Roy Kanavheti, Wellington Makondo, Wellington Simbarashe Manjoro
Academic qualification forgery poses a major concern for higher learning institutions, employers, and regulatory authorities throughout the world. In Zimbabwe, the increase in the level of fake degrees has greatly eroded trust in the education industry. Conventional verification processes are time-consuming, manual, and highly vulnerable to tampering. This paper introduces a hybrid blockchain-based and AI-enabled academic qualification verification platform to fight the problems. A prototype was implemented integrating various artificial intelligence algorithms including Convolutional Neural Networks (CNN), Autoencoder, Random Forest, and One-Class Support Vector Machines (SVM) with Algorand blockchain for secure, transparent, and decentralized record keeping. Zero-Knowledge Proofs (ZKPs) were utilized to ensure privacy. The system was tested based on a mixed-methods and Design Science Research (DSR) approach across many performance measures. Results show fraud detection accuracy, near-instantaneous verification speed, and satisfaction with privacy standards. The proposed system provides a sustainable and scalable framework for enhancing academic integrity in Zimbabwe's higher education system and primes the region for digital transformation of education.
This paper studies the existence of the long-run equilibrium relationship between the US M2 money supply (M2SL) and the price of Bitcoin (BTC) spanning January 2015 to April 2025. Utilizing a log-log model to focus on elasticity, this study employs a robust econometric methodology to examine the relationship between the US M2 money supply and Bitcoin (BTC) prices. The empirical findings confirm that the natural logarithms of M2 and BTC are integrated of order one, denoted as I (1). The Johansen test shows a long-run elasticity estimate of 2.65, suggesting that a 1% increase in the M2 money supply is associated with a 2.65% increase in the price of Bitcoin. The VECM analysis validates this long-run equilibrium, with a statistically significant error correction term (λ’ = -0.12), indicating that 12% of any deviation from the long-run path is corrected monthly. The cointegration tests for both variables provide strong evidence of a stable, long-run relationship. These results lead us to conclude that Bitcoin performs as a highly elastic asset with respect to changes in the M2 money supply.
Digitalization is reshaping global consumption patterns and exposing the limits of value-added tax (VAT) regimes designed for an analogue economy. While Brazilian tax-reform proposals focus on merging six cascading levies into a single VAT-style tax, this structural simplification alone will not align the system with the realities of cross-border electronic commerce. Drawing on OECD guidelines and the BEPS Action 1 report, this article reviews two decades of international debate on destination-based VAT, especially for business-to-consumer supplies of intangibles. It highlights the practical impasse surrounding customer identification, jurisdictional allocation and collection in high-volume, real-time digital marketplaces. The paper argues that recent suggestions to shift liability to dominant e-commerce platforms, although politically feasible, still rely on “verified self-identification” and fragmented registration procedures that are ill-suited to the velocity of automated transactions. As a forward-looking alternative, the study explores how distributed-ledger technology—particularly smart-contract-enabled split-payment mechanisms executed on blockchain networks and settled with central-bank digital currencies—could embed compliance by design, enhance traceability, and lower administrative costs for both taxpayers and revenue authorities. Implementation prerequisites (digital identities, standardized e-invoicing, regulatory sandboxes) and technological hurdles (scalability, interoperability, tokenization) are mapped, providing a research agenda for a VAT 4.0 architecture. The conclusion contends that harnessing blockchain’s immutability and programmability is essential for a resilient, fraud-resistant indirect-tax system capable of addressing the borderless nature of 21st-century commerce.
