shows that many countries successfully implement projects

in the field of public-private partnerships and digitize monetary transactions for such

projects. Projects in the field of introducing innovations in agriculture and infrastructure

projects are being successfully implemented. At the same time, there are different models of

such digitization: from innovations in currency (implementation of digital currency) to the

actual process of making transactions. The differences are seen precisely in the variety of

digital currency. Although, the experience of foreign countries in embedding digital currency

in other assets and incentivizing them is also interesting (smart contracts to program the

simultaneous exchange of currency and bonds). At the same time, as foreign practice shows,

it is also important to ensure the participation of a private partner for the digitization of

monetary payments, because, for the public sector, the implementation of innovations is a

complex, expensive, and potentially inefficient process.

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Therefore, taking into account the above, it is essential to study the features of

international experience in the field of digitization of monetary payments for the

implementation of public-private partnership projects.

1. Theoretical Framework or Literature Review

Public-private partnerships and digitization became the subject of many scientists.

Vasylchenko (2022) analyzed the international experience of using public-private

partnership tools. In the article so far, attention was drawn to the economic and legal

foundations of the formation of the mechanism of public-private partnership, as well as the

peculiarities of the regulatory provision of financing of this process. The researcher also

analyzed the legal framework of the countries of the world and concluded that its presence

is not always a guarantee of the effective implementation of public-private partnership

projects, on the contrary, for the successful implementation of joint activities of the state and

business, it is necessary to match the goals and key parameters of their implementation, an

effective mechanism of interaction, ensuring informational component, availability of

mutually beneficial bilateral cooperation and business interest in bilateral cooperation.

Public-private partnerships and other forms of collaboration in the context of

digitization have been explored by Vinnyk (2020). The author drew attention to the

importance of implementing socially important projects using artificial intelligence, and also

analyzed in more detail the legal regulation of public-private partnerships in Ukraine.

Digitization as a source of new opportunities for the development of entrepreneurship

was considered by Melnychuk (2021). The author notes that the use of digitization

opportunities requires digital transformations in the activities of business entities, in

particular, introducing modern digital technologies, equipment, or software into business

processes, working on the development of new digital or digitized products and services, as

well as working on the system management.

Chmyl (2021) explored opportunities and threats for the digitization of consumer

market activities. The work of Krutov and Kashchena (2020) substantiates the main areas of

improvement of state policy in the financial and innovation-investment spheres, aimed at

creating prerequisites for ensuring the desired level of economic activity of enterprises.

Moreover, Psaila (2016) explored Malta's experience in public-private partnerships.

In particular, the study draws attention to the future trajectory of the development of public-

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private partnerships in Malta, and also notes the evolution of public-private partnerships as

a global phenomenon.

Baker's article draws attention to the benefits of private sector participation in the

digitization of payments. Thus, the head of the French central bank spoke about the potential

benefits of private sector participation in the development and issuance of the future

European digital currency (2020).

A study by Battisti (2019) describes the role of people in the process of social

innovation. The author emphasizes that the social entrepreneur plays a key role, acting as a

bridge between innovation managers and people who reflect on technology.

In a study by Louis Witters, Revital Marom, and Kurt Steinert (2012) the role of

public-private partnerships in the development of innovation was reviewed and it was

pointed out that they help private companies embrace innovation and pool new financial

resources and business capital to open the door to the creation of new industry clusters, thus

ultimately promoting innovation in the increasingly competitive environment. In addition,

public-private partnerships allow private companies to participate in large-scale projects

that are far beyond their traditional capabilities.

The Korean experience in the field of public-private partnership is revealed by Kim

(2019). The author noted that Korea has made significant progress in digital governance.

Also, questions regarding public-private partnerships and digitization were

considered by Tobias Adrian (2020). From the point of view of digital transformation in a

public-private partnership, Tolstolesova, Glukhikh, Yumanova, and Arzikulov (2021) also

considered the issue.

Jay-Hyung Kim, Jungwook Kim, Sung Hwan, Shin Seung-yeon Lee (2011) explored

the characteristics of infrastructure projects.

Peter J. Baldacchinoa Norbert, Taboneb Daniel, Galeac Simon Grima (2021) also

looked at public-private partnerships in Malta.

As can be seen from the above analysis of the literature, the issue of the international

legal experience of the digition of monetary payments in the field of public-private

partnership has been insufficiently and fragmentarily investigated, and therefore there is

further research on this issue.

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2. Methodology

During the conducted research, the method of theoretical generalization was utilized.

This method is a set of sequential actions to combine specific single facts into a single whole

and identify typical features and patterns inherent in the digitization of monetary payments

in the sphere of public-private partnership. The usefulness of the generalization method in

the analysis of the international legal experience of regulation of digitization in the field of

public-private partnership made it possible to understand the essence of the digitization of

monetary payments in the field of public-private partnership in different countries, as well

as to single out the common features and qualities, and the peculiarities of the

implementation of digital tools in the field of public-private partnership in each country.

