The article examines digital payment tokens circulating in decentralized finance. The aim of the study is to de-velop a typology of digital payment tokens for their subsequent adaptation to the cross-border payment infra-structure as a specific payment token type that meets the necessary economic characteristics. The objectives of the study include an overview of the key innovations that led to the emergence and spread of decentralized finance, an analysis of the capabilities and advantages of smart contracts for creating digital tokens, a systema-tization of approaches to the regulatory framework for unsecured cryptocurrencies and stablecoins, and the selection of the optimal type of digital payment token for use in a cross-border payment infrastructure based on distributed ledger technology. The results of the study include a developed typology of digital payment tokens based on their suitability for use in a cross-border payment system. The study concludes that, in order to elimi-nate the fragmentation of national legislation that hinders the use of digital payment tokens in cross-border payment infrastructure, it is advisable for national regulators in countries participating in the unified cross-border payment space to focus their attention on the development and implementation of harmonized regula-tion of stablecoins.
The built environment is a critical frontier for climate change mitigation and adaptation, with residential buildings accounting for a substantial portion of global energy consumption and greenhouse gas emissions. This paper presents a critical review of contemporary literature (2020-2025) synthesizing advancements in climate-resilient housing through integrated architectural and renewable energy solutions. A systematic analysis of 51 studies examines three core areas: passive and active architectural design for thermal resilience; the role of decentralized renewable energy in enhancing autonomy; and the socio-technical, policy, and governance dimensions of implementation. The present review identifies a paradigm shift from static efficiency toward dynamic, adaptive building systems, highlighting the efficacy of bioclimatic design, smart materials, and AI-driven management. Decentralized solar energy is underscored as fundamental for decarbonization and energy security, though its success depends on supportive policies, community engagement, and equitable finance. Persistent gaps are noted, including the need for holistic lifecycle assessments, scalable models for low-income contexts, and stronger integration of technical and social equity approaches. The review concludes by advocating for a transformative shift toward adaptive, regenerative, and just residential environments.
Fanidio Muhammad Ariq Sugiarto, Nur Chanifah, Siti Rohmah
The rapid development of blockchain technology has introduced smart contracts as automated digital agreements widely used in the Decentralized Finance (DeFi) ecosystem. These contracts operate without intermediaries and execute transactions based on algorithmic conditions, creating new legal and sharia implications. This study aims to analyze the validity of smart contracts as akad (contracts) within the framework of fiqh muamalah and to formulate regulatory needs based on maqāṣid al-sharī‘ah and positive law. This research uses normative juridical methods with statutory, conceptual, and sharia approaches by examining legal doctrines, regulations, and Islamic jurisprudence principles. The results show that smart contracts can qualify as valid akad if pillars and conditions of contract are fulfilled, including parties, consent, object, and lawful purpose, although digital consent and automated execution require interpretative expansion. From the maqāṣid perspective, smart contracts potentially support protection of wealth (ḥifẓ al-māl), transparency, and efficiency, but also pose gharar and risk if coding errors and regulatory gaps exist. Therefore, integrative regulation and sharia compliance standards are necessary to ensure legal certainty and maslahah in DeFi transactions.
Sustainable finance models are most often built for contexts characterized by institutional stability, effective governance, and functioning capital markets. In fragile states, such conditions are often absent. This paper revisits sustainable finance through the case of Lebanon, where the post-2019 financial collapse rendered conventional instruments, such as ESG frameworks, green bonds, and sustainability-linked loans, difficult to implement and contextually irrelevant. Drawing on literature regarding sustainable finance, degrowth and post-growth economics, and the political economy of fragility, the paper proposes a conceptual framework for Agile Sustainable Finance: a model that explains how financial practices oriented towards sustainability can persist despite institutional collapse with agility operating as the mediating capability. The model positions agility as the central capability enabling households, firms, and communities to reorganize financial life amid institutional erosion, liquidity shortages, and involuntary degrowth. It highlights how informal credit systems, remittances, community financing, and decentralized energy solutions become essential tools for resilience and ecological sufficiency in collapsed economies. By reframing finance as a mechanism for survival, redistribution, and basic sustainability rather than growth, this conceptual study offers a theoretical model that bridges domains that rarely intersect: sustainable finance and fragile-state dynamics.