This study seeks to offer an in-depth examination of cryptocurrency investments through the lens of Islamic law, with particular emphasis on assessing the Shariah compatibility of widely used digital assets such as Bitcoin and Ethereum. The novelty of this research lies in its systematic exploration of key issues such as the speculative nature, intrinsic value, and potential for financial harm (gharar) associated with cryptocurrencies. This study adopts a qualitative approach, drawing upon primary sources of Islamic jurisprudence namely the Quran, Hadith, and classical scholarly interpretations while also incorporating contemporary fatwas, insights from prominent Islamic finance scholars, and expert interviews to inform the analysis. The results highlight divergent viewpoints on the permissibility of cryptocurrency investments, with some scholars asserting their compliance under specific conditions, while others deem them non-compliant due to risks of speculation and uncertainty. The study concludes by proposing a set of actionable guidelines for Muslim investors, underscoring the significance of grasping the intricacies of Shariah principles in cryptocurrency investments and highlighting the necessity for continuous scholarly engagement in this evolving domain.
Charles Nicholas, Charles Dwumfour Osei, David Kwao-Sarbah
The success of decentralization efforts in developing countries, such as Ghana, is closely tied to the capacity for robust infrastructure delivery at the local level, where local governments are mandated to drive development but often operate on shoestring budgets. This study critically examines the performance of Internally Generated Funds (IGF) collection in the Ahafo Ano-South West District in Ghana, with a specific focus on revenue trends from 2016 to 2022. Using time series data, the study applies the Corrected Revenue Collection Index (CRCI) to assess how well various revenue streams performed. The findings reveal a striking pattern where property rates emerged as the most consistent and high-performing source of IGF, while revenues from land royalties and administrative fees lagged significantly. Rental income from lands and buildings, and licenses, showed moderate but promising results. These disparities highlight the untapped potential within local revenue systems and point to key areas for reform and strategic investment. By offering new empirical insights, this study contributes meaningfully to the broader discourse on local government financing and sustainable development. It underscores the urgent need for improved revenue mobilization strategies and greater fiscal accountability to empower district assemblies in Ghana and similar contexts to deliver on their developmental mandates. Strengthening IGF collection is not just a financial necessity but a pathway to stronger and more self-reliant local governance. Keywords: Revenue mobilization, Internally generated fund, District Assembly, Local Government, Decentralization, Ghana.
Since the fiscal decentralization process began in 1980, territorial inequality among the poorest and richest regions of the Mexican Republic has grown. In this work, states are divided into two groups: Those that contribute more to the federal budget than they receive and are considered fiscally surplus, and those that contribute less and are in deficit. It is shown that the fiscal deficit of the poorest states has been able to be financed through oil revenues. However, this situation is not sustainable and to maintain the current levels of transfers to the most deficient regions, it will be necessary to squeeze more from the taxpayers of the richest states. Without a new fiscal pact between the states, demands for greater autonomy in the richest regions will increase, as has recently happened in other countries.
Purpose The purpose of this article is to critically analyse the value-added tax (VAT) levied in South Africa in respect of non-fungible token (NFT) transactions.Motivation NFTs represent a novel category of tradable digital assets that use blockchain technology. The South African Revenue Service (SARS) has not issued any guidelines on the VAT treatment of NFTs and therefore the VAT treatment is uncertain.Design/Methodology/Approach A doctrinal research methodology, which included a comparative study with other jurisdictions, was employed to critically analyse the VAT levied in respect of NFT transactions.Main findings This article found that an NFT transaction constitutes a “taxable supply” and that it can constitute the “supply” of “goods” or “services”. Although the VAT consequences of NFT transactions that constitute “goods” are easily established, the VAT consequences of NFT transactions that constitute “services” remain uncertain. The classification of whether the services qualify as financial services, electronic services or imported services remain uncertain.Practical implications The findings of this article accordingly suggest that legislative amendments be made to the VAT Act or that guidance be issued by SARS to clarify the VAT consequences of NFT transactions.Novelty/Contribution Academic research on the VAT treatment of NFTs is also limited. This was the first study in South Africa to critically analyse the VAT treatment of NFT transactions.
