Purpose The United Nations (UN) is globally acknowledged for its unique role as a convening platform to address humanitarian, peace, security and sustainable development challenges. However, it is not often associated with technological innovation. Blockchain technology, an innovation that emerged in the late 2000s, has generated animated discussions that are led, in the most part, by private sector institutions. A dearth of literature highlights the innovative blockchain projects supported by UN entities. The purpose of this study is to provide an overview of blockchain innovations supported by UN entities and explore opportunities for future studies. Design/methodology/approach This paper used an exploratory case study approach with the purpose of providing a broad perspective of blockchain innovations undertaken by UN entities in the quest to meet sustainable and equitable development across the world. Findings This study found 25 blockchain projects by 13 UN entities in 19 countries. The geographical spread of the case studies revealed that two studies have global jurisdiction, five studies in Africa, three in Europe, four in Latin America and the Caribbean and 11 in Asia, Oceania and the Middle East. Of the 19 countries, three had two projects each. Two countries had three projects and the rest had one project each. Of the 13 UN entities, three dominated with UNICEF (part of six projects), UNDP (part of 10 projects) and WFP (part of four projects). Finally, the 25 projects were divided among three categories of blockchain use cases, as defined by UN guidance documents. Five case studies focused on immutable record keeping, five on transfer of value and 15 on smart contracts. Originality/value This study offers a unique overview of blockchain efforts within UN entities. It provides a platform for future studies to reveal implicit assumptions, contrasting explanations and casual connections.
Since technology benefits people in many areas, its effectiveness is increasing day by day. For this reason, many products and services have been digitized and made available to people. Especially in the last period, with the development of blockchain technology, there has been a significant change in the financial sector. Blockchain technology, which offers a decentralized transaction network, has contributed significantly to the development of digital currencies. In this context, the Central Bank of the Republic of Turkey (CBRT) started to work on Digital Turkish Lira (DTL) in 2021. In this context, it will enable the company tokens, which are proposed to be issued as a sub-unit of DTL, which is planned to use blockchain technology in its infrastructure, to be used in the financing of businesses, while also allowing investors to invest in Turkish Lira assets. In the research, it has been suggested that the company tokens to be issued under DTL can be traded on the Borsa Istanbul (BIST) and invested, as well as the relevant tokens can be traded. The proposed model has been examined within the scope of the Technology Acceptance Model (TAM), which is frequently used in the research of technological innovations. The analysis process of the research was carried out with Structural Equation Modeling (SEM). The analysis of the research was carried out with the Smartpls 3 package program. Hypotheses H3, H5, and H8 were rejected and other hypotheses were accepted. When the results of the research were analyzed, it was determined that the factors affecting the intention to use the proposed company tokens were parallel to the literature. As a result of the analysis, it has been reached that the attitude and intention towards the use of company tokens in the proposed model are positive.
Better financing, financial management, and information intermediary services are the main objectives of Internet finance. Several aspects of the internet, including payments, cloud computing, social networking, and search engines, are the foundation of this new financial paradigm. It is a newly created financial service with qualities taken from conventional financial services, such as more operational convenience, greater involvement, better collaboration, and increased transparency. Internet finance links the financial industry to the fundamental principles of the Internet, such as decentralization, openness, equality, competitiveness, and competition. The primary distinction between Internet finance and traditional finance lies not only in the many channels each financial organization has employed in its development, but also in the participants' thorough knowledge of the underlying principles of internet cooperation and expansion.
<strong>Abstract</strong> The purpose of this article is to provide an outline of cryptocurrency's function in the global financial system. Another important goal of this essay is to understand the basic notion of digital money and to assess the potential of cryptocurrencies in the global financial system. This will be a descriptive study in which an attempt will be made to investigate the many benefits and applications of cryptocurrencies. Digital financial assets are cryptocurrencies for which ownership and transfers of ownership are guaranteed by a cryptographically decentralised system. The rise in the market value of cryptocurrencies, as well as their growing popularity around the world, has created a slew of commercial and industrial economic issues and worries. Acceptance as a kind of alternative currency, as well as the prohibition of any fraudulent use, should be vigorously encouraged.
Vlăduț Faraonel, Alexandra Raluca Jelea, Mara Mațcu-Zaharia
This paper aims to find out about the perception Romanian students have concerning cryptocurrencies. Our main focus was on students from faculties of economics, but we have also gathered responses from students enrolled in other faculties, given the fact that this research is an empirical one. The method used in this research is qualitative. We have conducted semi-structured interviews which included the top of mind and Chinese Portrait method techniques. Thus, we have collected information about how students perceive cryptocurrencies (and with what they associate them), the most well-known cryptocurrencies among students, how much students are willing to invest in cryptocurrencies and from where they get their information on this topic. Our results align with results from past research, showing that attitudes concerning cryptocurrencies are in extremes, with some people being optimistic due to the facilities blockchain brings, but with others still being suspicious because of this new phenomenon.
