In a world of technological growth, cryptocurrencies as a new generation means of payment and trade between economic entities are one of the most discussed topics of the XXI century. The entry of digital money into the economic space can be defined as a phenomenon that in the conditions of digitalization at national and supranational level are an innovation in the financial system. Globally, the rapid penetration of cryptocurrencies over the last decade has been seen as controversial in the public sphere. Digital money has many characteristics that distinguish it from traditional fiat money, and therefore economic entities focus on their implementation in the business environment. In connection with this ongoing interest, the present study aims to track and analyze the impact of digital money on the global economy. As a result of the rise of cyber technology, quite logically blockchain technologies and cryptocurrencies find many applications in the business world.
The emergence of cryptocurrency has introduced a transformative force in the global financial landscape, challenging the conventional structures of traditional financial markets. This paper explores the dynamic relationship between digital currencies and established financial systems, focusing on areas such as investment behavior, regulatory responses, market volatility, and the evolving role of financial institutions. It highlights how cryptocurrencies, particularly Bitcoin and Ethereum, have begun to influence asset allocation strategies, capital flows, and risk perceptions among investors. Furthermore, the paper examines the integration of blockchain technology in financial services and how its decentralized nature poses both opportunities and threats to conventional banking practices. While cryptocurrencies have opened up avenues for innovation and financial inclusion, their unregulated nature raises concerns regarding market stability and security. This study aims to provide a comprehensive understanding of the implications of cryptocurrency growth for traditional financial markets, suggesting the need for adaptive regulatory frameworks and strategic responses from financial institutions.
The purpose of this study was to analyse and understand the attitude of gender towards cryptocurrency. The questionnaire was formed to collect data about knowledge, experience, trust, and other investment factors of the gender towards cryptocurrency. This paper will be beneficial to the upcoming or existing companies of cryptocurrency to estimate their future viability based on gender. The research was also aimed to the detection of gender differences within the areas of awareness, investing, mining and paying with the cryptocurrencies. The research aimed to analyse the data collected and conclude the overall attitude of male/ female towards cryptocurrency. The findings confirmed the existence of gender differences in attitude towards crypto currencies, as the male respondents were more willing to use the crypto currencies in most of the cases.
Feng Guo, Stephanie Walton, Patrick Wheeler, Yiyang Zhang
ABSTRACT This study examines factors that influence a public firm's decision to early-adopt blockchain technology. Blockchain technology has the potential to disrupt how firms collect, process, and maintain information about a wide range of firm activities including transactions and supply chain interactions. We examine several determinants of early blockchain adoption including patented technology, agency costs, complexity, and external monitoring. Our results suggest that blockchain early adoption involves opportunistic managerial behavior. Further, firms with greater technology innovations, proxied by number of patents, are more likely to disclose early adoption, possibly to overcome productivity concerns or attract inter-firm opportunities. We also examine the consequences of early adoption using a market-based approach. Our results suggest that blockchain adoption could be a lengthy and costly process. Our study provides evidence on why firms adopt this disruptive technology and informs regulators and policy makers on how managers can influence the blockchain early adoption decision.
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The global usage and acceptability of bitcoin and other forms of cryptocurrencies as another \nmeans of payment have attracted the attention of financial and economic experts in recent times, but \nresearch on these means of payment and their relationship with economic and financial variables are \nscanty in Nigeria. This study, therefore, examined the nexus between the two key economic and \nfinancial variables (exchange rate and stock market price) and the most traded cryptocurrency (Bitcoin \nand Etherum) in Nigeria. The study used monthly data between August 2015 and December 2019 and \nemployed the Generalized Autoregressive Conditional Heteroscedasticity (GARCH 1,1), Exponential \nGeneralized Autoregressive Conditional Heteroscedasticity (EGARCH 1,1), and Granger causality \ntechnique to estimate the reaction of the volatility of exchange rates and stock market prices to volatility \nin cryptocurrency prices. The result shows that the stock market price is more influenced by the \ninstability of bitcoin and ethereum prices than the exchange rate in Nigeria. Further, there is evidence \nof a one-way causality from bitcoin and ethereum to all share index. Given these findings, there is a \nneed for the stock market investors in Nigeria to pay rapped attention to the movement of \ncryptocurrency prices.
Although societies are becoming increasingly secularized, religion continues to play an important role worldwide. However, few studies have focused on how religion affects the entrepreneurial emergence novel markets. To address this gap, I examine the impact of Islam, as a decentralized belief system, on entrepreneurship in the context of developing Islamic investment fund markets across countries. I focus on religious diversity within Islam as an instance of intrainstitutional complexity and analyze a country-level panel dataset of Islamic investment funds in addition to complementary qualitative data. Intriguingly, I find that religious diversity within Islam plays a paradoxical role: it promotes the entrepreneurial supply of Islamic investment funds in a country, but it also reduces the investor demand for these funds. This complex effect is moderated by interinstitutional forces: the market logic positively moderates the effect on supply dynamics, whereas the state logic negatively moderates the effect on supply and positively that on demand. This study contributes to the research on religion and market emergence, institutional complexity, and Islamic finance.