ABSTRACT Blockchain technologies have catalyzed the rise of decentralized autonomous organizations (DAOs), which operate in an incentive network fueled by crypto tokens. In essence, these tokens are imbued with either payment rights (i.e., transactional tokens) or ownership rights (i.e., governance tokens). The decentralized organizational paradigm dismantles the traditional management structure and bring new research opportunities to Operations Management (OM). While the performance of DAOs has been largely examined in current OM literature, the effectiveness of their internal incentive mechanisms—specifically the one that uses ownership as rewards to promote user contributions—remains unclear. Focusing on DAO‐enabled virtual communities, we seek to examine whether decentralized ownership provides stronger incentives for user behaviors, such as creation and curation, in comparison to traditional monetary rewards through the lens of psychological ownership theory. We obtained data from Steemit that captures the reward, creation, curation and transaction behaviors of 98,000 users from May 2017 to April 2019. By leveraging the “power‐up” action as a shock that increases user ownership shares, we established a quasi‐experimental setting. Employing the PSM‐DID model, we found that the use of governance tokens is associated with enhanced creation and curation efforts but declined creation novelty, compared to the use of transactional tokens. Our additional analyses further reveal that the incentive effects of governance tokens diminish over time. However, upon the recurrence of the intended choice, these effects become reinforced. Notably, we find that governance token ownership is more strongly associated with curation efforts for users with weaker social ties. Conversely, for users with high reputation scores, their content creation behaviors are less strongly associated with governance token ownership. This study contributes to the burgeoning discourse on blockchain and cryptocurrency from an operational perspective, providing valuable insights for the design of incentive mechanisms in DAOs and advancing our understanding of operational efficiencies and stakeholder engagement in decentralized structures within Operations Management.
In 2021, El Salvador declared bitcoin legal tender. According to President Nayib Bukele, the measure was intended to expand access to financial services in a country with a high proportion of unbanked people and to cheapen and ease remittance flows for migrants and their families. In this article, we inquire about the use of bitcoin as a tool for financial inclusion and contend that this policy needs to be seen in the broader context of democratic backsliding. We show that bitcoin has not translated into financial inclusion, but instead, the bitcoin law serves as a public relations tool to capture new support from like-minded constituencies, build closer relations with them, and empower international “crypto-bros.” On the other hand, this is a tool to benefit a close circle close to the president with the use of public funds, as part of a broader historical shift of elites in El Salvador.
The approval and quick implementation of spot Bitcoin exchangetraded funds (ETFs) are a milestone in the mainstreaming of decentralized assets in conventional financial markets.Increasing market capitalization and institutional investor take-up of Bitcoin ETFs raise questions regarding their effect on market structure, liquidity, volatility, and financial system resilience.This paper investigates the differences between spot Bitcoin ETFs and conventional ETFs with respect to underlying assets, market characteristics, and regulatory complexities.Based on comparative analysis and a review of new academic literature and regulatory updates, the paper analyzes the effect of Bitcoin ETFs on market efficiency, institutional investor strategies, and crossborder regulatory responses.The findings reveal that Bitcoin ETFs enhance market accessibility, facilitate price discovery, and draw in institutional money but also increase market sensitivity and create new types of systemic risk via cross-market connectivity.This study offers an in-depth analysis of the developing role of Bitcoin ETFs and provides recommendations to regulators and institutional investors who are looking to reconcile innovation with financial resilience.
The increasing prominence of crypto asset transactions has brought their tax implications into focus. This thesis explores whether returns from Decentralized Finance (DeFi) transactions, particularly staking activities, can be classified as interest for tax purposes under South African law and international tax treaties, specifically the 2017 OECD Model Tax Convention on Income and Capital (OECD Model). A comprehensive legal analysis, supported by an exemplar, is used to determine how these innovative financial transactions align with existing legal frameworks both domestically and internationally. South Africa, consistent with other jurisdictions, does not classify crypto assets as fiat currency or legal tender. Current guidance suggests that income derived from crypto asset transactions is subject to general tax rules, potentially taxed as ordinary income or capital gains. This paper assesses whether the returns from staking crypto assets resemble interest and could trigger the application of South Africa's withholding tax on interest (WTI). Section 24J of the Income Tax Act provides a non-exhaustive list of items considered as interest in relation to financial and lending arrangements, with the underlying principal in common law being that interest is compensation for the advancement of credit. Interestingly, across the definition under section 24J and the common law definition, the mutual understanding is that interest is not confined to arise from money or currency and can take various forms in substance. Under the OECD Model, interest is similarly defined as income from debt claims, with no explicit reference to money or currency. By contrast, the UK acknowledges similarities between DeFi returns and traditional interest but maintains that interest can only arise from money or currency, thus excluding DeFi returns from being considered as interest. This thesis examines whether staking returns from DeFi can be classified as interest under Article 11 of the OECD Model and whether tax treaties can reduce or eliminate South Africa's WTI on such returns. It concludes that staking returns could potentially be taxed as interest under South African law but underlines the need for clearer regulatory guidance at both national and international levels to address the growing complexities posed by DeFi.
