Blockchain Papers

Ming Sen Thong

No abstract is available for this record.

Andreas Park

This paper analyzes the institutional and organizational differences between traditional finance and decentralized finance (DeFi), with a focus on public, permissionless blockchains. In traditional markets, intermediaries provide custody, authentication, settlement, and regulatory compliance. By contrast, the option of self-custody and open access on blockchains fundamentally reshapes the organization of financial services and challenges the foundations of current regulatory approaches. These structural differences alter trading, lending, and derivatives markets while introducing risks such as smart contract failures and infrastructure concentration. At the same time, DeFi's openness reduces entry barriers, improves transparency and access, and fosters competition and efficiency. Because self-custody removes intermediaries as enforcement points, regulation cannot simply extend existing frameworks. I conclude with policy recommendations emphasizing self-custody rights, privacy protection, adaptive regulation, and integration pathways for traditional intermediaries.

Danae Maniatis, Kathryn J. Jeffery

Abstract The Congo Basin, comprising the world’s second-largest tropical rainforest, presents both critical environmental challenges and unique opportunities for sustainable development. This chapter evaluates key pathways for environmentally sustainable development in the region, with an emphasis on extractive industries, renewable energy, agroforestry, biodiversity conservation, ecotourism, and climate and carbon finance. Using regional indicators such as the Fragile States Index (FSI), Human Development Index (HDI), and Environmental Performance Index (EPI), the authors highlight the structural barriers—including weak governance, institutional fragility, and extreme poverty—that constrain the region’s development trajectory. Despite these challenges, the Basin’s ecological wealth offers potential for transformative interventions. Strategies such as Reduced-Impact Logging for Climate (RIL-C), sustainable mining practices, decentralized renewable energy systems, and integrated agroforestry models are analyzed for their capacity to reduce emissions, protect biodiversity, and enhance local livelihoods. The chapter further explores the potential of REDD+ and emerging carbon market frameworks to finance conservation and climate mitigation efforts. Emphasizing the role of participatory governance, indigenous knowledge systems, and scientific innovation, the chapter underscores the necessity of context-specific, cross-sectoral approaches to operationalize sustainability in one of the planet’s most ecologically and geopolitically complex regions.

Anthony Chidi Nzomiwu, Francisca Uzooyibo Okoye, Benedict Iyke Okoronkwo

Small and Medium Enterprises (SMEs) face a persistent financing gap globally, estimated at significant portions of GDP in emerging markets like Nigeria, while facing different structural barriers in developed economies like Poland. Decentralized Finance (DeFi) offers theoretical solutions through peer-to-peer lending and tokenized assets, yet pure DeFi adoption remains low among SMEs due to regulatory uncertainty, technical complexity, and volatility. This paper employs Institutional Theory (North, 1990) and Ozili's (2023) tripartite framework of regulation, infrastructure, and capacity to compare the Nigerian and Polish contexts. Drawing on a synthesis of recent literature (2018-2026), the study argues that "pure" DeFi is ill-suited for immediate SME adoption in either context. Instead, a "Hybrid Finance" model where regulated fintech intermediaries bridge traditional banking and blockchain protocols offers the most viable pathway. The analysis highlights Nigeria's reactive regulatory stance (e.g., the 2021 ban and subsequent lifting) versus Poland's adaptive integration within the EU's Markets in Crypto-Assets (MiCA) framework. The paper concludes that institutional embedding, rather than technological disruption alone, is critical for closing the SME financing gap.

Darlington Chizema, Ramos E. Mabugu, Christelle Meniago

This study examines the effect of renewable energy consumption on energy poverty across 43 Sub-Saharan African countries from 2002 to 2021. Using a dynamic panel data approach and a two-step System GMM estimator, it addresses endogeneity concerns in energy poverty analysis. Results show energy poverty is persistent, reflecting deep institutional and infrastructural challenges. While renewable energy consumption is positively associated with energy poverty, the modest impact suggests current investments are concentrated in urban or grid-connected areas, with limited benefits for rural populations. This highlights the need for inclusive, decentralized energy strategies. Human capital emerges as a key factor in alleviating energy poverty, emphasizing the importance of integrating energy access with education and health initiatives. Conversely, GDP per capita, institutional quality, and population density show no significant effects, challenging assumptions that economic growth alone can resolve energy deprivation. The lack of a declining trend in energy poverty underscores the urgency for targeted, long-term interventions. The study advocates pro-poor energy policies, innovative financing, and multi-sectoral approaches linking energy access to broader development goals to advance Sustainable Development Goal 7 (SDG 7). Future research should explore subnational disparities and the varied impacts of renewable technologies to inform context-specific solutions.