Andrew Aondohemba Chengе, Abel Ehizojie Oigbochie, Emem Udoh
Fiscal decentralization has become fashionable regardless of the levels of development and civilization of societies. Nations are turning to devolution to improve the performance of their public sectors. Fiscal federalism is concerned with the allocation of government resources, tax-raising powers, and spending powers to the various tiers of government. Despite the existing fiscal arrangement in the country, backed by the constitution, revenue deficits continue to impede government performance at all levels. The study aims to assess the impact of fiscal federalism on the structure of public spending in Nigeria. Friedman's theory of public expenditure was used as the theoretical underpinning of the study. The study adopted a mixed methodological approach to carry out the investigation. Documentary sources were used for data collection, while data analysis was done using descriptive statistics and content analysis. Findings of the study revealed that revenue yields had continued to dwindle in Nigeria at both national and sub-national levels between 2011 and 2021. The decline in government revenue yields was factored in by the fall in global oil prices and the lethargic nature of the non-oil sector. The study also established that the consequence of the feeble revenue base was that resultant government spending was directed more towards financing recurrent expenditure at the detriment of capital expenditure, thus crippling the drive to spur economic development. The study recommends that it is critical for the government to: Obliterate the present monolithic oil economy by emphasizing economic diversification to boost the financial base of the country and Prioritize public spending in favor of capital expenditure to propel economic growth and development.
Olubunmi Adewole Ogunode, A. T. Iwala, O. A. Awoniyi, B. O. Amusa · 7 authors
This paper examined cryptocurrency and its global practices with particular reference to salient lessons for the Nigerian economy. The desk review methodology anchored on content analysis was used for the study. The paper identified distrust in political systems, weak domestic currency and high inflation rates as key factors fueling the growth of cryptocurrency usage in Nigeria thus motivating individuals to resort to cryptocurrencies as a tool for wealth preservation and inflation hedge. The study also found that the existence of trust deficit and challenges associated with privacy concerns, system uptime and stringent onboarding requirements were capable of derailing the success of the newly launched digital currency(‘e-naira’) issued by government to curtail cryptocurrency usage in Nigeria. The study concluded that cryptocurrencies and central bank issued digital currencies (CBDCs) are now part and parcel of the new economic order and represents the future of finance. It therefore recommended that nation states should work assiduously to develop uniformly agreed regulatory framework and global standards for the usage of cryptocurrencies.
The adoption of cryptocurrencies is uneven across businesses, industries, and countries. Different forces drive cryptocurrency adoption (CA) dependent on the national level of development. We empirically assess the relationship between certain macro-national developmental indicators and cryptocurrency deployment across 137 countries. Linear regressions determine specific associations with cryptocurrency adoption. We report that CA correlates positively and in decreasing order with Education, the Human Development Index, the Network Readiness Index, the Gini index, Democracy, Regulatory Quality, and Gross Domestic Product, and negatively and in decreasing order with Control of Corruption, the Corruption Perception Index, and the Economic Freedom Index. We draw on our findings to point to policy implications tied to the usage of cryptocurrencies and blockchain technologies more widely and identify further research possibilities.
Composed of an assortment of countries with vast differences in economic and political development, the Middle East and North Africa (MENA) region has historically been slow to embrace integration. The region consists of a diverse mix of countries with complex colonial legacies, ongoing warfare, tribal and religious enmity, and extreme wealth disparity. Recent advances in technology have the potential to enable greater cohesion and development. One such innovation is blockchain, an immutable distributed ledger technology that eliminates intermediaries and revolutionizes how transactions take place over the Internet. While originating as the technology underlying Bitcoin and other cryptocurrencies, blockchain has been applied in many other areas in which data integrity and transparency is vital and has been adopted around the world. This paper explores blockchain adoption in the MENA region, focusing on the financial systems, government policies, and innovation ecosystems within the member countries. Huge discrepancies in the levels of development and adoption of the technology in the MENA countries are revealed, with Israel and several of the oil-rich Gulf states being the most advanced. Examples of blockchain-related collaborations among MENA nations are presented and the future trajectory of blockchain adoption is explored. Keywords: MENA, Blockchain, Cryptocurrency, Middle East, North Africa, Regional integration
Cryptocurrencies, albeit non-physical currency, are now globally accepted mediums of exchange, with Nigeria inclusive. However, in Nigeria for a long period, this means of exchange assumed a legal status. This is because of the absence of a regulatory framework governing its usage and exchange; hence, a cloud of uncertainty and ambiguity hovering over its legality in Nigeria. Regulatory bodies in Nigeria even issued warning against its use and exchange. A glimmer of hope came when the Securities and Exchange Commission (SEC) of Nigeria, classified cryptocurrencies as securities, hence, suggestive of the end of a somewhat long-awaited likely regulatory system. Then the wind was seemingly knocked out of the sail of the exchange of cryptocurrency when the Central Bank of Nigeria(CBN), addressed a letter recently to banks and other financial institutions, stating that dealing in cryptocurrencies and facilitating payment for exchanges are prohibited.
