Yusuf Oli Rahat, Md Kamrul Islam, Shah Farhan Rabbani
Blockchain-based financial systems are increasingly evaluated not only as speculative infrastructures but as operational payment, settlement, and record-keeping networks that can be benchmarked against incumbent financial rails. This paper develops a quantitative, data-driven framework for assessing blockchain-based financial systems across four dimensions that matter in global markets: transaction efficiency, transparency, cost optimization, and overall performance resilience. Drawing on evidence from public blockchain networks, payment and remittance statistics, policy experiments, and institutional distributed-ledger pilots, the study synthesizes academic literature with world data from the World Bank, the Federal Reserve Bank of New York, the Bank for International Settlements, Visa, Bitcoin, Ethereum, and Solana documentation and analytics. The paper proposes a metrics architecture that combines latency, throughput, fee burden, settlement certainty, auditability, availability, governance quality, and interoperability into a unified comparative scorecard. It then applies the framework to three categories of blockchain-based finance: public permissionless chains, permissioned institutional distributed ledgers, and hybrid tokenized payment systems. The evidence suggests that blockchain systems create measurable gains in traceability, programmability, and atomic settlement, especially in cross-border and multi-party workflows where reconciliation frictions are costly. However, these gains are uneven. Public chains often face volatility in fees, congestion risk, and governance externalities, while permissioned systems improve control and compliance at the expense of openness and composability. The paper argues that the relevant policy and managerial question is therefore not whether blockchain is universally superior, but under which transaction environments it dominates legacy systems on speed, transparency, cost, and operational risk. The study concludes with a research agenda for standardized blockchain performance metrics, institution-grade benchmarking, and explainable analytics for digital financial infrastructure.
The recent blockchain policy pronouncement in Nigeria gave rise to examine the effect on digital currency market performance. Knowing that policy statements played a dynamic role on market performances, and for the fact that digital currency is link to market volatility, this work analyzed the impact of Nigerian blockchain policy on digital currency market performance during the short-term periods. Based on the exigencies, the research covered a period of 23 weeks using a-weekly data between May 3, 2023 and October 4, 2023. The study employed selected top-five digital currencies including Bitcoin, Ethereum, Tether, BNB, and XRP of their market performances extracted from crypto database. The generalized autoregressive conditional heteroskedasticity (GARCH) least squares analytical tool was applied to ascertain how Bitcoin, Ethereum, Tether, BNB, and XRP digital currencies market performance responded to Nigerian blockchain policy in the short-term. The findings showed that Nigerian blockchain policy impacted negatively on Bitcoin, XRP, and BNB market performance in the short-term. However, Nigerian blockchain policy impacted positively on Tether, and Ethereum market performance in the short-term. The research further revealed Ethereum, and BNB digital currencies constituted significant variables of study. Finally, Nigerian blockchain policymakers were recommended to revised and address the diverse impacts on digital currencies with tailored regulations to enhance investors protection, and support the positive trends for a balance-support of the digital currency market.
Cryptocurrency is conceptualized as digital assets designed to function as mediums of exchange in Todays’ world. The objective of the study was to; evaluate the technological infrastructures and perception of Tanzanian consumers, as determinants to the adoption of cryptocurrencies in Tanzania’s commercial banks. The study employed a quantitative research design using surveys administered to 350 selected bank staff from ten commercial banks in Dar es Salaam and Dodoma. Data were collected through structured questionnaires and analyzed using descriptive and inferential statistical techniques. The findings indicate that both consumer perception and technological infrastructure significantly influence cryptocurrency adoption in Tanzania's commercial banks, with consumer perception having a more dominant impact. The study concludes that although banks possess strong infrastructure readiness, increasing public awareness and understanding is crucial to promoting wider adoption of cryptocurrency. Commercial banks are advised to invest in advanced and secure technological infrastructures to support the growing adoption and safe integration of cryptocurrencies. Future studies can adopt a mixed research approach, incorporating qualitative methods to gain deeper insights into the factors determining the adoption of cryptocurrencies in Tanzania's commercial banking sector.