Ashmit Sethi

This paper examines how the adoption of Bitcoin has affected financial inclusion, banking access, and economic activity in El Salvador, with a particular focus on small and medium-sized enterprises (SMEs) in underbanked regions. After El Salvador became the first country to recognize Bitcoin as legal tender in 2021, it created a unique opportunity to study how cryptocurrency functions outside of theory and within a real national economy. Using a mixed-methods approach, this research combines a review of academic literature, policy analysis, and media reporting with quantitative analysis of cryptocurrency market data and financial infrastructure indicators. The quantitative component includes correlation, regression, and predictive analysis of cryptocurrency price and transaction volume data, as well as an examination of Bitcoin ATM availability relative to population across major cities. These results are supported by qualitative findings that explore public adoption, SME experiences, and broader economic concerns such as volatility, infrastructure limitations, and financial stability. The findings suggest that while Bitcoin has expanded access to digital financial tools and introduced potential efficiencies in transactions, its impact on financial inclusion has been uneven, particularly in rural and underbanked areas. For SMEs, Bitcoin presents both opportunities and challenges, offering faster payments while also creating risks related to volatility, technical barriers, and implementation costs. Overall, this study highlights the mixed outcomes of cryptocurrency adoption in El Salvador and contributes to ongoing discussions about whether digital currencies can meaningfully support financial inclusion and economic development in developing economies.

Mbonigaba Celestin*, J. Azhar Mohamed**, G. R. Gnana Raja** & K. Vinayakan**

This analysis uses data from the IMF, OECD, and the World Bank, studies the viability of decentralized finance within nine economies. The multilevel structural equation model attributes 84 percent of the variance of legitimacy to blockchain reporting (β=0.41), AI analytics (β=0.29), audit accessibility (β=0.22), and the intensity of oversight (β=0.12). The study claims unalterable data combined with algorithmic assurance as novel pillars of accountability and trust. Policy implications advocate for the adoption of cohesive, auditable trust frameworks alongside AI-powered auditing solutions to streamline transparency and fortified cross-border accountability in decentralized finance.

A. V. Fedorov

Africa's monetary and financial system, which is currently developing dynamically after a prolonged period of neocolonial dependence on transnational financial groups and international capital, is following its own unique path of development, one that differs significantly from the financial trajectories of other global regions. Sub-Saharan Africa, in particular, showcases a unique experience in the evolution of its monetary system, characterized by the world's highest growth dynamics in fintech and electronic non-bank payments. The active, extensive development of Pan-African financial groups and the trend of them displacing foreign and transnational financial corporations from the African continent are intensifying each year. Africa is one of the global leaders in the development of decentralized finance and cryptocurrency mining. At the same time, the continent remains burdened with high levels of external public debt, accumulated primarily in the post-colonial period of its history. This debt hinders the economic development of African nations and their achievement of the Sustainable Development Goals. Concurrently, the scientific and political discourse on reforming the global financial architecture is becoming increasingly acute, as the current system in its present form is incapable of effectively countering new challenges, which have further exacerbated the problems accumulated over recent decades. Africa stands to be a primary beneficiary of a reform of the global monetary and financial system, within which it must assume an adequate position commensurate with its growing international role that reflects its deserving status in geopolitical and geo-economic terms. Sub-Saharan Africa has the potential to become the trigger that accelerates the reform of the global financial architecture and to serve as a unique testing ground for corresponding pilot projects.

Zainab Mourad, Mert Gül

Despite the growing emphasis on the nexus between growth and macroeconomic indicators­, research on the influence of cryptocurrencies on economic performance remains limited. This study compares the impact of two leading cryptocurrencies, Bitcoin and Ethereum, on economic growth, alongside inflation, market uncertainty, and oil and gold prices, using panel data from 14 countries between Q3 2015 and Q3 2023. The results demonstrate robust cross-sectional dependence, indicating that economic shocks in one country affect the entire group. Therefore, second-generation tests are employed to confirm the presence of stationarity in the variables. Except for Bitcoin’s trading volume, panel fully modified ordinary least squares estimations reveal a significantly positive impact of cryptocurrencies on growth. Cointegration is present in the long run, while in the short run, strong bi- and unidirectional causality is found for all cryptocurrency proxies. The study provides insights that can help policymakers develop strategies to align economic growth with the crypto market, benefiting the broader economy.