The article explores one of the main trends in modern financial transformation, namely the impact of decentralized finance (DeFi) on the banking sector. The author goes beyond conventional discussions about banks’ responses to DeFi and proposes a different vision for their role and function in the digital economy and Web 3.0. The aim of the study is to identify and analyze changes brought about by the rise of DeFi, as well as to propose possible strategies for banks to adopt in light of technological advancements. Unlike traditional approaches that focus on the conflict between banks and DeFi platforms, this work emphasizes the analysis of future models of financial intermediation. Concepts such as «5.0 banks», «metabanks», and autonomous digital ecosystems are explored, where banking functions are implemented in a more programmable manner. The research methods include a comparative analysis of the structural and functional differences between the traditional banking system and decentralized finance (DeFi), an analytical review of recent scientific publications, and an assessment of potential future developments for banks in the face of decentralized technology. Based on this research, we found that banks remain an important part of the financial system, despite increasing pressure from decentralized finance. However, banks must adapt to technological change in order to maintain their relevance. We identified three possible paths for the future of banking: the integration of DeFi features into existing banking products, the creation of hybrid models that combine DeFi and traditional banking, and the transition to fully autonomous algorithmic systems powered by smart contracts and artificial intelligence. While all three scenarios are possible, we believe that the hybrid model that combines DeFi innovation with customer protection and regulation is the most likely to succeed in the long term. The novelty of this work lies in its conceptual approach to how banks can adapt to decentralized technologies and forecast their future evolution within the context of Web3. Its practical significance lies in the potential for using these findings to develop digital transformation strategies for banks.
DLT and several other technological elements such as smart contracts, digital wallets, oracles, and so on in the context of financial markets, are leading to the emergence of very different phenomena which require, first of all, to be understood and then, inevitably as their importance and volume grow, regulated and supervised, to ensure the stability of the market and the protection of its investors. At the international level, the Financial Stability Board is advancing a global regulatory framework grounded in the principle of ‘same activity, same risk, same regulation’, aiming to ensure consistent and comprehensive regulation of crypto-asset activities and stablecoins relative to the risks they present, while also fostering responsible innovation prompted by technological advancements. The European Union is actively addressing regulatory challenges in the crypto space, employing distinct approaches to different categories of cryptoassets, depending on whether DLT technology is used in the context of non-fully decentralized finance, rather than in DeFi itself, which currently lacks effective regulation within the European Union. Greater problems from a regulatory perspective, however, are posed by the phenomenon of DeFi, which entails a more significant disintermediation. For this reason, even at the European level, this is undoubtedly the area that poses the most significant problems for market and investor protection. Keywords: decentralized ledger technology, crypto-assets, regulation, DeFi, investor protection.
The rapid development of cryptocurrency as a digital financial asset has introduced new challenges for the prevention and eradication of money laundering crimes. While cryptocurrencies offer efficiency, decentralization, and borderless transactions, these very characteristics also create significant vulnerabilities for misuse, particularly in facilitating illicit financial flows. In Indonesia, the existing legal framework on anti-money laundering, primarily regulated under Law Number 8 of 2010, was formulated prior to the widespread adoption of cryptocurrency and therefore faces limitations in addressing technology-driven financial crimes. This article examines the challenges of law enforcement in combating cryptocurrency-based money laundering in Indonesia through a normative juridical approach. The study analyzes relevant statutory regulations, institutional authority, and enforcement mechanisms involving agencies such as PPATK, Bappebti, the Financial Services Authority, and law enforcement bodies. The findings indicate that law enforcement faces substantial obstacles, including regulatory fragmentation, jurisdictional complexities, difficulties in tracing blockchain-based transactions, evidentiary constraints, and limited technical capacity among enforcement institutions. Furthermore, the absence of comprehensive regulation concerning decentralized finance and non-custodial digital wallets exacerbates enforcement difficulties. This article argues that without regulatory harmonization, enhanced institutional coordination, and the integration of technological capabilities into law enforcement practices, the Indonesian legal system risks lagging behind the evolving landscape of financial crime. Strengthening adaptive legal frameworks is therefore essential to ensure effective anti-money laundering enforcement in the digital asset era.