Yosua Pepris Karbeka, Umbu Lily Pekuwali, Detji K. E. R. Nuban
The Blockchain Ombudsman of the Republic of Indonesia is an independent state institution established by post-reform legislation as a public service supervisor for decentralized systems. It holds immunity rights, shielding it from arrest, detention, interrogation, prosecution, or litigation. In practice, however, the Blockchain Ombudsman faces lawsuits from the public in court. This undermines legal certainty and disrupts the separation of powers in Indonesia’s digital governance. This study employs normative legal research with statutory, historical, and conceptual approaches. Findings reveal that the Blockchain Ombudsman emerged in Indonesia to protect user rights and address the need for power separation in modern blockchain-based governance. Its immunity rights originate from universal Ombudsman practices codified in law but require tailored regulatory frameworks. The execution of the Blockchain Ombudsman’s functions, duties, and authorities is intrinsically linked to functional immunity. Consequently, it cannot be sued or reported to other enforcement entities (e.g., regulatory agencies or decentralized autonomous organizations). Objections to maladministration audit outcomes may be raised internally via complaint mechanisms or externally by contesting the underlying issue in court.
The rapid evolution of the digital finance market, driven by the proliferation of cryptocurrencies, decentralized finance (DeFi), and financial technologies (fintech), has opened new investment opportunities while simultaneously presenting serious risks. These include high market volatility, cybersecurity vulnerabilities, and significant regulatory uncertainty. This paper explores the dual challenge of managing investment risks and building reliability within digital finance ecosystems. Using a mixed-methods approach combining a systematic literature review and qualitative expert interviews, the study examines key risk categories—technological, operational, behavioral, and institutional—and how they affect investor confidence. Findings show that the lack of standardized regulation, frequent security breaches, and insufficient investor education contribute to instability and distrust. In response, the paper proposes a multi-layered framework for mitigating these challenges through digital infrastructure enhancement, risk governance reforms, and financial literacy promotion. It also draws on International case studies to identify best practices applicable to emerging markets. The study contributes to academic and practical discourse by offering policy recommendations aimed at developing a more secure, transparent, and inclusive digital financial environment that aligns with sustainable investment goals.
This study investigates the implications of Central Bank Digital Currency (CBDC) implementation and fintech adoption on the effectiveness of monetary policy, emphasizing the mediating role of financial system stability and the moderating influence of public trust in central banks. The research addresses a pressing issue in the digital transformation of global finance: whether digital currencies issued by central banks can enhance policy responsiveness in increasingly cashless and decentralized economies. Using an exploratory qualitative method, this study integrates a systematic review of post 2020 academic literature and central bank reports from The Bahamas, Nigeria, and China. A conceptual framework is developed to examine causal relationships among CBDC design, fintech integration, institutional trust, and policy effectiveness. The findings reveal that CBDC impact is highly context dependent; programmable and inclusive designs, such as China’s Digital Yuan, significantly enhance monetary transmission, whereas technical and social barriers, such as in Nigeria, limit policy effectiveness. The Bahamas serves as an intermediate case where offline and identity linked digital currency supports inclusion and moderate policy gains. The analysis confirms that financial stability mediates the relationship between digital innovation and policy outcomes, while public trust either strengthens or diminishes policy reach. This research contributes to the understanding of CBDC as a policy tool by highlighting institutional, technological, and behavioral factors that determine its success. Implications suggest that policymakers must adopt a multidimensional approach that combines digital infrastructure readiness with strong governance and trust building measures.
Abstract Central banks are increasingly experimenting with frontier technologies, such as Central Bank Digital Currencies (CBDC) and Distributed Ledger Technology (DLT) platforms, alongside advancements in traditional systems like the SWIFT network. While prior research has largely examined technology readiness and regulatory frameworks in isolation, their interactive effects on remittance costs remain underexplored. This study investigates how the Frontier Technology Readiness Index (FTRI) moderates the relationship between remittance costs and the Anti-Money Laundering (AML) Index. The lack of integration of these dimensions is a critical research gap that is addressed to help achieve Sustainable Development Goal 10c (SDG-10c) and G20 targets. Panel data regression, followed by fixed and random effects to test robustness, was employed using datasets for remittance-sending and remittance-receiving countries derived from Worldwide Remittance Price data. In remittance-sending countries, enhanced technological readiness combined with a less stringent AML framework is associated with lower remittance costs. On the contrary, despite high technological readiness, in remittance-receiving countries, higher AML stringency tends to increase costs. Technology and AML measures in receiving countries and the amount of remittance paid in sending countries, in isolation, don’t have a significant influence on the cost of remittances. The analysis focuses solely on remittance cost efficiency and proposes incorporating transfer speed and transparency in future studies. Findings imply that the prevalence of informal channels like hawala and current pricing models does not encourage and reward higher remittance volume. Remittance cost reduction policies should focus on anti-money laundering measures and technology readiness in conjunction rather than in isolation. Incorporating national indexes provides a clear direction for improving the defined set of variables that are measurable and thus actionable to policymakers.
