The major focus of this research study is to understand the impact of the Russia-Ukraine crises or war on three major Crypto currencies like Bitcoin, Binance coin and Ethereum. This study also provides insight about the reaction of the Crypto market during the ongoing war situation and how the Cryptocurrencies react during the war crises, either bitcoin, ethereum, and the binance coin have the positive impact or the negative impact during the war, or the war has no impact on Cryptocurrencies. The relationship between these cryptocurrencies are also examined during this research. The major findings show that the ARCH effect exist in the Binance coin, Bitcoin, and the Ethereum market series. The research study used the GARCH methodology for analysis of results. For Bitcoin and Binance coin there is no direct impact in it, and factor of volatility exist in it. For Ethereum there is no direct impact of war, and factor of volatility does not exist in it. The research gives valuable insights to investors and policy makers.
The Nepali government has declared all cryptocurrency-related activities illegal due to its exclusive currency issuance authority and stringent foreign exchange regulations. This prohibition is based on robust anti-money laundering laws and the potential applicability of evolving digital legislation. The article also assesses the costs and risks associated with illicit cryptocurrency activities and encompassing severe legal consequences, financial exposure, and cyber security threats. Finally, it explores the paradox of Nepal Rastra Bank's exploration into a Central Bank Digital Currency (CBDC), suggesting a recognition of digital currency's future while prioritizing national control and stability. The study concludes by emphasizing the imperative for public adherence to existing prohibitions while acknowledging the long-term trajectory towards digital financial innovation.
The objective of this article is to identify the impact of corporate investments in Bitcoin on the stability of the cryptocurrency market, with particular emphasis on the investment strategy of MicroStrategy (currently Strategy). The first section of the paper outlines the operational mechanisms of Bitcoin, including its consensus system and the blockchain technology that underpins its security and decentralisation. The second section examines the structure of the cryptocurrency market, identifying its key participants and the mechanisms driving its volatility and dynamics. The third section is dedicated to an analysis of MicroStrategy’s quarterly reports for 2023 to 2024. The final section presents the conclusions, which indicate that the company’s aggressive acquisition strategy is associated with significant financial risk. The analysed data suggest that continued exposure to the highly volatile cryptocurrency market may lead to serious challenges for the firm, potentially undermining its long‑term financial stability. Consequently, this may pose systemic risks to the broader cryptocurrency market, particularly by exerting substantial downward pressure on the supply side.
Nov 21, 2025·ФИЛИАЛ ФЕДЕРАЛЬНОГО ГОСУДАРСТВЕННОГО АВТОНОМНОГО ОБРАЗОВАТЕЛЬНОГО УЧРЕЖДЕНИЯ ВЫСШЕГО ОБРАЗОВАНИЯ «КАЗАНСКИЙ (ПРИВОЛЖСКИЙ) ФЕДЕРАЛЬНЫЙ УНИВЕРСИТЕТ» В ГОРОДЕ ДЖИЗАКЕ РЕСПУБЛИКИ УЗБЕКИСТАН
The article considers cryptocurrency not as an "Internet coin", but as a combination oftechnologies, market practices and institutions that change the ways of issuing, circulation and accountingof value. The material is devoted to three topics: demand factor - institutionalization through exchange- traded funds and use in cross-border settlements, main risks - price volatility, operational disruptions, and external environmental impacts, regulatory responses - the EU MiCA system, and the Central Bank'sinterest in digital currencies.
Regardless of one’s opinion, Bitcoin’s presence in the global economy is growing. However, Bitcoin’s emerging role and its implications are greatly under-researched, particularly in the context of government interest in Bitcoin. Nonetheless, increased private investment in Bitcoin and increased government interest in formally incorporating Bitcoin into existing economic systems, suggest a new development within the global economy that must be investigated. Through qualitative text analysis of pro-Bitcoin narratives presented in digital media platforms and official government policies and public statements, this thesis explores how private and government interest in Bitcoin is explained and framed within these contexts. This study finds that there are many important nuances within pro-Bitcoin narratives in the context of private interest that challenge and expand contemporary thinking. It presents new insights into government interest in Bitcoin, particularly concerning its intended role and future, suggesting it will have a presence in efforts beyond finance. Finally, this thesis suggests that despite converging attitudes in private and governmental pro-Bitcoin narratives, diverging attitudes reflect curious implications concerning distrust and dissatisfaction in government efforts. Ultimately, this study reflects that Bitcoin is a dynamic and non-traditional development that requires continuous research to better understand its present and future role in global systems.