Private agents do not internalize the impact of their investment decisions on the sovereign’s bond prices and default risk. Therefore, a standard externality argument implies that investment is insufficient and that a subsidy can improve welfare, if financed by non-distortionary means. We contrast this logic with a countervailing force. When the sovereign is impatient relative to households, plausibly due to political economy factors, it finds laissez-faire capital accumulation excessive and might prefer instead to tax it. We embed both mechanisms in a sovereign default model with decentralized capital investment, long-term public debt, and stochastic trend growth, calibrated to salient features of the Spanish economy. We find that the impatience channel dominates quantitatively, to such an extent that laissez-faire is preferable to the government’s ideal fiscal policy, based on households’ welfare.
Nurgul Bakytbekovna Aiupova, Md Tota Miah, Krisztina Taralik
ABSTRACT Blockchain technology has emerged as a potential disruptor in non‐financial reporting practices for firms to publicly report their social and environmental impact with its promise of immutability and decentralization. In this context, this study employs a bibliometric analysis to explore the scientific advancements of blockchain applications in CSR reporting from 2015 to 2025. VOSviewer and Biblioshiny in Rstudio applications were employed to perform the required analysis. Drawing data from Scopus and Web of Science (153 articles), the results reveal a significant shift in focus from traditional corporate social responsibility (CSR) reporting mechanisms toward technology‐enabled sustainability reporting. The thematic analysis presents five significant areas for further exploration, including corporate governance and sustainability strategy, technology‐driven sustainable finance, CSR reporting and credibility, ESG performance and digital innovation, and blockchain for accountability and responsibility. The proposed conceptual framework suggests integration of technology‐organization‐environment (TOE) elements when introducing new technology within the organization. Future researchers can empirically test the framework's antecedents to assess the socio‐economic context of different types of non‐financial reporting.
Yescha Nuradisa Ekarachmi Danandjojo, Samira Ramezani, Johan Woltjer, Taede Tillema
• Policies both enable and constrain LVC, requiring flexible regulatory alignment. • Limited local fiscal authority weakens LVC use for transport infrastructure funding. • MRT Jakarta shows transit agencies need clear mandates and institutional support. • Intergovernmental collaboration is essential for effective LVC in multi-level systems. • Effective LVC needs risk sharing, incentives, and non-fiscal tools for private actors. Discussions of stakeholder relationships in land value capture (LVC) for transport infrastructure development remain limited, particularly within decentralized systems in the Global South and in multi-level government contexts, where strong government control is present. This paper examines the factors affecting stakeholder relationships and how these relationships influence the implementation of LVC. The case study focuses on Jakarta’s Mass Rapid Transit (MRT) in Indonesia, where LVC is considered a promising financing tool. The findings highlight that in the context of Jakarta, policy and regulations, institutional arrangements, and risk mitigation are the most influential factors. First, while policies and regulations are essential in defining stakeholder responsibilities, they also create rigid boundaries that can limit flexibility for local innovation in exploring LVC instruments. Second, the limited authority of the transit agency indicates the need for more explicit mandates and greater support from governing bodies. Third, public agencies need to take a more proactive role in risk mitigation by developing mutually beneficial partnerships with private entities. Overall, this study bridges theory and practice by placing LVC within a multi-level governance framework that links the governance of transport infrastructure development and land-use management. It shows that successful LVC implementation depends on collaboration among stakeholders from different sectors and requires institutional flexibility and adaptive governance that balance national policy coherence with local discretion. By highlighting these cross-sector and governance dynamics, the study contributes to wider discussions on urban development, transport infrastructure governance, and public–private collaboration, making it relevant to both scholars and practitioners across multiple disciplines.