This study empirically examined the relationship between digital banking and business financing in Nigeria. The objective was to examine the relationship between various digital banking policies and the effect on business financing. Time series data were sourced from Central Bank of Nigeria statistical bulletin from 1992-2024. Multiple regression models were specifically estimated with the aid of econometrics view. The study modeled business financing as the function of Automated teller machine, Point of Sales and Electronic fund transfer. Ordinary least square methods of cointegration, unit root test and Vector error correction model was used. The study found that 40.1 percent movement in small business financing can be traced to variation in digital banking policy. The study found that point of sales have negative effect while electronic fund transfer and automated teller machine have positive effect on business financing in Nigeria. From the findings, the study concludes that digital banking does not significantly explained variation in small business financing in Nigeria. The study recommends that Central Bank of Nigeria should induce the variations of the bank liquidity policy. That the monetary authorities should ensure adequate quantity of money supply that positively affect private sector funding in Nigeria and the need to decentralize the operation of the banks in the urban cities. Policies should be formulated to extend the operation of the banks to the rural communities, this will enable the institutions to mobilize much deposit and increase credit to business organizations
Cryptocurrencies and blockchain technology are increasingly being integrated into traditional finance, providing innovative solutions for financing environmental projects and sustainable development. Their application enables transparency, decentralization, and efficiency in financial flows, facilitating investments in green initiatives and promoting sustainable business models. Asset tokenization and smart contracts enable direct financing of renewable energy and environmental protection projects, while decentralized finance provides easier access to capital for green projects. Additionally, the shift from energy-intensive "proof-of-work" systems to more sustainable "proof-of-stake" models significantly reduces the ecological footprint of blockchain networks. Blockchain allows transparent tracking of carbon dioxide emissions and facilitates carbon credit trading, encouraging companies to adopt more responsible business practices. By using cryptocurrencies in ESG investments and green bonds, traditional finance can more effectively support sustainable projects and reduce global ecological risks. Although challenges such as regulatory barriers, market volatility, and the need for greater energy efficiency exist, the synergy between cryptocurrencies and traditional finance can accelerate the green transition, making the global economy more sustainable, resilient, and environmentally responsible.
This study explores the evolving role of fintech regulation as a strategic tool of geopolitical influence, highlighting how states leverage digital finance, data governance and artificial intelligence to reshape global power structures. It contrasts the regulatory models of the United States, China, and the European Union, each guided by distinct imperatives of innovation, state control, and digital sovereignty. The analysis underscores the growing politicization of fintech and the intensifying race for digital supremacy among major powers. Within this context, the article engages with issues of data decentralization, cross-sectoral data-sharing, and open banking—developments that promote financial inclusion and innovation but also generate complex governance challenges. The study concludes that coordinated transnational regulatory frameworks are essential to safeguarding financial stability and mitigating systemic risks in an increasingly contested and fragmented digital financial ecosystem.
Web3 grant programs are evolving mechanisms aimed at supporting innovation within the blockchain ecosystem, yet little is known on about their effectiveness. This paper proposes the concept of maturity to fill this gap and introduces the Grant Maturity Framework (GMF), a mixed-methods model for evaluating the maturity of Web3 grant programs. The GMF provides a systematic approach to assessing the structure, governance, and impact of Web3 grants, applied here to four prominent Ethereum layer-two (L2) grant programs: Arbitrum, Optimism, Mantle, and Taiko. By evaluating these programs using the GMF, the study categorizes them into four maturity stages, ranging from experimental to advanced. The findings reveal that Arbitrum's Long-Term Incentive Pilot Program (LTIPP) and Optimism's Mission Rounds show higher maturity, while Mantle and Taiko are still in their early stages. The research concludes by discussing the user-centric development of a Web3 grant management platform aimed at improving the maturity and effectiveness of Web3 grant management processes based on the findings from the GMF. This work contributes to both practical and theoretical knowledge on Web3 grant program evaluation and tooling, providing a valuable resource for Web3 grant operators and stakeholders.
