CROWDFUNDING SYSTEMS: evaluation and government regulation in the conditions of reengineering

through crowdfunding and by using traditional instruments. This is why it is important to analyze the situation in Ukraine in the banking sector. First of all, it is advisable to pay attention to the fact that the decline in Ukrainian banks interest rates on deposits, including currency, that is now actively observed in the banking system of Ukraine makes it unprofitable for citizens keeping money on deposit accounts when the costs on goods and services are rising. In fact, inflation levels out all income on deposits. In General, Ukrainian banks as of 03/18/2020 offer 12.2% per annum on deposits in UAH, 1.58% — on deposits in US dollars, and 0.83% — on deposits in euros (Index). In addition, banks continue to reduce rates. Only during 2017, banks in Ukraine reduced the yield on deposits in US dollars by an average of 0.5%–1.5%, in euros — by 0.5–1.95%, in UAH — by 0.25–1%. Market analysts note that on the background of low rates and high inflation expectations, the population prefers to spend money. That is why now, more than ever, Ukraine must implement real actions in order for the population to receive information about crowdfunding opportunities, and small and medium-sized businesses to receive regulatory support for the use of this tool in their activities. A study by the Cambridge Center for Alternative Finance found that the volume of crowdfunding operations decreases when it is easier to do business in the country. This indicates that crowdfunding is directly related to high costs or other barriers to traditional funding channels. As already mentioned, it is important for the development of crowdfunding to have an appropriate innovation infrastructure in the state. Its significance is based on the fact that the authors of crowdfunding projects are mainly representatives of innovative, technological, multimedia enterprises and startups in general, that are often created and operate in the environment of innovation infrastructure, which should include business accelerators, business incubators, technology parks, scientific and government institutions, innovation, technology, and engineering firms, etc. Nowadays almost all successful Ukrainian crowdfunding projects were residents of business incubators or accelerators during a certain period. For example, the team of the well-known domestic crowdfunding project «Petcube», specializing in the manufacture of equipment that can be used to entertain different pets when the owners are absent, was trained in one of the most influential business incubators in China «NAXLR8R» ( Ʌɚɞɢɤɚ , 2017). 126