The article summarizes trends and cases from the last five years pertaining to the adoption of block chain technology in public government, the financial industry, and associated infrastructures (voting, energy, supply chains, and identities). Examples of economic sectors where the application of block chain technology has been successful are presented. It makes a distinction between centrally issued digital currencies and decentralized crypto-assets, examines the sustainability and energy efficiency of public block chain, and considers the suitability of immutable registries for official data and election procedures. It provides guidelines for creating a financial-monetary equivalent that would associate physical assets and energy with a distributed ledger value unit. The conclusion is that while block chain is still being institutionalized in certain sectors (traceability, settlement), its usage in politics (voting, identification) remains pilot-stage and context-dependent.
Security, Politics, and Digital Transformation
Economic, Social, and Public Health Issues in Russia and Globally
Cryptocurrency, despite the blurred boundaries of domestic regulation, has firmly entered judicial practice as a type of property that can be seized or confiscated. The forces of criminal law are deterring such a new type of digital crimes as crypto crimes. The author analyzes judicial practice and the evidence base presented within the framework of the capabilities available to Russian law enforcement agencies. The priority directions of improving the process of proving illegal acts are substantiated on the basis of the existing provisions of the law on the sufficiency of evidence.
Once a playground for tech enthusiasts, the crypto space has shifted to a financial field that is increasingly on policymakers’ radar due to the increasing adoption of crypto-assets, and also some significant crypto-related collapses. In this context, it is crucial to propose monitoring frameworks to assess the potential integration of the crypto sphere into traditional financial systems. We propose the use of the TVP-VAR approach as a strategic instrument for policymakers to analyze the connectedness between major financial markets and relevant crypto systems, such as the emerging centralized finance sector and the increasingly relevant decentralized finance ecosystem. Our findings indicate that the financial integration between the crypto space and traditional financial markets remains weak. Nonetheless, we report a very slight increase in connectedness since 2020, suggesting that while the crypto space is still far from being fully integrated, it has begun to establish modest but persistent links with conventional financial markets. • We examine dynamic connectedness between crypto and global equity markets. • TVP-VAR shows crypto–TradFi integration remains weak but rising since 2020. • DeFi and broad crypto indices transmit more spillovers than Bitcoin or CeFi. • Results highlight regulatory priority on DeFi and full-market monitoring.
Abstract In order to design an ideal financial infrastructure, we must preserve the benefits of modern monetary system while effectively utilizing innovative technologies. The current system, with its two-tiered structure of a central bank and commercial banks, supports market-based financial intermediation and elastic supply of money. This is underpinned by the fractional reserve system, banks’ credit creation, banking regulation and deposit insurance. Given that retail Central Bank Digital Currencies (CBDCs) and stablecoins could impact the functions of this modern monetary system, discussions around them often overlap with the “narrow banking” debates of the 20th century. Based on these considerations, tokenized deposits have been developed to maintain the advantages of the two-tiered monetary system while integrating blockchain and distributed ledger technology. Since both digital currencies and digital assets are forms of “digital tokens” that adopt common technologies, it is crucial to establish seamlessly-connected platforms for comprehensively handling transactions of both digital currencies and digital assets.
The theses examine the legal and financial aspects of cryptocurrencies, taxation specifics, and transaction monitoring.The advantages of cryptocurrencies in financial inclusion and blockchain implementation are outlined.Challenges of legal regulation and prospects for aligning Ukrainian legislation with EU MiCA standards are highlighted.