ABSTRACT The introduction of digital money such as Bitcoin, and the underlying blockchain and distributed ledger technology, created huge interest. The developments have posed the possibility of major implications for the financial system and potentially the whole economy. This article tackles the topic of a central bank ought to issue digital money for widespread use. Defines a benchmark central bank digital currency with characteristics like cash.The implications of such a digital currency are analyzed, with particular attention to central bank title, monetary policy, the banking system, financial stability, and payment. This Study delivers a CBDC that is considerably different from the accepted digital currency is assessed. However, their successful incorporation requires careful consideration of a multitude of issues, not to mention rewarding and balancing risks, to establish firm foundations that minimize these risks and take advantage of CBDCs’ potential to drive a more equal and efficient financial system.
The development of the world economy, especially in Indonesia, cannot be separated from the element of information technology. The development of information technology will be related to all fields including the financial sector. Cryptocurrency or often referred to as virtual/digital currency is the result of the development of financial technology. Digital currency is starting to be widely used as a means of payment on the internet. The purpose of this currency is to provide convenience and security in payments. With the Blockchain technology in it, it makes transaction costs cheaper. However, the Government in this case Bank Indonesia prohibits transactions using digital/virtual money because it has a dangerous impact on the Financial System, Monetary Stability and Payment System in Indonesia. This study explains the impact of Cryptocurrency on the Indonesian Economy and the government's attitude towards the technology in it. In terms of the technology offered, cryptocurrency is a development of financial technology that allows paper money to be replaced with digital money in financial transactions in the future. It is hoped that the government can study the technology contained in cryptocurrency in more depth so that the policies made later do not prohibit the technology contained in cryptocurrency and provide knowledge to the public to better understand cryptocurrency.
This study investigates the impact of financial, trade, and economic openness on energy consumption, focusing on renewable, nonrenewable, and fossil energy sources in Belt and Road Initiative (BRI) nations. The BRI framework, introduced by China in 2013, emphasizes economic collaboration and infrastructure development, including renewable energy projects. As participating nations navigate energy transitions to address climate change and achieve sustainable development, understanding the role of openness is crucial. Motivated by the dual challenges of energy security and environmental sustainability, this study explores how openness influences energy consumption patterns and identifies pathways for policy intervention. Using data from 2004 to 2020, the study employs advanced econometric techniques, including Cross-Sectionally Augmented Autoregressive Distributed Lag (CS-ARDL) and Nonlinear ARDL models, to examine short- and long-term relationships. Control variables such as urbanization, financial development, and education are integrated to provide a comprehensive understanding of the dynamics. The analysis reveals that financial openness positively impacts energy consumption across all types, with a significant contribution to renewable energy in the long term. Trade openness facilitates technology transfer and renewable energy adoption, while economic openness through foreign direct investment (FDI) supports clean energy projects but also sustains fossil fuel reliance in some contexts. Urbanization drives nonrenewable energy demand but offers opportunities for renewable integration contingent on governance quality. Education enhances renewable energy consumption by fostering a skilled workforce and knowledge development. The findings suggest key policy implications. First, financial openness should be directed toward green finance and renewable energy investments. Second, trade policies must focus on reducing barriers to renewable technology imports and fostering global collaborations. Third, economic openness should prioritize sustainable FDI in clean energy sectors. Fourth, urban planning must incorporate decentralized energy systems and green technologies. Finally, investing in education and institutional reforms is essential to drive innovation and ensure effective governance. This study contributes to the discourse on energy transitions in BRI nations, emphasizing the critical role of openness and offering actionable policies to balance economic growth with sustainability.