Martin Christy ABIAYA'A, Tati Gaelle TIMBA, Jean Hugues NLOM, Marcellin NDONG NTAH

Abstract The objective of this article is to analyze the effect of fiscal decentralization on early childhood education in Cameroon. Using a methodological framework based on econometric modeling by ordinary least squares (OLS), generalized least squares (GLS), and the generalized method of moments (GMM), it emerges that fiscal decentralization positively and significantly affects early childhood education in Cameroon. The results obtained by OLS and GLS reveal that Fiscal decentralization has a significant and positive effect on the number of desks per student. The Global Monitoring Mechanisms (GMM) demonstrate that fiscal decentralization leads to a significant and positive increase in both the number of classrooms per student and the number of desks per student. The investigations revealed that fiscal decentralization has a positive effect on early childhood education in Cameroon.These results suggest implementing financing mechanisms for local authorities to stimulate local development through the provision of sustainable socioeconomic infrastructure that can ensure equal and equitable access to education for children. Keywords: Cameroon, schooling, early childhood, fiscal decentralization

Muhamad Jumaa

This study offers an in-depth examination of the transformative influence of cryptocurrencies on global economic and financial systems, emphasizing their interplay with financial inclusion, regulatory evolution, and decentralized economic frameworks. Employing a mixed methods design that combines quantitative regression modeling with qualitative analysis, the research uncovers new insights into cryptocurrency adoption, particularly within emerging economies and financially marginalized populations. Unlike previous studies that focus primarily on technological or speculative dimensions, this paper critically investigates cryptocurrencies as both catalysts for financial democratization and potential sources of systemic risk. It develops a balanced framework for understanding how decentralized finance (DeFi) can coexist with regulatory oversight, proposing evidence-based policy recommendations that promote innovation while safeguarding market integrity and consumer protection. Empirical findings demonstrate that cryptocurrencies facilitate broader access to financial services due to their decentralized structure and cost-efficient transactions. However, they also expose users to challenges such as extreme price volatility, cybersecurity risks, and inconsistent regulatory environments. Moreover, socio-economic analysis reveals that individuals with prior exposure to cryptocurrencies exhibit more favorable perceptions of their societal and economic impact. The research concludes that sustainable cryptocurrency integration requires adaptive regulatory models, cross-border collaboration, and continuous monitoring of technological evolution. Future studies should expand on longitudinal and comparative analyses to evaluate how evolving governance and education strategies influence adoption and trust. By situating cryptocurrencies within the broader discourse of digital transformation and economic sustainability, this paper contributes to shaping policy and industry practices that support an inclusive, resilient, and transparent financial ecosystem.

Loso Judijanto, Usup Usup

This study does a bibliometric analysis of financial inclusion research within the framework of a sustainable economy, utilizing papers indexed in a prominent scientific database from 2000 to 2025. The study utilizes performance analysis and scientific mapping methodologies through VOSviewer and Bibliometrix to investigate publication patterns, prominent authors, institutions, countries, and networks of keyword co-occurrence. The findings indicate that financial inclusion and sustainable development form the primary conceptual core, intricately linked to economic growth, financial development, and sustainability. Contemporary research is mostly focused on digital issues, including fintech, digital financial inclusion, and decentralized finance, which progressively associate inclusive finance with environmental performance, green innovation, and the reduction of carbon emissions. Networks of international collaboration indicate that emerging economies, notably China, India, Pakistan, and South Africa, assume a prominent role, but such collaboration is predominantly localized rather than entirely global. The study elucidates the structure and history of this interdisciplinary domain, identifies significant research clusters and deficiencies, and delineates avenues for further exploration of inclusive and sustainable financial systems.