Subject. The article discusses innovative digital technologies in improving the effectiveness of coordination of economic entities. Objectives. Based on the theory of transaction costs, the new institutional economics and the theory of public choice, the study aims to identify specifics of the impact of distributed ledger technologies on economic institutions, their transparency, and effective coordination in economic systems. Methods. We employed methods of theoretical analysis of literature on the new institutional economics, the theory of public choice, and constitutional economics. Innovative digital technologies are considered from the perspective of transaction cost reduction. Results. The paper shows that innovative digital technologies are not limited to a narrow application in the field of digital currencies and smart contracts, but represent a fundamental institutional mechanism that helps reduce transaction costs, increase transparency of transactions, and form more perfect market orders. Special attention is paid to the role of distributed registry systems in spontaneous and polycentric management according to E. Ostrom, and in "constitutional choice" according to J. Buchanan. Conclusions. The decentralized nature of distributed ledgers, backed by cryptographic methods and economic incentives, has the potential to transform organizational and political institutions, stimulating increased trust and inclusivity in collective decision-making processes.
The article is devoted to the study of the current legal regulation of virtual assets in the French Republic. The author analyzes the advantages and disadvantages of the relevant regulatory framework, decisions taken to harmonize legislation in accordance with the new Regulation of the European Parliament and of the Council, as well as the possibility and expediency of implementing the most successful decisions into Ukrainian legislation. Due to the lack of in-depth research that would combine the main regulatory norms and definitions, as well as provide a general overview of this regulatory system, there was a need to study in detail the current regulatory framework of the French Republic in this sector, which is characterized by simple and clear requirements. Below is a list of responsible regulators, as well as the legally established definition of virtual assets and their classification. The French Republic has developed an original classification system, which currently continues to operate within limits that do not contradict the MiCA classification. Currently, not all objects created on the basis of blockchain technology are subject to regulation, for instance, non-fungible tokens or central bank digital currencies, which complies with the provisions of the MiCA Regulation. The licensing system for service providers in the field of virtual asset circulation, the specifics of the transition period, and new provisions in accordance with MiCA were also examined. An analysis of the requirements for initial coin offerings (ICOs) in accordance with the legislation of the French Republic and MiCA was conducted. The issues of virtual asset mining regulation and taxation regime were examined. It is concluded that the French Republic has managed to regulate the circulation of most known types of virtual assets, create a clear system for all participants in this market, and be able to easily implement new European Union legislation if necessary. Therefore, Ukrainian legislation should adopt an approach to building such an adaptive regulatory system that can be seamlessly harmonised with European Union legislation.
The article is devoted to the study of the current legal regulation of virtual assets in the French Republic. The author analyzes the advantages and disadvantages of the relevant regulatory framework, decisions taken to harmonize legislation in accordance with the new Regulation of the European Parliament and of the Council, as well as the possibility and expediency of implementing the most successful decisions into Ukrainian legislation. Due to the lack of in-depth research that would combine the main regulatory norms and definitions, as well as provide a general overview of this regulatory system, there was a need to study in detail the current regulatory framework of the French Republic in this sector, which is characterized by simple and clear requirements. Below is a list of responsible regulators, as well as the legally established definition of virtual assets and their classification. The French Republic has developed an original classification system, which currently continues to operate within limits that do not contradict the MiCA classification. Currently, not all objects created on the basis of blockchain technology are subject to regulation, for instance, non-fungible tokens or central bank digital currencies, which complies with the provisions of the MiCA Regulation. The licensing system for service providers in the field of virtual asset circulation, the specifics of the transition period, and new provisions in accordance with MiCA were also examined. An analysis of the requirements for initial coin offerings (ICOs) in accordance with the legislation of the French Republic and MiCA was conducted. The issues of virtual asset mining regulation and taxation regime were examined. It is concluded that the French Republic has managed to regulate the circulation of most known types of virtual assets, create a clear system for all participants in this market, and be able to easily implement new European Union legislation if necessary. Therefore, Ukrainian legislation should adopt an approach to building such an adaptive regulatory system that can be seamlessly harmonised with European Union legislation.
Our study, set against the backdrop of the ongoing Russia-Ukraine war, Hamas-Israel conflict and fintech advancements, investigates the implications of Bitcoin (BTC), Ethereum (ETH), and Tether (USDT)'s active addresses on BTC prices. In doing this, we employ a combination of traditional time series VAR model and machine learning BPNN model during the geopolitical conflict period. Our findings indicate that BTC and ETH prices often move in tandem ahead of geopolitical conflicts. Investors aiming to boost their income choose to buy lower-priced ETH, leading to a rise in the number of active ETH addresses, positively correlated with BTC's price. However, during geopolitical conflicts, this relationship shifts. The number of active USDT addresses is a significant factor influencing BTC price. Consequently, when confronted with a steep decline in BTC prices, investors tend to convert BTC into the USDT stablecoin to avert losses.