Abstract Blockchain technology has the potential to significantly advance financial inclusion, by providing decentralized financial solutions, such as Decentralized Finance (DeFi) platforms, which can ultimately be beneficial to the unbanked and underbanked populations across the globe. The decentralized nature of blockchain is a beacon of hope for bridging the financial access gap in developing and emerging economies where the traditional banking infrastructure is limited, or even non-existent. This is a conceptual paper that compiles a collection of literature around blockchain technology and financial inclusion. This paper discusses the potential to lower the barriers to financial services and transaction costs as well as increase financial literacy enabled by blockchain-based solutions (i.e. cryptocurrencies, smart contracts and digital wallets) through a systematic review of key studies, market reports and case examples identified from various regions. The state of the art paper which builds on the relevant literature on blockchain and fintech for financial inclusion. Focusing on cryptocurrencies, smart contracts, and digital wallets, this paper analyses the extent to which blockchain-based solutions may minimize financial service barriers, service transaction costs and improve financial literacy, through a review key study, market reports and case examples across different regions. It emphasizes how blockchain technology has the potential to empower these disadvantaged communities with affordable, secure, and accessible financial products. However, it does also stress the importance of guidelines to help ensure the safe and effective implementation of blockchain solutions. The objective of this paper is to offer a conceptual framework that connects the motivations for financial inclusion and the role of blockchain solutions with the ultimate objective of enabling policymakers, financial institutions, and technology developers to adopt and tailor blockchain solutions aligned to the global financial systems of developing economies. Keywords: Blockchain Technology, Financial Inclusion, Decentralized Finance, DeFi, Cryptocurrencies, Smart Contracts, Peer-to-Peer Lending, Financial Services, Emerging Markets
Hybrid Finance (HyFi) is a research and implementation initiative focused on establishing an operational framework that enables legally interpretable financial relationships to be settled using decentralized execution mechanisms. Historically, Traditional Finance (TradFi) and Decentralized Finance (DeFi) developed as mutually incompatible systems. TradFi ensures regulatory compliance, identity accountability, and institutional trust but suffers from latency and geographic constraints. DeFi enables transparent, borderless, and automated settlement but lacks enforceable responsibility mapping in real-world contractual contexts. The HyFi framework introduces a translation architecture that separates relationship governance from value execution. Institutional structures define responsibility and legal context, while decentralized networks perform settlement. A certification layer binds cryptographic execution to real-world intent, producing auditable and compliance-compatible financial records. This community archives research papers, technical disclosures, implementation references, diagrams, and supporting documentation related to: Hybrid financial operational models Compliance-aware blockchain settlement Certified digital asset transactions Programmable accountability frameworks Institutional adoption methodologies Educational and operational standards for blockchain integration The objective of this repository is to document the emergence of a third financial paradigm — not a replacement of TradFi or DeFi, but a structured convergence enabling borderless yet compliant financial activity.