Ahmad Mousa Altamimi, Mahmood Ghaleb Al-Bashayreh, Mohammad Aloudat, Dmaithan Almajali
Sustainable Learning and Education (SLE) is a recent emerging philosophy founded on sustainability principles and in response to the UN announced Sustainable Development Goals (SDGs). Therefore, technologies should be implemented to empower educational institutions to achieve SLE. This study aims to investigate the factors impacting the intentions of using blockchain technology for SLE in Jordanian universities. Accordingly, an extended Technology Acceptance Model (TAM) is proposed where five more factors are integrated. To this end, an extended model was proposed and validated using structural equation modeling based on 407 responses collected using an online survey. The results showed that adopted factors significantly impact blockchain use in SLE. We believe that the study finding would assist decision-makers in building systems for sustainable learning and education for the Jordanian higher educational institutes.
Digitalisation has engendered interesting discussions about social and economic life for the future. Since the start of the COVID-19, there has been an increasing trend towards digitisation and digitised services which have created a need for safe and secure digital identities. One of these manifestations is the cryptocurrency phenomenon. Cryptocurrencies have become even more important as a solution to the financial and economic challenges faced by many developing countries during the current COVID-19 pandemic. However, where cryptocurrencies are concerned, most of the research done has been preoccupied with the current and future role of the industrialised and developing countries. Not surprisingly, virtually little research has been undertaken to examine the contributive value of cryptocurrencies for Small Island Developing States (SIDS). Using exploratory case study methodology and document analysis, this study attempts to fill the gap in the literature by exploring the possible contributive value of this technology for SIDS.
In this paper, I introduce a New Keynesian - Dynamic Stochastic General Equilibrium (NK-DSGE) model to examine the implications of CBDCs and cryptocurrency in an open economy for emerging markets. In our model, cryptocurrency is implemented as a form of deposit in banks where bankers can also receive deposits from abroad. Lastly, CBDCs are introduced as a payment and saving instrument. I find that cryptocurrency has a crucial role in banking sectors and a significant effect on the dynamic of foreign debt which is highly important for emerging markets. Moreover, I uncover that CBDCs can generate welfare gains but the gain varies with their designs.
We examine the turn of the month effect (TOM) in cryptocurrency markets. In contrast to most calendar effect studies, we do not take for granted that the TOM period is the last trading day of the month up to the first three trading days (-1, 3), as Lakonishok and Smidt (1988) proposed in their seminal paper, but we employ an optimisation algorithm which tests several four-day intramonth periods. Our findings confirm the existence of the TOM effect because the most profitable four-day periods are those between the last days of one month and the first trading days of the next one [the (-1, 3) definition is included in these combinations]. We reach the conclusion that the existence of a TOM effect may not always lead to higher profits in comparison with a buy-and-hold (BnH) strategy, but it presents better returns to risk reward and it could be beneficial for investment strategies.
This paper presents a concise review of the existing digital finance research in the literature, and highlight some of the developments in digital finance around the world. The paper reached several conclusions. Firstly, it showed that digital finance has become an important part of modern finance and the major application of digital finance can be found in Fintech, embedded finance, open banking and decentralized finance, central bank digital currencies, among others. Secondly, it identified some international determinants of digital finance which includes the need for efficiency in financial services delivery, the need to achieve the United Nations sustainable development goals using existing digital technologies, the need to increase financial inclusion through digital financial inclusion and the need for efficient payments and payment settlement finality. The paper also finds that digital finance research is growing fast, and recent studies have investigated contemporary issues in digital finance that are relevant for policy and practice. Regarding the digital finance developments around the world, the paper shows that the Fintech and mobile money industries are the largest beneficiary of investments in digital finance with the total number of users of mobile money services surpassing 1 billion globally. Also, the paper predicts that the future of digital finance is to create a digital environment that permits the offering of all kinds of financial product and services that can be customized and personalized to meet the unique needs of all users on a single digital platform and without requiring any form of human assistance or intermediary. The paper then suggest some areas for future research which include the need for more research on how regulators can keep pace with emerging digital finance transformation, the need for more research on user information security and compliance, the need for more research on how to deal with bias caused by bad data, the need for more research on how to deal with algorithmic bias, and the need for more research on how to combine a risk-conscious culture with a higher risk appetite for digital finance transformation.