Muhammad Ilman Abidin, Ahmad M. Ramli, Laina Rafianti, Gautam Kumar Jha
Investment in Non-Fungible Tokens (NFTs) is rapidly emerging in Indonesia, presenting both opportunities and challenges for the digital creative industry. As unique crypto assets, NFTs enable new ways to own and trade digital and physical goods, but current regulations, including the Commodity Futures Trading Law and Bappebti guidelines, do not fully address these transactions, creating legal gaps and increasing risks of fraud, money laundering, and market manipulation. Despite this, NFT communities like the Superlative Secret Society in Bali, supported by the Ministry of Creative Economy, have fostered creativity and economic activity. This study employs a normative juridical and comparative law approach to explore legal theories suitable for protecting NFT investments, finding that frameworks based on Ahmad M. Ramli’s transformative law and Mochtar Kusumaatmadja’s developmental law can ensure legal certainty, security, and fairness. The study concludes that comprehensive legal reforms are essential to safeguard investors and sustain the growth and international competitiveness of Indonesia’s digital creative industry.
The rapid emergence of Stable Coins has completely altered the global landscape of digital finance. The benefits of blockchain technology, along with the typical advantages of a fiat currency, in the form of a stable coin, have had a surreal effect on the world of finance. The paper investigates the evolution, comparative merits and systemic risks of Stable Coins compared to Bitcoin, also uses them for advantages in decentralized finance, liquidity and international transactions. The results clearly show that the Stable Coins have become essential infrastructures of finance because of their low volatility, transaction efficiency but also their sensitivity to such issues as regulation and transparency of reserves. The study of the literature of the BIS, IMF and ECB gives evidence of the fact that stable coins will co-exist with the Central Bank Digital Currencies (CBDC), rather than that they will replace them. The proposed method gives evidence of how a system of collaborative regulation and transparency of reserves can be achieved to facilitate innovations but also protect global economic stability.
Bitcoin as a digital currency enables direct online transactions between parties, eliminating the requirement for traditional financial institutions. Opinions on Bitcoin vary, with some seeing it as a potential game-changer for finance, while others see it as a speculative asset that poses risks to global financial stability. However, the concept of e-currency is evolving and gaining traction, Bitcoin has become the most prominent and widely accepted form of online payment. Each Bitcoin is represented as a unique digital entry in a virtual wallet on a device, enabling users to send and receive bitcoins. Every bitcoin transaction is logged in a public list called the blockchain, allowing for transparent tracking of ownership and preventing unauthorized transactions. Bitcoins have value on their own, facilitating global transactions between parties without revealing your identity. Nations such as the US, Canada and Australia have established regulatory guidelines for Bitcoin, its legitimacy is limited to specific contexts and remains distinct from their official currencies. The objective of the current paper is to examine the long-term viability of Bitcoin and evaluate the likelihood of it being an internet bubble
This study is mainly indicated towards the emergence of non-fungible tokens (NFTs) as the new digital asset for investment. A comparative analysis is made between NFTs and the fungible tokens (cryptocurrency). It is observed that NFTs are highly volatile in nature, yet safer way to invest as it is secured by code, which cannot be easily hacked by scammers During the COVID-19 Pandemic, digital investments have become a trend among the crypto investors. It was a great alternative for the fungible investors. In today’s technological aided society, digital investments have become very common and is investors find it more convenient. Investment in the NFTs and FTs is more of a status symbol for the higher class of society. The future of NFTs is very diverse and endless. The scope of NFTs is very much diverse in the gaming sector and also in the real estate sector. The study stated that the major difference between both the assets is the uniqueness of each NFTs, whereas all the FTs are similar in nature. The digital asset is defined as something which holds value, has ownership and is discoverable on the digital platform. Lastly, the study discusses the various digital assets which include the stablecoins, utility tokens and security tokens.