The rapid expansion of cryptocurrency markets has fundamentally challenged the architecture of traditional tax systems.As digital asset transactions increasingly bypass institutional oversight, national and international tax frameworks remain fragmented, reactive, and insufficient.This paper critically examines the structural, technological, and policy-driven barriers that inhibit global tax systems from effectively regulating cryptocurrency conversions, particularly the transformation of digital assets into fiat currencies.Drawing upon a comparative analysis of tax regimes across the United States, European Union, United Arab Emirates, and Singapore, this study identifies systemic inconsistencies in the classification of crypto assets, the recognition of taxable events, and the enforcement of cross-border reporting standards.The research highlights the growing prevalence of decentralized finance (DeFi) platforms, peer-to-peer exchanges, and privacy-enhancing technologies, which further complicate tax compliance and erode the ability of authorities to trace digital wealth.Using an interdisciplinary framework grounded in regulatory arbitrage theory and institutional economics, the paper explores the interplay between policy inertia, technological complexity, and jurisdictional competition.It critically assesses the limitations of emerging efforts such as the OECD's Crypto-Asset Reporting Framework (CARF) and FATF's Travel Rule, arguing that without coordinated global standards, crypto tax evasion will persist through legal voids and regulatory arbitrage.The study concludes with a set of policy imperatives for achieving equitable, technologically feasible, and internationally harmonized approaches to digital asset taxation-ensuring tax integrity without stifling innovation or violating digital privacy rights.
The article is devoted to the study of cryptocurrency and its impact on the shadow economy. Transactions related to cryptocurrencies are anonymous, so it is very difficult to control them.It is cryptocurrencies that are used in the shadow economy, and this raises the problem of how to control transactions and what laws should be applied to regulate digital currency. The article analyzes the peculiarities of the cryptocurrency market, as well as the peculiarities of peer-to-peer payment systems such as Bitcoin, Namecoin, Litecoin, PPCoin, and Novacoin. The attitude to cryptocurrencies in the world is ambiguous; due to the pseudo-anonymity of cryptocurrencies, their use can be carried out through fraudulent schemes, in particular, financing the shadow sector - terrorism and drug trafficking. The author examines the possible interrelationships between cryptocurrencies and the shadow economy, highlights the main distinctive characteristics of cryptocurrencies and payment schemes using them, and analyzes the pros and cons of having competitive money in the country’s economic cycle.