The method of scientific abstraction played a vital role in the analysis of the

international legal experience of digitization of monetary settlements in the field of public-

private partnerships. So, the specified method aims to distract from insignificant, secondary

features and the imaginary selection and generalization of the most significant features

characteristic of the object under study. Therefore, the study of the international experience

of digitization of monetary settlements in the field of public-private partnership using the

specified method made it possible to form a categorical apparatus and to single out the

individual principles of the functioning of monetary settlements, as well as to understand the

peculiarities of the digitization of such settlements because of the general principles.

The system analysis method made it possible to reveal the interrelations between the

development of digital payments and the use of digital currency in different countries and

the implementation of public-private partnership projects using the techniques of systemic

thinking. This method helped to understand the reasons for successful and unsuccessful

reforms in the field of digitization of monetary payments in the field of public-private

partnership, as well as to identify patterns among different countries that successfully apply

for digital payments in public-private partnership. Moreover, the identification of such

regularities made it possible to find and solve problematic aspects of the digitization of

monetary settlements, and in general to understand the ways of improving the system of

execution and payment of contracts in the field of public-private partnership. Thus, the

method of system analysis played a significant role in conducting research: from posing

problems to choosing optimal ways to solve them.

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The benefit of the method of comparative analysis helped to compare the experience

of different countries regarding the digitization of monetary payments in the field of public-

private partnership, to highlight key differences, as well as the peculiarities of the procedure

for legal and technical support of such digitization. Using the example of comparing the

experience of different countries in this field, the main difficulties in the legislative and

contractual regulation of the digitization of monetary payments, as well as opportunities for

ensuring cyber security, became clear.

The historical research method made it possible to analyze the emergence, formation,

and development of monetary settlements in chronological order. In particular, it allowed

identifying the factors that positively and negatively affect the digitization of monetary

payments in various countries and more clearly formulate recommendations for further safe

reformation of monetary payments during the implementation of public-private partnership

projects.

The service of logical methods (analysis, synthesis, induction, deduction, analogy)

made it possible to formulate the key concepts of this research ("monetary settlement",

"digital monetary settlement", "digitization"), as well as to reveal the properties of these

phenomena, relying on the techniques of formal logic.

3. Results and Discussion

Before analyzing the international experience of digitization of monetary payments in

the field of public-private partnerships, we should consider the general theoretical provisions

regarding the regulation of this concept.

The United Nations defines public-private partnership as innovative long-term

contracts for the development of infrastructure and provision of public services with the

involvement of financial resources, expertise, and motivation of the private sector in those

areas that traditionally belong to the state's sphere of responsibility (Vasylchenko, 2022).

Regarding the successful experience of digitization of monetary payments in the field of

public-private partnership, we will consider the practice of foreign countries in this field.

Great Britain obtained a rich experience in the field of implementation of public-

private partnerships (one of the first projects was the construction of London docks in 1981).

A model of the private finance initiative has been created, which led to the transfer of rights

to the private sector for financing (construction, reconstruction, management, operation) of

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state facilities in the industrial and social spheres. According to this model, a consortium is

formed between the state and a private investor, and a special project company is created.

During the term of the contract, the Consortium provides services that were previously

provided by the state (Vasylchenko, 2022).

In France, state funding in such projects is reduced to a minimum, which provides an

opportunity for innovation by a private partner, but the implementation of the main goals is

focused on the state. As for risk distribution, it depends on each specific project

(Vasylchenko, 2022).

In Germany, the use of public-private partnership projects began in the construction

sector, and only later moved to the agricultural sector (Vasylchenko, 2022).

In Canada, the Ministry of Infrastructure and the Public-Private Partnership Council

of Canada plays an important role in the implementation of public-private partnership

projects. Their main functions are information support, implementation of foreign

experience and best practices in the use of public-private partnerships, and preparation of

analytical reports in this direction. That is why the digitization of transactions depends on

the direction of the policy of the central bank and the Ministry of Infrastructure

(Vasylchenko, 2022).

In the USA the issue of digitization of payments is considered together with the

private sector of cyberspace protection. According to Directive No. 63 to assist the private

sector in achieving and maintaining infrastructure security: "The State Coordinator and the

National Infrastructure Protection Council propose and develop ways to involve the private

sector in the periodic risk assessment of critical processes involving information and

telecommunication systems. The Department of Commerce and the Department of Defense,

in coordination with the private sector, provide expertise to private owners and operators of

critical infrastructure to develop security best practice standards. The Ministry of Justice

and the Ministry of Finance warrant a comprehensive study that includes demographic

indicators of computer crime, compares state approaches to computer crime, and develops

ways to prevent and respond to computer crime by minors." In addition, the creation of

Information Sharing and Analysis Organizations (ISAOs), which should serve as information

exchange points between enterprises, the private sector, and the government, plays an

important role in the regulation of cyber security. (Public-private partnership in the field of

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cyber security: international experience and opportunities for Ukraine: analytical report,

2018)

Thanks to the implementation of projects in the field of agriculture and the

involvement of the private sector in such projects (state investments in Latin America did

not exceed 2%-2.5%), there was a significant increase in GDP (Public-Private Partnership in

Latin America. Facing the challenge of connecting and improving cities, 2018).