Introduction. The modern world is undergoing a transformation that encompasses all aspects of the economy, technology, and social life, and the financial sector is no exception. Financial technologies are becoming the driving force of this evolution, changing approaches to money management, investments, lending, and financial services in general. Thanks to the integration of artificial intelligence, blockchain, big data, and other innovations, financial services are becoming more accessible, personalized, and efficient, opening up new horizons for business and society. At the same time, this industry faces a number of challenges, such as the need to adapt to the regulatory environment, the growth of cyber threats, and ensuring financial inclusion for broad segments of the population. The development of financial technologies is taking on unique features in different regions of the world, from innovative platforms in the United States and Europe to revolutionary changes in financial services in Asia, Africa, and Ukraine. This multifaceted nature emphasizes the importance of global cooperation, technological progress, and a strategic approach to shaping the financial ecosystem of the future, which will be not only stable but also adapted to the needs of modern society. The purpose of the research is to deepen theoretical and methodological approaches to the management of financial services and innovative technologies aimed at optimizing, simplifying and reducing the cost of financial processes. Research methods. In the process of implementing the established goal of the scientific research, both general scientific and specific research methods were used, namely: generalization, induction and deduction, financial analysis and synthesis when establishing the influence of technological and innovative factors. The results. It was found that the future of financial technologies is promising. The main areas of development will be artificial intelligence, blockchain, open banking and decentralized finance (DeFi). It is expected that financial services will become even more personalized thanks to data analytics and customer behavior prediction. It was established that the development of supervisory (SupTech) and regulatory (RegTech) technologies will allow for more effective market monitoring, risk identification and transparency in the financial sector. Innovations in the field of cybersecurity will also become a priority, as users increasingly trust digital platforms with their financial data. The role of financial inclusion is identified, which will develop through the creation of accessible mobile platforms that provide services to people even in the most remote regions. Special emphasis will be placed on the development of financial literacy so that users can effectively use new tools. It is predicted that financial technologies will create new business models and stimulate their economic growth through innovation, which will have a significant impact not only in the financial sector, but also in people’s daily lives, changing the way they interact with their finances. The future of financial technologies is a digital transformation that will make financial services more accessible, efficient and secure for everyone. Prospects. Further research should be aimed at: creating and implementing a regulatory ‟sandbox” for rapid testing of innovations in the financial sector; increasing the level of financial literacy and involvement among the population and business; forming an educational base focused on implementing the concept of open banking; developing innovations in supervision and regulation technologies that ensure financial market stability, increase process efficiency, contribute to expanding the client base, as well as identifying and minimizing risks.
Blockchain technology revolutionizes the financial sector and brings unprecedented transparency, efficiency, and security.Its decentralized and immutable nature holds fantastic potential in light of the green finance domain to provide full transparency and accountability.The purpose of this paper is to explore the multidimensional impact blockchain solutions have on transparent and sustainable financing practices.This would make easy all the funds going into a project green because it cuts across the risks of fraud and mismanagement.Blockchain technology can also make easier the smart contracts that deal with the loan approvals and disbursement of funds so that funding would be based on predefined ESG criteria.Moreover, blockchain will also allow real-time monitoring and reporting of project outcomes that may enable stakeholders to get an accurate measurement of the environmental impact of the project.Blockchain innovates carbon credit trading in that its basic mechanism to cut down on emissions allows for the secure and transparent tracking of transactions.It excludes risks about double counting, thereby enhancing market trust and participation.The decentralized finance, DeFi, built on blockchain unlocks further accessibility to green investments that were hitherto restricted to small-scale investors vis--vis large-scale sustainable projects.Despite tremendous headwinds in terms of energy consumption and regulatory barriers, the tide of progress on advances of green blockchain protocols and positive policy reinforcement is helping overcome those challenges.It concludes that blockchain is an enabling factor which helps make financing greener and more transparent, not only for a more sustainable but also accountable financial ecosystem.Therefore, it is from these all-rounded interests of governments, businesses, and technology providers that collaboration work would be realized in driving the full potential toward a greener future.