Ahmad Khalifah Zamrud, Usman Jafar, Abdul Wahid Haddade
IntroductionThe rapid expansion of cryptocurrency has generated significant debate within Islamic economic discourse. Bitcoin, as the first decentralized digital currency, offers technological advantages such as transparency, efficiency, and global accessibility. However, it also raises concerns regarding price volatility, speculative trading behavior, and the absence of intrinsic value. These issues have prompted Islamic scholars and regulatory institutions to evaluate cryptocurrency from the perspective of Islamic law and financial ethics. In Indonesia, the Indonesian Ulema Council issued a religious ruling declaring Bitcoin impermissible due to elements of uncertainty, speculation, and potential economic harm. This ruling has stimulated ongoing discussion about the compatibility of cryptocurrency innovation with Islamic economic principles.ObjectivesThis study aims to critically analyze the religious ruling on Bitcoin issued by the Indonesian Ulema Council by examining its legal reasoning, its relationship with Islamic economic principles, and its implications for the governance of digital financial innovation. The research also seeks to explore whether cryptocurrency can be accommodated within an Islamic economic framework under certain regulatory and ethical conditions.MethodThe study employs a qualitative research design using a transdisciplinary analytical approach that integrates perspectives from Islamic jurisprudence, Islamic economics, financial regulation, and digital financial technology. Data were collected through documentation of religious rulings, regulatory policies, and scholarly literature related to cryptocurrency and Islamic finance. The data were analyzed through thematic and comparative analysis to identify the legal reasoning underlying the prohibition of Bitcoin and to evaluate alternative scholarly interpretations regarding the status of digital assets in Islamic economics.ResultsThe findings indicate that the prohibition of Bitcoin is primarily based on concerns about excessive uncertainty, speculative trading behavior, and potential economic harm associated with cryptocurrency markets. Nevertheless, the analysis also reveals that cryptocurrency may be considered permissible when these elements are mitigated through transparent governance, regulatory oversight, and the development of asset-backed digital financial instruments.ImplicationsThe study highlights the importance of developing regulatory and institutional frameworks that reconcile financial innovation with Islamic ethical principles. Such frameworks can provide clearer guidance for Muslim investors while supporting responsible digital financial development.Originality or NoveltyThis research contributes to the growing literature on cryptocurrency in Islamic economics by offering a critical analysis of religious rulings within the broader context of digital financial transformation and regulatory governance.
This study explores the current landscape of fiscal decentralization in India, with particular attention tothe financial structure and functioning of rural and urban local government bodies. It investigates thecomposition and trends of own-source revenues versus intergovernmental transfers, the extent of fiscalautonomy enjoyed by local institutions, and the institutional and policy challenges that hinder effectivedevolution of financial powers. Drawing upon secondary data, government reports, and existing scholarlyresearch, the paper analyses persistent vertical and horizontal fiscal imbalances, variations across states, andthe implications of limited fiscal capacity on local governance and service delivery. Furthermore, the studyidentifies critical policy gaps, administrative bottlenecks, and capacity constraints that undermine the objectivesof decentralized governance. It concludes by proposing strategic reforms to strengthen fiscal empowerment,improve transparency and accountability, and enhance the overall effectiveness of India’s multi-tiered fiscalframework
Foundational results in machine learning establish that all human labor may in principle be automatable. Without deliberate intervention, this trajectory risks concentrating productive capacity in a handful of corporations, resulting in techno-feudalism: mass economic redundancy, surveillance-based control and dependence on corporate benevolence for survival. To avert this outcome, this paper introduces anarchist automation, a rigorously defined sociotechnical framework grounded in the 200-year anarchist tradition from Godwin through Kropotkin to Bookchin for ensuring that full automation is decentralized and oriented toward universal care. Specifically, I state five formal hypotheses and six research objectives, present a formal definition through analytical categories of interdependent spheres, and propose the Liberation Stack as a layered technical architecture with explicit preconditions and gate conditions for each layer, incorporating crypto-economic coordination tools appropriated from the crypto-anarchist tradition for commons financing and governance. Furthermore, I introduce Universal Desired Resources as a post-monetary design principle that eliminates the material basis of intersectional oppression, and address the Mises-Hayek economic calculation problem by arguing that AI-based distributed optimization and federated preference elicitation can substitute for market price signals under conditions of material abundance. I develop a framework for progressive state dissolution through incremental, reversible commons-building compatible with existing democratic institutions. Empirical evidence from Linux, Mondragon and contemporary commons initiatives confirms that commons-based systems already operate at scale. Finally, I conclude with a phased roadmap specifying explicit assumptions, hard constraints, gate conditions between phases, and detailed limitations.