Purpose This paper analyzes global interest in Internet information about decentralized finance (DeFi), embedded finance (EmFi), open finance (OpFi), ocean finance (OcFi) and sustainable finance (SuFi) and the relationship among them. Design/methodology/approach The paper used a comparative methodology based on regression and correlation analyses to assess global interest in Internet information about DeFi, EmFi, OpFi, OcFi and SuFi. Findings The findings reveal that global interest in Internet information about EmFi was more popular in Asian and European countries. Global web search for Internet information about OcFi decreased during the financial crisis while global web search for Internet information about OpFi and EmFi increased during financial crisis years. Global web search for Internet information about DeFi, SuFi and EmFi increased during the pandemic years. There is a significant and positive correlation between interest in DeFi, EmFi, OcFi and SuFi. Also, there is a significant and negative correlation between interest in EmFi and interest in OpFi. The regression coefficient matrix shows that OpFi, EmFi, OcFi, DeFi and SuFi are significantly related. Originality/value To the best of the author’s knowledge, this is the first paper that analyses the association between interest in DeFi, EmFi, OpFi, OcFi and SuFi. Thus, this study addressed an important knowledge gap in the literature by exploring people’s interest in Internet information about DeFi, EmFi, OpFi, OcFi and SuFi.
As cryptocurrencies develop and circulate at greater rates, countries have appeared to consider the technology as an adoptable medium of exchange. By expanding the influence of cryptocurrencies through adoption, countries raise its impact on the global economy. This paper is the first to apply an augmented version of the gravity model to examine the effects of global cryptocurrency adoption on international trade. This empirical study involves aggregating datasets on U.S. bilateral trade flows, gravity variable statistics, and the adoption of cryptocurrencies. In application of the gravity model, regression analyses are used on the aggregated data to test the magnitude of cryptocurrencies’ impact on trade. Based on the overall findings, the variables for cryptocurrency adoption produce negative coefficients suggesting a negative correlation between the adoption of cryptocurrencies and international trade. The central tendency in the empirical evidence offers the interpretation that countries with weak institutions to promote trade are more likely to adopt cryptocurrencies resulting in a negative association between cryptocurrency adoption and trade.
O presente trabalho tem como objetivo demonstrar a origem e a formação de criptomoedas, compreendendo a natureza material dessa tecnologia em detalhes, será possível categorizá-la em um fator de incidência tributária adequado, pois apenas compreendendo o objeto da tributação, em sua essência, será possível classificá-lo com menores riscos de incorrer em erro, aplicando o imposto mais adequado ao caso específico. Consequentemente, serão apresentadas a criptomoeda e suas possíveis classificações na ordem jurídica, a fim de entendê-la como um bem ou como um ativo de mercado, ou seja, uma própria moeda. Essa classificação é fundamental para que seja possível determinar como a incidência tributária será dada na moeda virtual e, é claro, permitir a aplicação da regra da matriz tributária a ela. Além disso, nesta pesquisa será trabalhada, em um primeiro momento, a constituição existencial da criptomoeda, além de uma explicação tributária sobre os fatores de incidência que podem ser aplicados a essa tecnologia, buscando entender a essência tanto no amplo escopo jurídico e na própria tributação. Dessa forma, será necessário analisar a moeda virtual de maneira semelhante a outros ativos que possuem operações fechadas, bem como verificar o entendimento internacional sobre o assunto, uma vez que essa tecnologia é definitivamente um ativo internacional.
Matthew J. Davis, Thomas Taro Lennerfors, Daniel Tolstoy
Purpose The purpose of the study is to explore, with anchorage in theories about the normalization of corruption, under what conditions blockchain technology can mitigate corruptive practices of multinational enterprises (MNEs) in emerging markets (EMs). Design/methodology/approach By synthesizing a technological perspective and theory on corruption, the authors examine the feasibility of blockchain for fighting corruption in MNEs’ business operations in EMs. Findings Blockchain technology is theorized to have varying mitigating effects on the rationalization, socialization and institutionalization of corruption. The authors provide propositions describing the effects and the limitations of blockchain for mitigating corruption in EMs. Social implications This paper offers a perspective for how to tackle acute business problems and social problems pronounced in international business but also prevailing elsewhere. Originality/value The study contributes to literature in international management by systematically exploring how and under what conditions blockchain can mitigate the normalization of corruption.