<em>This article looks at whether financial regulations and Government policies have an impact on microfinance institutions operations in Ghana. It also looks at contributions that regulations and policies have on microfinance sector development in the country. The methodology for this paper is purely qualitative. The needed information was gathered from primary & secondary sources. The primary data source used face to face interviews, telephonic and through emails conducted with regulators, policymakers and microfinance institutions managers, using interview guide and focus group discussion guide. The secondary source was through literature reviews, books, journals, and the internet. The study revealed that financial regulations and government policies have contributed immensely to microfinance sector development through, training & capacity building, checks & balances, protecting customers & depositors, financial soundness and financial inclusion. However, despite the contribution of regulations and the policies to the sub-sector, the result of the study also identified poor regulations, lack of proper decentralization, lack of knowledge and weakness of regulators as problems with financial regulation. Furthermore, it also found out that, the policies formulated are weak and the implementation, monitoring, and supervision of the institutions is insufficient and ineffective. This article, therefore, recommends that Apex bodies should be involved in monitoring and supervision, minimum capital requirements should be made moderate, powers should be decentralized to the regional level for the effective functioning of regulations & policies in the country.</em> <strong><em>Keywords</em></strong><em>: Bank of Ghana, Regulations, Ministry of Finance, Policy Formulation, Microfinance Institutions.</em>
The article considers the problematic issues of the functioning of cryptocurrency in Ukraine. The risks that provoke cryptocurrency as a tool for the money laundering and the financing terrorism in Ukraine are studied. The level of crime and the use of cryptocurrency in the sphere of money laundering are determined. Topical issues affecting the features of the detection and investigation of a crime are considered.<br> Anti-money laundering law of Ukraine openly conflate money laundering (which is concerned with source of funds) with terrorism financing (which is concerned with destination of funds) when regulating the financial system. Furthermore, FATF report on terrorism financing noted the importance of links between financial tools and wider counter-terrorist activity to combat terrorist financing.<br> Terrorism, being a socially dangerous and difficult to predict phenomenon, is changing its forms, methods, but the need for terrorist organizations to collect, move, and use money is always urgent. The legalization (laundering) of proceeds of crime, as well as the financing terrorism, poses a serious threat to national security of Ukraine and its financial system. The use of computer technologies to commit crimes increases their social security, generates new ways of committing them, and simplifies the very process of committing and masking their tracks. Cryptocurrencies are popular on the dark web because they provide a convenient method of obfuscating identities and transaction details. In addition, the absence of rules for exchanges and points of sale, the obligation to identify the e-wallet owner and a clear legal regulation of the use of cryptocurrencies in general, create favorable conditions for criminals. Investigation of such crimes creates considerable difficulties, given the lack of capabilities of law enforcement agencies from the current level of technological and software criminal activity. The author also found out the advantages of such a currency, which determine its use by criminals, and examined possible ways to counter and combat such crime.
Amid pressing demands to tackle critical sustainable development goals, governments in developing countries face the additional complex task of embracing new digital technologies such as blockchains. This paper takes a conceptual approach and presents a framework that interlinks development, technology, and governments while highlighting the relevance of state capacity and democratic governance in such dynamics. With this in hand, blockchain technology is revisited from the perspective of governments in the Global South, identifying in the process key traits and presenting a new typology. Research gaps regarding the relationship between this technology and both development and developing country government are also identified. A closer look at some on the ground blockchain implementations yields some early evidence on the advantages and risks involved in the process. The paper closes with a discussion of the results within the proposed framework suggesting additional research themes. It also provides some basic guidance for development practitioners interested in enhancing current programs using blockchains as an enabler.
Cryptocurrencies are a new phenomenon in the global economy, which are attracting the interest of society, which is increasing their popularity. This new kind of digital market for goods and services is constantly growing and growing. The main objective of this science paper is to analyze how far this phenomenon is perspective for the development of the world economy and what is the effect after the introduction of digital money into the daily life of economic entities. The scientific report will present both the analysis of cryptocurrencies as a means of payment and trade, as well as analyzes of their applicability at supranational level, tracing the effects of the applicability of cryptocurrencies globally.
Undoubtedly, the emergence of cryptocurrencies has imposed the challenge of addressing their Shariah issues. These issues include the very permissibility of their issuance in view of the fact that they are not backed by real valuable assets or supervised by financial authorities, which makes their holders vulnerable to possible fraud and manipulative fluctuations in their values. Other issues include trading in them and whether or not they are considered as commodities subject to the injunctions pertaining to Riba as they apply to conventional currencies. In addition, they have potentially negative implications for the market, such as their use in money laundering, drugs trafficking, and other illegal dealings. This paper treats these Shariah aspects of cryptocurrencies.