Christian Ehiobuche

In an era of rising nationalistic populism and shifting global power dynamics, African healthcare systems remain precariously dependent on Western aid frameworks and, increasingly, China’s profit-driven digital health expansions. This dependency perpetuates structural inequities, leaving nations vulnerable to external agendas while stifling local innovation. This qualitative, exploratory study interrogates the potential of blockchain technology to reconfigure healthcare financing from a paradigm of donor reliance to one of autonomous, equitable resource mobilization. Focusing on Africa, the research critically examines emerging models—such as tokenized health bonds and blockchain-based aid tracking—that could decentralize financial sovereignty, enhance transparency, and foster self-sustaining health ecosystems. The study contrasts Western philanthropic approaches, often entangled with conditionalities and bureaucratic inefficiencies, against China’s strategic, commercialized health infrastructure investments, probing how blockchain might offer a third way—leveraging decentralized finance (DeFi) to reclaim agency. Key questions include: How can blockchain mitigate the politicization of aid in an age of populist retrenchment? Can smart contracts and tokenization democratize health financing while ensuring accountability? Drawing on stakeholder interviews and policy analysis, the presentation argues that blockchain’s disruptive potential lies not merely in technological innovation but in its capacity to recalibrate power dynamics—positioning African nations as architects, rather than beneficiaries, of their health futures. By centering African perspectives, this research challenges deterministic narratives of technological solutionism, instead framing blockchain as a contested but potent tool for decolonizing health financing. The findings aim to provoke debate on the intersection of decentralized technologies, post-colonial autonomy, and the urgent need for equitable health sovereignty in a fragmenting global order.

Yongsheng Guo, Ezaddin Yousef, Mirza Muhammad Naseer

This study investigates the relationship between cryptocurrency adoption rates (CARs) and the development of central bank digital currencies (CBDCs) using a global panel of 109 countries from 2020 to 2024. The analysis employs pooled OLS, fixed effects, ordered logistic regression and GMM models with robust controls for macroeconomic indicators, institutional quality, and technological readiness. CBDC status is measured as an ordinal variable representing five development stages, while CAR is derived from the Chainalysis Crypto Adoption Index. The empirical results show that higher CAR significantly increases the probability of a country progressing to more advanced CBDC stages. Margins analysis further indicates that increases in CAR substantially reduce the likelihood of remaining in early CBDC phases and raise the probability of reaching the pilot or launched stages. Heterogeneity analysis reveals that this relationship is strongest in low- and middle-income economies and in countries with low levels of financial inclusion, where cryptocurrencies present greater competition to traditional financial systems. The study contributes new large-sample evidence to the debate on digital currencies and provides policy-relevant insights: central banks in financially constrained economies appear to adopt CBDCs as developmental tools to enhance financial access and preserve monetary sovereignty in the face of growing cryptocurrency adoption.

Bernard, Pascal G.

This paper investigates the strategic role of Central Bank Digital Currencies (CBDCs) in transforming Africa's financial landscape. It argues that a blockchain-based architecture is a critical tool for addressing two of the continent's most pressing economic challenges: inefficient cross-border payments and the erosion of monetary sovereignty from stablecoin adoption. The analysis moves beyond a domestic retail CBDC model to propose a "Pan-African Payment CBDC Network." This framework leverages a permissioned distributed ledger (DLT) to enable instant, low-cost, and transparent multi-currency settlements, directly supporting the goals of the African Continental Free Trade Area (AfCFTA). The paper further details how a sovereign digital currency can defend monetary policy by providing a safe digital alternative to stablecoins, improving policy transmission, and reinforcing the national currency as the primary unit of account. Finally, it critically examines the implementation challenges—including financial disintermediation, technical infrastructure, and political coordination—and offers a phased, collaborative roadmap for achieving regional economic resilience and sovereignty through digital currency innovation.

Ekaterina Balykova

This article explores the economic trade-offs between centralized and decentralized financial systems. Centralized finance (CeFi) relies on regulated intermediaries such as banks and custodians, offering stability, regulatory oversight, and support for monetary policy. Decentralized finance (DeFi), based on smart contracts and cryptographic protocols, reduces barriers to entry and increases flexibility but introduces technical and operational risks. The paper examines efficiency, risk allocation, financial inclusion, innovation, and international implications, supported by quantitative evidence such as global account ownership, cryptocurrency market capitalization, and total value locked (TVL) in DeFi. The analysis highlights that neither system is categorically superior; effective policy should balance innovation and stability through coordinated, technically informed, and proportionate regulations.