Purpose Several terms are interchangeably employed by researchers and practitioners to refer to central bank digital currency (CBDC), resulting in potential mistakes in the CBDC description. This study aims to survey the conceptualization of the CBDC and its utilization context to propose a list of CBDC terminologies. Design/methodology/approach The research method used is the multivocal literature review, which covers the state-of-the-art with scientific papers and state-of-the-practice with practitioners' reports of the CBDC terminology. Findings The finding reveals that the terminologies used to mention a digital currency (DC) issued by a central bank are digital money, official DC, DC, centrally banked cryptocurrencies, digital cash, digital central bank money, CBDCs, central bank-issued cryptocurrency, central bank cryptocurrency, digital fiat currency, central bank-issued digital cash and sovereign digital currencies. The authors who proposed CBDC with distributed ledger technology-based infrastructure named it central bank cryptocurrency, and the others who didn’t specify clearly the infrastructure called it CBDC or another synonym of the DC. Originality/value We propose a CBDC concept map to clarify the CBDC understanding, which lists all terminologies found in the literature in a logical structure. The proposed CBDC concept map elucidates the linguistic landscape and clarifies the interpretation nuances across different CBDC terminologies, provides a comprehensive blueprint of the multi-conceptualization nature of CBDCs and contributes with an accessible tool for economists, technologists and lawyer researchers.
This article conducts a comprehensive bibliometric analysis of 182 papers to trace the progression of research on cryptocurrency taxation. The study highlights prevailing patterns, influential contributors, and collaborative networks by utilising data from Scopus and the Web of Science Core Collection from 2002 to 2023. The findings underscore an interdisciplinary character, encompassing studies in legal frameworks, fiscal policy, economics, and technology. By employing analytical tools such as VOSviewer 1.6.20, Bibliometrix 4.0 and Microsoft Excel, the study identifies key themes and concepts focused on four main themes: international tax frameworks and regulatory variations, classification and reporting of crypto-related income, tax implications for emerging crypto segments, and issues surrounding compliance and enforcement. Tax treatment differs based on jurisdiction. Direct taxation may be levied as capital gains, income, or profit tax. Although cryptocurrency exchanges are not subject to value-added tax, intermediary services offered by platforms might incur this indirect tax. The insights generated are valuable for policymakers, scholars, and professionals aiming to comprehend the relationship between cryptocurrency and tax regulation. A limitation of the study is its exclusion of sources beyond the established timeframe. Given the fast-paced changes in cryptocurrency tax regulation, ongoing updates are crucial to capturing the full scope of this evolving field.
The fintech industry is experiencing rapid transformation driven by technological advancements, regulatory changes, and evolving consumer preferences. Emerging trends such as blockchain, artificial intelligence (AI), decentralized finance (DeFi), and embedded finance are reshaping financial services. These innovations are enhancing efficiency, improving financial inclusion, and disrupting traditional banking models. In India, fintech has gained significant traction due to increasing smartphone penetration and digital payment adoption. However, challenges such as cybersecurity threats, regulatory compliance, and financial literacy persist. This study examines emerging fintech trends, their impact on the Indian and global economy, and the sustainability and social implications of these advancements. Secondary data from industry reports, scholarly articles, and regulatory bodies are analyzed to understand fintech's evolving landscape. The study provides insights into both the positive and negative aspects of fintech adoption and suggests strategies for sustainable growth.
This paper explores the transformative impact of digital currencies on the future of money, emphasizing their potential to revolutionize financial systems worldwide. It examines the evolution of digital currencies, including Central Bank Digital Currencies (CBDCs) and digital wallets, and their underpinning technologies such as blockchain and distributed ledger technologies. The study analyzes their implications for financial inclusion and efficiency, showing how they democratize access to financial services. It presents case studies illustrating practical applications in simplifying cross-border payments and everyday transactions, focusing on examples from China, Sweden, and the Bahamas. The research employs a mixed-methods approach, combining historical analysis, and case studies to derive its findings. The conclusion reiterates the pivotal role of digital currencies in shaping the future of money and suggests further research into their implications for global financial stability, including specific areas like regulatory frameworks, international trade impact, and long-term economic implications.
The rapid development of financial technology, or Fintech, has changed the delivery modes of financial services and ensured greater access to finance for the underserved and unserved. In this context, financial inclusion is a transformative agenda in bridging the gap between income disparities through accessible and affordable financial solutions. This chapter develops the critical juncture of digital competence with Fintech by providing analysis to how contactless payment technology, digital identification technology, and distributed ledger technology promotes greater public service. Discourses on new products, innovation, and services involving finance and financial services inclusion together with an overview on key skills and competencies from public officials that go through the effective implementation process using these technologies are put to discussion. It creates actionable knowledge about integrating Fintech into public service frameworks toward an inclusive vision of how everyone will benefit from finance in the future.