Autonomous platforms for fintech, decentralized finance, and digital civil infrastructures are at the research frontier. Delivering on their promise requires a foundational approach. Future research and development directions are organised by core architectural principles, enabling technologies, major challenges and risks, methods for development and evaluation, and governance models. Autonomous economic interaction and decision-making are principally guided by policy goals. Independence from human involvement cannot be guaranteed, especially when external agents fulfil custodial roles, but risk can be mitigated by solidifying the foundations. The term “autonomous platform” constitutes a composite of economic theory and systems design. Platforms support economic interactions enabled by information and communication technology—in particular, the Internet. Their distinctive feature is an architecture composed of services provided by multiple stakeholders. Platform engineering is a design discipline that seeks to deliver the hoped-for benefits, including lower costs, greater selection, and novel business models, while mitigating risks such as fraud and the abuse of market power. The promise of autonomy stems from the deployment of becoming-type, human-compliant purpose design in an effective oversized-modular architecture and begins with the fulfilment of core architectural principles—an autonomous, modular, and composable layer for economic interaction and decision-making.
Liquidation of collateral are the primary safeguard for solvency of lending protocols in decentralized finance. However, the mechanics of liquidations expose these protocols to predatory price manipulations and other forms of Maximal Extractable Value (MEV). In this paper, we characterize the optimal liquidation strategy, via a dynamic program, from the perspective of a profit-maximizing liquidator when the spot oracle is given by a Constant Product Market Maker (CPMM). We explicitly model Oracle Extractable Value (OEV) where liquidators manipulate the CPMM with sandwich attacks to trigger profitable liquidation events. We derive closed-form liquidation bounds and prove that CPMM transaction fees act as a critical security parameter. Crucially, we demonstrate that fees do not merely reduce attacker profits, but can make such manipulations unprofitable for an attacker. Our findings suggest that CPMM transaction fees serve a dual purpose: compensating liquidity providers and endogenously hardening CPMM oracles against manipulation without the latency of time-weighted averages or medianization.
Slow Liquidity Drain (SLID) scams have recently emerged as a subtle and persistent threat within the decentralized finance (DeFi) environment. While prior studies have introduced heuristic and machine learning techniques for identifying SLID behaviors, deploying these methods in real-world industrial systems reveals substantial challenges. In particular, updated large-scale datasets collected from operational DeFi platforms show that SLID behaviors and their effective detection time-range evolve over time, rendering previously reported fixed thresholds unreliable for production use. This work presents a data-driven reassessment of SLID detection under contemporary DeFi conditions and demonstrates that the observation window required for reliable detection shifts as new data and new scam behaviors emerge. Building on these findings, we introduce an industry-oriented detection framework that decouples machine learning models from time-range selection and supports adaptive operation without retraining or feature redesign. Rather than proposing a single deployment strategy, we outline two practical operating modes: a slow-adaptive mode that prioritizes stability and auditability through periodic window updates, and a fast-adaptive mode that enables flexible sensitivity and tiered alerts for security-driven environments. Together, these designs translate empirical insights into concrete system architectures suitable for large-scale DeFi monitoring, bridging the gap between academic SLID detection research and production deployment requirements.
Energy Communities (ECs) have emerged as central legal instruments for decentralized renewable energy deployment across Europe; however, their long-term viability depends critically on financial sustainability mechanisms that remain inadequately understood. This study examines the economic foundations of ECs through a narrative literature review of revenue generation, cost allocation, and the capital mobilization pathways in three representative European markets (Germany, Spain, and Italy). A structured Scopus database search identified 280 peer-reviewed studies published between 2019 and 2025. Following systematic screening, 89 articles were selected for analysis through bibliometric mapping in R (Biblioshiny) and qualitative synthesis in NVivo. The analysis reveals that stable feed-in tariffs, tax incentives, and self-consumption remuneration schemes form the primary revenue mechanisms, while cost management effectiveness varies substantially across countries due to differing grid-charge structures and administrative frameworks. Capital access remains constrained for smaller communities despite hybrid financing innovations combining public grants, cooperative equity, and emerging crowdfunding mechanisms. Regulatory heterogeneity, high upfront investment requirements, and limited institutional credit availability continue to impede scalability. The findings emphasize that achieving widespread EC adoption requires harmonized policy frameworks, transparent cost-sharing arrangements, and diversified investment instruments that align local participation with national decarbonization objectives while ensuring equitable access across diverse socio-economic contexts.