EMMANUEL IMUEDE OYASOR

Sub-Saharan Africa remains one of the most climate vulnerable regions globally, yet the conversion of rising inflows into measurable economic resilience has yielded modest and uneven outcomes. This study is set to examine the impact of climate finance on economic resilience in sub-Saharan Africa using a descriptive statistics and trend analysis, drawing on a quantitative secondary data from 2014 to 2024 across five countries including Rwanda, Ghana, Senegal, Nigeria, and Kenya. Visual tools such as charts and graphs illustrate financial trends and sectoral allocations across agriculture, water, energy, and infrastructure. The findings of the study revealed a consistent increase in climate finance over the decade, but this has not resulted in proportional resilience gains due to weak institutional capacity, poor coordination, and sectoral imbalances. Countries with stronger governance systems, such as Rwanda and Ghana, show better resilience outcomes despite receiving comparatively lower funding, emphasizing the importance of institutional quality and policy coherence. The study concludes that climate finance is a catalyst for transformation when embedded in strategic, well governed systems aligned with national development plans. It recommends that governments and international partners prioritize sectoral diversification by channeling finance into underfunded but high impact areas like water infrastructure and decentralized energy, supported by institutional reforms that enhance absorptive capacity and financial accountability.

Abdul Muheet Chowdhary, Kuldeep Sharma, Kolawole Omole

Abstract The growth of crypto assets-related transactions is not short of phenomenal. One of the concerns of governments is their potential impact on financial and economic stability arising from illicit financial flows and reduced visibility of tax administration over crypto transactions. The United Nations Tax Committee is developing a toolkit for jurisdictions to be able to evaluate crypto asset risks. The chapter seeks to contribute to the development of this toolkit by analysing the challenges posed by the decentralized nature of crypto assets as well as the use of cryptocurrency as a medium of exchange. A survey is suggested that could be employed by governments to evaluate those challenges. The adoption of blockchain technology is continuously evolving, resulting in the formation of Decentralized Autonomous Organizations (DAOs) and Decentralized Finance (DeFi). The chapter discusses their features at length and suggests another survey to evaluate their risks as well as measures which tax administrations may consider to tackle the tax challenges arising from crypto assets, DAOs and DeFi.

Adedeji Daniel GBADEBO

Amid growing global urgency for climate action, innovative financial mechanisms are critical for advancing renewable energy transitions in developing economies. This study investigates the role of financial technology (fintech), with a focus on foreign portfolio investment (FPI), in influencing renewable energy investment (REINV) across 54 developing countries in Africa, Asia, and Latin America from 2010 to 2023. Employing a multi-method empirical approach, comprising Spatial Durbin Models (SDM), Quantile Regression (QR), Stochastic Frontier Analysis (SFA), and Spatial Quantile Regression (SQR), the research captures spatial dependencies, distributional heterogeneity, and efficiency dynamics. The SDM results indicate that FPI significantly increases REINV both directly (1.112) and indirectly through spillover effects (0.445), supported by significant spatial autocorrelation (0.334). Economic development and institutional quality also play key roles, with GDP per capita and institutional quality exerting positive and significant direct effects. Quantile regression reveals that FPI has a stronger influence at higher quantiles of REINV, with coefficients rising from 0.745 to 1.445, highlighting distributional inequality in fintech impact. SFA results show that FPI also enhances technical efficiency (0.912), though diminishing marginal returns are evident. Greater financial depth and electricity access reduce inefficiency, while inflation worsens it. Spatial quantile regression further confirms that regional spillovers are more pronounced among high-investment countries, underscoring the role of spatial dynamics in clean energy financing. The findings suggest that fintech can be a catalyst for renewable energy growth, especially in countries with higher institutional and financial capacity. Policy recommendations include strengthening digital infrastructure, enhancing regulatory coordination, and ensuring macroeconomic stability to fully leverage fintech's potential. Future research should explore emerging fintech tools such as decentralized finance and blockchain-based green bonds.