Bitcoin, created by Satoshi Nakamoto, came into existence in 2008. Bitcoin is a virtual currency that has gained popularity worldwide, including in South Africa. It can be used as money or a means of payment or can be kept as an asset. For many years, virtual currencies operated free from legal regulations. Its decentralised network offers its users confidentiality because no-one can link any Bitcoin transaction to any user. This research study investigated the South African Taxation treatment of Bitcoin transactions. It also investigated the taxation legislation for Bitcoin transactions of the three countries selected for this study which are Canada, the United States of America and Australia, in order to establish best-practices that can be applied in South Africa. Bitcoin transactions can come into existence from the process of mining; obtained from barter transactions; and when purchased from Bitcoin vendors through the exchange of countries’ fiat money for Bitcoin, thus attracting taxation implications. The first research question was: What are the tax consequences of Bitcoin transactions in South Africa? This study found the following: the South African Revenue Service, cryptocurrencies are considered assets. The amount received or accumulated as per classification of gross income can be calculated using the value of cryptocurrencies. Cryptocurrency transactions can generate revenue that is subject to gross income taxation. The recipient taxpayer must include as gross income the value in South African Rands of a cryptocurrency, paid or accrued to him or her as contemplated in the definition of "revenue asset". It may be considered trading stock to receive Bitcoin with the intention of trading it for goods and services. Research Question Two was: What are the regulations governing, and tax treatment of, Bitcoin in selected countries? The findings can be summarised as follows: The United States of America (USA), Australia and Canada are clear that virtual currencies are not a legal currency and therefore cannot be classified as currency. Canada classifies virtual currencies as a commodity for taxation purposes. The USA and Canada have classified Bitcoin as property and intangible property respectively, which is similar to the approach in South Africa. The definition of a currency for all four countries is similar in the sense that there needs to be physical cash for the amount to be included as gross income for taxation purposes. Moreover, if Bitcoins are acquired with the aim of reselling or investment, Capital Gains Tax comes into play. None of the three nations' definitions of currency apply to virtual currencies. Research Question Three was: What is the difference or similarities between South African income tax consequences of Bitcoin and that of the three jurisdictions chosen for this study? The below is a summary of the results: South Africa, USA, Australia, Canada (specific that virtual currencies are not a legal tender and hence cannot be recognized as currency) Canada Taxes Crypto as a Commodity Bitcoin is labelled property by the USA and intangible property by Canada. This classification attracts Capital gains taxation, which is a similar approach to South Africa. All four nations have comparable definitions of currency, meaning that for an amount to be considered gross income for taxes reasons, actual cash must be present. Consequently, none of the four nations' definitions of currency apply to virtual currencies. Last but not least, virtual currencies are categorised as crypto assets since South Africa's asset definition encompasses assets of any kind, whether tangible or intangible. Virtual currencies were also categorised as commodities or property in Canada. The study recommends on how South Africa might enhance its current tax laws pertaining to Bitcoin transactions. The study also suggests future research that can serve as an extension of this study
This study analyses the growing importance of cryptocurrencies in Baluchistan, Pakistan, using the Rabby Wallet and Dex Screener to identify suspicious transactions linked to the Baluchistan Youth Council (BYC) in 2023.Baluchistan, one of Pakistan's least digitally connected areas, has adopted Decentralized Finance (DeFi) techniques, likely due to financial exclusion, surveillance avoidance, and informal remittance networks.The mixed-methods study analyses secondary data, tracks blockchain transactions, and reviews policy.Digital finance has structural constraints due to broadband penetration differences (15% in Baluchistan vs. 58.4% overall).Local traders, activists, and remittance beneficiaries may selectively adopt Rabby Wallet, according to wallet-level examinations.Event-window examination of Dex Screener data shows anomalous trading volumes, especially in low-liquidity tokens, amid BYC rallies and political mobilizations.These inconsistencies undermine cryptocurrency's significance in socio-political movements and its absorption into Baluchistan's shadow financial environment.The paper interprets these data using financial repression, technological adoption, and conflict economics.It contends that crypto adoption in Baluchistan is low but strategic in political finance and informal cross-border trade.The paper suggests improving financial inclusion, regulating decentralized platforms, and training investigators.This study illuminates how digital finance affects political movements in fragile regions and the risks and potential of bitcoin adoption in Baluchistan.
p class="MsoNormal"The cryptocurrencies that are an integrated part of blockchains have led to creating enormous value and wealth that attract increasing attention from investors and governments. The sophistication and anonymity of crypto assets create significant challenges for tax administrations as the current tax rules and guidelines in relation to them are either too broad or too complicated. This article proposes a simplified tax regime that would significantly reduce compliance and administration costs when taxing cryptocurrency for which the first taxable event occurs at the moment when crypto assets are converted to fiat currency or other real-world goods or serviceso:p/o:p
Non-fungible tokens (NFTs) have gained significant prominence in the crypto-asset market in recent years, with their use expanding across a wide range of economic sectors, which in turn raises numerous new tax challenges. This chapter analyzes the main controversial issues that NFTs raise in the area of indirect taxation and the challenges faced by lawmakers and tax authorities.