Nourhaine Nefzi, A. Melki, Sahar Loukil, Ahmed Jeribi
Abstract This study investigates the dynamic connectedness within the cryptocurrency market by analyzing four distinct cryptomarket blocks: Bitcoin and Ethereum (conventional cryptocurrencies); PAXG, DGX, and GLC (gold-backed cryptocurrencies); LINK and MNK (decentralized finance); and THETA and MANA (nonfungible tokens). Using the time-varying parameter quantile vector autoregressive (TVP-Quantile VAR) model for the period 2019–2023, our analysis reveals significant insights into the risk transmission dynamics among cryptocurrencies. Both conventional cryptocurrencies exhibit a consistent net transmitter effect in extreme periods, whereas decentralized finance (DeFi) and nonfungible tokens (NFTs) shift between a net shock transmitter and a net shock receiver over time and quantiles. Moreover, our results shed light on the hedging and safe haven properties of these assets. By linking the dynamic connectedness findings with established literature on hedging and safe haven functions, we elucidate how these cryptocurrencies perform under varying market conditions. Specifically, we report that the role of LINK, MNK, THETA, and MANA as reliable safe-haven assets is contingent upon the observed period. We also observe the hedge and safe haven properties of selected gold-backed cryptocurrencies within the network. Overall, our findings suggest that, despite the dynamic connectedness of the cryptocurrency market, investors have the flexibility to diversify across these digital assets.
Energy poverty remains a critical barrier to socioeconomic development in rural Africa, where millions lack access to reliable electricity. This study explores the state of rural electrification, the consequences of dependence on traditional energy sources, and the potential of solar energy as a viable solution. Using a qualitative secondary research methodology, the study synthesizes data from scholarly articles, institutional reports, and case studies across various African nations, including Kenya, Rwanda, and Tanzania. Findings reveal that decentralized solar solutions, such as mini-grids and standalone solar home systems, offer scalable and cost effective alternatives to grid expansion. However, challenges such. Ydf as high upfront costs, weak regulatory frameworks, and limited financing mechanisms hinder widespread adoption. Innovative financing models, including pay-as-you-go (PAYG) schemes and microcredit financing, have demonstrated success in increasing energy affordability, while public-private partnerships (PPPs) have facilitated large-scale solar electrification projects. The study concludes that achieving universal energy access in rural Africa requires strengthened institutional support, policy harmonization, and increased investment in decentralized renewable energy solutions. Policy recommendations include government-led subsidy programs, tax incentives for solar enterprises, and enhanced regulatory frameworks to encourage private sector participation. This research contributes to the ongoing discourse on sustainable energy transitions by providing policy insights and strategic recommendations for accelerating rural electrification efforts in Africa.
The article provides a comprehensive study of the fundamental transformation of the nature of financial crises in the conditions of rapid digitalization of the global economy. It is shown that technological changes not only modify the toolkit of financial transactions, but also radically change the dynamics, speed and mechanisms of the spread of crisis phenomena. Special attention is paid to the evolution of banking panics: from traditional physical queues near branches to the phenomenon of "bank sprint", characterized by instantaneous, synchronized and mass withdrawal of liquidity through digital channels. This form of panic differs significantly from classical models in that the time lag between the appearance of negative information and the reaction of depositors is reduced from days or hours to minutes, which significantly complicates the possibilities of regulatory intervention. Based on historical analysis of the collapse of Continental Illinois (1984) and Silicon Valley Bank (2023), it is demonstrated that the digitalization of financial services combined with information synchronization through social networks creates conditions for an exponential acceleration of the spread of financial shocks. Particular attention is paid to new systemic risk vectors in the decentralized finance sector (DeFi), in particular the problem of the absence of automatic market fuses (circuit breakers) and threats of algorithmic cascading liquidations by smart contracts. The influence of artificial intelligence and large language models on market behavior, which contributes to the emergence of the "digital herding" effect, is considered. The need to change the regulatory paradigm is substantiated: the transition from static liquidity standards to dynamic management of operational stability. In this context, the unique experience of the Ukrainian Power Banking network was analyzed, which ensured the continuity of financial services in the conditions of large-scale crisis challenges caused by war and energy attacks. It is shown that the creation of a physically and energetically autonomous infrastructure of bank branches can be an effective tool for increasing the operational stability of the financial system.