This study investigates the relationship between cryptocurrency, internet, mobile phones, financial inclusion, and financial sector development in China, India, Nigeria, and South Africa for the period 2009–2017 using fully modified ordinary least square (FM-OLS) and causality analysis. The empirical results show that cryptocurrency, internet usage, and mobile subscriptions have a significant positive relationship with financial inclusion and financial sector development, suggesting that countries with higher levels of cryptocurrency, internet usage, and mobile subscriptions have higher levels of financial inclusion and financial sector development. This finding is further buttressed by the causality analysis which shows that cryptocurrency, internet usage, and mobile subscriptions cause financial inclusion and financial sector development in the four countries.
Leading experts from academic, industrial and policy-making circles describe Blockchain as a disruptive and game changing technology across various sectors. However, the question, whether Blockchain does already have the properties of a General Purpose Technology (GPT) and, as such, will determine macroeconomic dynamics in the next decades, has been disregarded in the academic literature. This paper covers the research gap by systematically revealing the acknowledged features of a GPT - pervasiveness, innovation spawning effects and scope for improvement - in the newest available Blockchain-related patent data from PATSTAT. To gain insights about pervasiveness, (1) a generality index of Blockchain is compared to respective values of co-existing technologies usually considered (information and communication technology) and not considered (pharmaceutical technology) GPTs. The second feature, innovation spawning is dissected (2) analyzing variety of innovators patenting in Blockchain domain and (3) looking at firms' behavior in terms of entry and exit in line with industrial dynamics. (4) Investigation of evolution patterns of Blockchain patents provides insights about its scope for improvement. The empirical analysis advances the claim that Blockchain does already represent a GPT in the making and, therefore, has a potential to shape a technological era and cause substantial changes in the economic, social and institutional structures.
Ann Ogbo, Anthony Igwe, Jesse Ezeobi, Nwanneka J. Modebe · 5 authors
This paper examined the impact of social entrepreneurship on sustainability of business development in Nigeria. The objectives of the study include: to identify major evolution experienced by social enterprise in Nigeria, to identify key challenges in social entrepreneurship in Nigeria, to identify current trends in social entrepreneurship in Nigeria, and to carry out an analysis on sources of funds for financing the social entrepreneurs. Survey approach was the research design used with particular reference to selected small and medium enterprises (SME) in Nigeria. It was observed that political factors, economic factors, socio-cultural factors, cross country factors and technological factors are the major evolution experienced by social enterprise in Nigeria. It was also observed that lack of education in entrepreneurship, lack of financial assistance, comparative disadvantages to business, lack of government support and lack of skilled manpower are the key challenges in social entrepreneurship in Nigeria. The current trends in social entrepreneurship in Nigeria are social media and the role of technology, rise of decentralized micro-giving opportunities, cross-sector partnerships and government drive for an all-inclusive economic growth and development through SME. The analysis carried out on sources of funds for financing the social entrepreneurs are contributions from social entrepreneurs, subventions from government, donor supports, loans and advances and retained earnings/reserves.
Despite having the second largest economy at $13 trillion, China has only recently surpassed the World Bank’s definition of the ‘middle-income range’ which is a gross national income per capita between $1,000 to $12,000 (constant 2011 international $). This is a noteworthy accomplishment since many other developing nations have fallen victim to economic stagnation within this range leading to the term “middle-income trap”. This paper will argue that one of the ways in which China escaped the middle-income trap and will continue to grow its economic influence is through the support of blockchain technology. Research and development, early technological adoption and business climate all play a role in explaining how the Chinese public and private sector have used blockchain technology to encourage economic growth. While there are many questions and misconceptions about blockchain technology and its place in China, this paper seeks only to answer a select few.
The aim of this study is to determine the relationship between the propagation of high-magnitude crises since the late 1990s and emergence of cryptocurrencies in the aftermath of the global financial crisis of 2008.
The emergence of digital currency is becoming prevalent in the age of globalization – specifically, cryptocurrencies. Cryptocurrencies and blockchain are two recently discovered concepts currently being explored by researchers and developers. Cryptocurrency is a subset of digital currency that encompasses revolutionary technology, shifting political and economic spheres in nation-states. Certain governments are more prone to the adoption of cryptocurrencies and three comparative case study countries, Iran, Russia, and Venezuela, have shared attributes that result in adoption. Observed factors that result in the adoption of cryptocurrencies include corruption, GDP level, economic volatility, and Western sanctions. These factors will be applied in the case study countries to analyze the adoption of native government-backed cryptocurrency.
The blockchain is still new and unfamiliar. But blockchain appears to shake an entire technology innovation system. Blockchain is rapidly drawing attention in that it will be able to fundamentally revolutionize industry ecosystem. While cryptocurrency transactions and market capitalization have been popular in mass media, several platform operators in non-cryptocurrency areas such as jewelry, social networks, and entertainment, are also moving to introduce blockchain technology in full swing. In this brief note, we intend to present integrated theoretical strands to summarize various prospects for blockchain technology. Further, we want to provide a reflection as to whether this new technology gives opportunities, challenges, or risks to future society. Particularly, we point out one of its alternative and promising adoption that gives way to new forms of decentralized and autonomous organizations (DAOs).