Ejiroghene Amanda Onohwakpo, Ugochi Linda Onyeanuforo

This study examined cryptocurrency adoption patterns across developing economies using comprehensive data from 2018-2021. Through analysis of 45 developing countries, we identify key determinants of crypto adoption including financial inclusion gaps, currency stability, regulatory frameworks, and technological infrastructure. Our findings revealed that countries with higher inflation rates, lower banking penetration, and more favourable regulatory environments demonstrate significantly higher cryptocurrency adoption rates. The study contributes to understanding digital finance evolution in emerging markets and provides policy implications for fostering inclusive financial systems.

Deodat E. Adenutsi

This study investigates the impact of digital currencies (including central bank digital currencies [CBDCs], cryptocurrencies, and Ethereum) on monetary policy effectiveness, specifically focusing on inflation-targeting success and financial stability. Using Autoregressive Distributed Lag (ARDL) modelling on monthly global data spanning January 2010 to December 2024, the empirical findings demonstrate that digital currencies significantly improve monetary policy outcomes. The results indicate that CBDCs and Ethereum transactions notably enhance inflation-targeting success, enabling central banks to better achieve targeted inflation through improved transaction efficiency and transparency. Ethereum also consistently demonstrates a stabilising impact on financial stability by reducing inflation volatility. Conversely, cryptocurrencies exhibit mixed impacts, suggesting potential speculative disruptions. The error-correction mechanisms highlight robust short-run adjustments towards equilibrium, supporting the reliability of the ARDL approach. These findings emphasize the need for policymakers to strategically integrate digital currencies into monetary policy frameworks, and recommend enhanced regulatory oversight, strategic adoption of Ethereum technology, and careful management of monetary growth and velocity of money to sustain economic stability.

ShuangYang Li

Digital currency, as an emerging financial instrument, is having a profound impact on the traditional financial system. This paper explores the transformative role of digital currencies on the global financial system by analysing the types of digital currencies, their technological foundations and their impact on the areas of money supply, banking, payment systems and capital markets. First, digital currencies have improved payment efficiency and financial inclusion, especially central bank digital currencies (CBDC) and decentralized finance (DeFi) have driven innovation in payment systems and cross-border payments. Second, the popularity of digital currencies also poses regulatory and compliance challenges, particularly in terms of monetary policy, financial stability, and cross-border regulation. Finally, the paper highlights the potential of digital currencies to drive financial services inclusion and market innovation, particularly in the area of decentralised finance. Nonetheless, issues of technical security, market risk and legal compliance still need to bead dressed. In the future, the development of digital currencies will depend on technological advances and regulatory harmonization on a global scale.

Tayfun Tuncay Tosun, Erginbay Uğurlu

This study aims to analyze the impact of the U.S. Federal Reserve System’s monetary policy on major cryptocurrencies. Specifically, it explores whether the effects differ between volatile cryptocurrencies, such as Bitcoin and Ethereum, and the stablecoin Tether. To this end, we utilize an autoregressive distributed lag (ARDL) bounds testing approach, analyzing monthly data from January 2019 to April 2025. The empirical results indicate that the responses of volatile and stable cryptocurrencies to the Fed’s monetary policy differ. In the long term, the prices of Bitcoin and Ethereum tend to react positively to the Fed’s monetary policy changes, whereas Tether’s prices experience a negative impact. We recommend novel policy implications in this study based on these empirical findings.

Qifeng Tang, Yain‐Whar Si

With the advancement of digital payment technologies, central banks worldwide have increasingly begun to explore the implementation of Central Bank Digital Currencies (CBDCs). This paper presents a comprehensive review of the latest developments in CBDC system design and implementation. By analyzing 135 research papers published between 2018 and 2025, the study provides an in-depth examination of CBDC design taxonomy and ecosystem frameworks. Grounded in the CBDC Design Pyramid, the paper refines and expands key architectural elements by thoroughly investigating innovations in ledger technologies, the selection of consensus mechanisms, and challenges associated with offline payments and digital wallet integration. Furthermore, it conceptualizes a CBDC ecosystem. A detailed comparative analysis of 26 existing CBDC systems is conducted across four dimensions: system architecture, ledger technology, access model, and application domain. The findings reveal that the most common configuration consists of a two-tier architecture, distributed ledger technology (DLT), and a token-based access model. However, no dominant trend has emerged regarding application domains. Notably, recent research shows a growing focus on leveraging CBDCs for cross-border payments to resolve inefficiencies and structural delays in current systems. Finally, the paper offers several forward-looking recommendations for future research.