Blockchain technology, with its characteristics of decentralization, immutability, auditability, and traceability, has gradually become a core infrastructure in the digital economy era, demonstrating great potential in fields such as finance, government services, and the Internet of Things (IoT). However, as the scale of blockchain networks expands and data volumes surge, issues such as full-node storage redundancy, limited transaction throughput, and inefficient synchronization of historical data have become increasingly prominent, severely restricting the large-scale application of blockchain systems. The storage scalability problem faced by blockchain is therefore becoming more critical. To address the challenge in which on-chain storage expansion still cannot meet the demand for large-scale data storage, a storage method combining the InterPlanetary File System (IPFS) with blockchain, referred to as IPFS-BC, is proposed. In IPFS-BC, large-scale raw data are stored in the decentralized and content-addressable IPFS network, while the blockchain only retains the unique content identifier (CID) hash and related metadata. Through smart contracts enabling dynamic permission management and fine-grained access control, efficient interaction and collaborative storage between on-chain and off-chain systems are achieved. In this work, file upload simulation experiments were conducted, and two evaluation indicators—storage space consumption and storage performance (file read/write time and speed)—were used to compare three storage approaches: Distributed Hash Table (DHT)-based off-chain storage, Financial Blockchain Shenzhen Open Source (FISCO BCOS) on-chain storage, and the IPFS-BC on-chain/off-chain collaborative storage model. Experimental results show that the IPFS-BC model reduces storage space consumption by approximately 75% compared with FISCO BCOS blockchain storage when storing file data, significantly decreasing data redundancy. Moreover, IPFS-BC ensures system security during the on-chain process, and through the automated management and auditing provided by smart contracts, it effectively enhances system security and realizes scalable on-chain/off-chain collaborative storage.
Huei-Wen Teng, Wolfgang Karl Härdle, Joerg Osterrieder, Daniel Traian Pele · 31 authors
Digital assets (DAs) such as cryptocurrencies, tokenized securities, stablecoins, non-fungible tokens (NFTs), and central bank digital currencies, are transforming financial markets with new business models, investment opportunities, and transaction efficiencies. Underpinned by blockchain, distributed ledger technology, and smart contracts, digital innovations are reshaping the financial ecosystem. However, their rapid growth introduces substantial risks, including fraud, market manipulation, cybersecurity threats, and regulatory uncertainty. This position paper offers an interdisciplinary and empirically grounded analysis of the DA landscape. We define and classify major asset types, trace their evolution from speculative instruments to functional tools, and assess current adoption trends. Additional technological developments (e.g., decentralized finance and NFT expansion) are examined for their role in accelerating this transformation. We also analyze the global regulatory landscape, highlighting jurisdictional differences, classification challenges, and emerging governance frameworks. To address key risks, we derive mitigation strategies via quantitative analysis and case-based evidence. The risks include balancing innovation with investor protection through adaptive regulatory design, promoting cross-border regulatory harmonization to prevent arbitrage and fragmentation, and supporting experimentation through regulatory sandboxes and innovation hubs. By adopting a forward-looking, evidence-based, and collaborative regulatory approaches, stakeholders can harness the benefits of DAs while managing systemic risks and maintaining market integrity.