Eva Kicová, Juraj Fabuš, Natália Stalmašeková, Terézia Kvasnicová-Galovičová
Taxing Bitcoin and other cryptocurrencies presents a significant challenge due to their decentralised and pseudonymous nature, complicating enforcement and fostering regulatory inconsistencies across jurisdictions. This study systematically reviews the existing literature on cryptocurrency taxation, critically analysing 38 academic studies to identify key themes, challenges, and gaps in global regulatory frameworks. Using a structured seven-step methodology, it examines how jurisdictions approach cryptocurrency taxation, highlighting ten thematic categories, including jurisdictional comparisons, taxable events, and compliance mechanisms. The findings reveal persistent regulatory fragmentation and a lack of harmonisation, underscoring the need for international cooperation to establish coherent tax policies. By synthesising existing research and identifying unresolved issues, this study contributes to the discourse on balancing technological innovation with fiscal accountability, ultimately advocating for a unified, cross-border approach to cryptocurrency taxation.
The digital innovation accompanied by explicit economic incentives have fundamentally changed the process of innovation diffusion. As a representative of digital innovation, NFTs (Non-Fungible Tokens) potentially offer new revenue streams in the digital space. However, current researches mainly focus on transaction networks and community culture, leaving the interplay among diffusion dynamics, economic dynamics, and social constraints on Twitter. By collecting and analyzing NFTs-related tweet dataset, the motivations of retweeters, the information mechanisms behind emojis, and the networked-based diffusion dynamics is systematically investigated. Results indicate that Retweeting is fueled by Freemint and trading information, with the higher economic incentives as a major motivation and some potential organizational tendencies. The diffusion of NFTs is primarily driven by a “Ringed-layered” information mechanism involving individual promoters and speculators. The presentation of content contribute positively to the growth of the retweet network. This study contributes to the innovation diffusion theory with economic incentives embedded.
Keshar Khati, Farha Khan, Lata Pande, Geetanjali Joshi · 5 authors
This study emphasizes on the potential of block chain based solutions in improving Goods and Services Tax (GST) compliance and transparency. The research aims to streamline GST processes, improve compliance levels, and enhance transparency in tax transactions, by applying block chain technology. This study focuses on highlighting the advantages of using the block chain technology in the administration of tax by employing a detailed analysis of the application of distributed ledger technology in the GST system. The findings of this secondary research are expected to offer valuable insights for policymakers, tax authorities, and businesses looking to improve GST compliance and transparency through innovative technical solutions. Block chain technology has shown promising results in different sectors, and its use in the administration of tax could significantly contribute to encourage a more transparent tax environment.
Over the last couple of years, an increasing number of organizations have arisen that are native to blockchain technology. Recent data shows that these decentralized autonomous organizations (DAOs) that are essentially ‘living on the blockchain’ are becoming increasingly popular. They are attracting substantial amounts of funds, operating both in the Web3 space and off-chain, and creating a significant source of novel tax issues. The existing tax academic research on DAOs is often limited to US domestic tax issues following from the DAO’s legal treatment. This article outlines (part of) the existing income tax landscape for the DAOs and some of the arising income tax challenges. The focus is on the general principles of domestic and international income tax systems. The authors argue that the DAOs create fundamental and practical tax issues potentially leading to income taxed ‘nowhere’. Existing tax frameworks cannot fully embed the DAOs and allow them to maintain their distinguishing features. The incorporation of DAOs does not necessarily solve the tax issues and even exacerbates them in certain cases. The authors call upon domestic and international legislators and policymakers to aim for more tax certainty for shareholders and further tax research of the DAOs.