In addition to the general experience of implementing projects in the field of public-

private partnership, it is worth paying attention to the experience of digitization of monetary

settlements in the field of public-private partnership. In general, there are two models:

- "one-level digitization";

- "two-level digitization".

The limit of the models depends on the role of the central bank in such transactions.

The two-tier model favors the central bank. At the same time, the single-tier model favors the

private sector (digital coins denominated in domestic units of account will be issued

privately, but they are fully backed by central bank reserves, although the central bank will

license these operators and closely monitor them. So, both models have aims to provide an

efficient payment tool (Tobias, 2020).

Also, Ukraine's aspirations for digitization of transactions in the sphere of public-

private partnership are interesting for analysis. Thus, Deputy Prime Minister - Minister of

Digital Transformation Mykhailo Fedorov presented the initiative and projects of digital

recovery and development of Ukraine, including the Digital4Freedom initiative. This

initiative involves the use of cashless currency instead of cash. Moreover, the minister

emphasized that the digital infrastructure is the most stable and effective during wartime

(MinDigit is launching Digital4Freedom — an international initiative for the rapid recovery

and development of Ukraine through innovation and digitization, 2022). In addition, the

implementation of such a project is consistent with the provisions of the Digital Agenda of

Ukraine (Digital Agenda of Ukraine – 2020. Conceptual principles. Priority areas, initiatives,

and projects of digitization of Ukraine by 2020, 2020).

In addition, it is worth paying attention to the provision of cyber security by European

countries in infrastructure and agricultural projects. Thus, with the digitization of

transactions, cyber security is a fundamental element for building trust, which is important

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for creating and taking advantage of the digital economy. In particular, digitization is

beginning to be fragmented, which makes it difficult, on the one hand, for European

companies to compete at the national and global levels, and on the other hand, for European

citizens and businesses to access viable technology. (Public-Private Partnerships Shaping

Europe's digital future, 2016). Therefore, to attract public-private partnership projects in its

digital market strategy for Europe on 6 May 2015, the European Commission announced that

in the first half of 2016 it would launch a public-private partnership on cyber security in the

field of technologies and solutions for the security of online networks (Public-Private

Partnerships for Cybersecurity, 2022).

The development and implementation of public-private partnerships for the provision

of infrastructure services can be a complex and challenging process. Experience shows that

many countries with a track record of successful public-private partnerships have

established a robust public-private partnership framework. Therefore, the country's goal is

to build a reliable structure to facilitate the implementation of public-private partnership

projects (Public-Private Partnerships (PPP): How can PPPs help deliver better services?

2022).

So, as can be seen from the above analysis of international experience, there are

different models of implementation of digital monetary payments in the sphere of public-

private partnership.

Conclusions

The following conclusions were made during the study of the international legal

experience of digitization of monetary payments in the field of public-private partnership:

1. The use of public-private partnership tools in the implementation of projects in the

field of agriculture can have a successful result, subject to preliminary detailed risk analysis,

taking into account the risk probability factor.

2. As international practice shows, the presence of a legislative framework is not

always a guarantee of effective implementation of public-private partnership projects and the

introduction of instruments for the digital transformation of monetary payments in public-

private partnership projects (for example, agriculture).

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3. Risks associated with the participation of the state partner for project

implementations play an important role in the distribution of responsibility between the

public and private sectors, which is expressed in the establishment of connections,

cooperation, and coordination between project executors, correction of the degree of control

and responsibility, and ensuring the awareness of the state and the private sector. In

particular, in this context, it is important to ensure the mechanism of digitization of

monetary settlements in the sphere of public-private partnership by the state partner, as well

as the need to follow it on the part of the private partner.

4. Monetary settlements in the field of public-private partnership in foreign countries

testify to the interest of businesses in solving state "problematic issues" and the desire of

businesses to digitize the implementation of payments. Although international organizations

and banks are also moving (or are already successfully implementing such projects).

5. The formation and development of digital transactions for public-private

partnership in various spheres of economic activity (including agriculture), the

implementation of management support from state authorities can activate the resource

potential, which has a cause-and-effect relationship of ensuring conditions for more effective

use of local resources, implementation of entrepreneurial initiatives and, in general,

improvement of the level of technological development of certain areas of the economy. At

the same time, effective interaction regarding the digitization of monetary payments requires

special techniques and mechanisms capable of ensuring the use of payments by the state

partner.

Regarding further scientific research, it is important to analyze the features of the

introduction of digital currency as a method of transaction in the field of public-private

partnership, as well as to analyze in more detail the experience of the introduction of digital

currency during the implementation of public-private partnership projects in the field of

agriculture.

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