Блокчейн технологиясының дамуымен, алмастырылмайтын токендар (NFT- Non-fungible token) цифрлық меншік тұжырымдамасын қайта анықтады және құқықтық реттеулер тұрғысынан маңызды сұрақтарды көтерді. NFT-лер өнер туындылары, музыка, ойын ішіндегі активтер және виртуалды жылжымайтын мүлік сияқты көптеген сандық активтерді сатып алуда-сатуда қолданылады және орталықтандырылмаған құрылымына байланысты олар дәстүрлі заң негіздеріне толығымен сәйкес келмейді. Бұл жағдай меншік құқығы, зияткерлік меншік, келісім-шарт құқығы және алаяқтық сияқты әртүрлі мәселелер бойынша құқықтық белгісіздік тудырады. Көптеген елдердегідей, Қазақстанда да NFT үшін арнайы құқықтық база жоқ. Бұл жағдай сатып алушылар үшін де, сатушылар үшін де заңды белгісіздіктер тудырады және зияткерлік меншік құқығы, алаяқтық, келісім-шарт құқығы және тұтынушылардың құқықтары тұрғысынан әртүрлі тәуекелдерді тудырады. NFT нарықтарының жылдам өсуі үкіметтердің осы жаңа цифрлық актив сыныбын реттеу қажеттілігін арттырды. Дегенмен, елдер арасында айтарлықтай нормативтік айырмашылықтар бар. Кейбір юрисдикциялар NFT-лерді сандық активтер немесе бағалы қағаздар ретінде жіктеп, оларды қолданыстағы қаржылық ережелерге бағындырса, кейбір елдер арнайы заңдарды әзірлеуде. Зияткерлік меншік құқықтарына келетін болсақ, NFT-лер жай сандық куәлік пе немесе авторлық құқықты беруді де қамтуы мүмкін бе деген жалпы көзқарас әлі жаһандық деңгейде әзірленбеген. Әртүрлі елдерде салық салуға қатысты әртүрлі тәжірибелер де бар. Кейбір елдерде NFT операцияларына қосылған құн салығы (ҚҚС) салынса, басқа елерде олар құн өсіміне салынатын салық ретінде қарастырылады. Алайда, NFT-дің трансшекаралық сипаты мен орталықтандырылмаған құрылымы салық салу процестеріндегі сәйкестік пен аудит мәселелерін туындатады. Бұл мақалада NFT-лердің құқықтық мәртебесі мен салық салу процестері халықаралық тұрғыдан қарастырылады және қолданыстағы ережелер салыстырмалы тұрғыдан бағаланады. Нәтижесінде, NFT экожүйесінің тұрақты өсуі үшін үйлесімді және ашық заңнамалық базаны құру қажет екендігі атап өтілді.
Islam Abdeljawad, Ahmad Tina, M. Kabir Hassan, Mamunur Rashid
The aim of this comprehensive review of the papers published on the Scopus database is to gain insights into the various indicators that determine the level of market efficiency within the global cryptocurrency markets. We have employed a series of bibliometric and content analyses on 3,224 papers published during 2014–2024. Findings indicate that the scholarly literature on cryptocurrency exhibits a varied range of perspectives, frequently encompassing multiple academic disciplines such as economics, finance, accounting, technology, and engineering. We present three significant findings. First, despite a growing list of recent studies supporting some efficiency, cryptocurrency assets frequently deviate from conventional norms of market efficiency. Herding, co-movement, sentiment, and overconfidence are the major contributors behind the inefficient cryptocurrency market. Second, the intricate nature of these assets and their lack of connection to fundamental economic value contribute to inconsistencies, instability, and ambiguity. Third, regulators are expected to intervene with prudent and globally collaborative regulations to optimize the potential of this market. In this discourse, we analyze the potential consequences derived from various frameworks and methods, with the aim of informing forthcoming scholarly investigations.
This study examines the economic, legal, and institutional structures of non-fungible tokens (NFTs) as emerging mechanisms of digital value creation in the global art and media sector. Correspondingly, the aim was to analyze the functional logic of these blockchain-based forms of exploitation and to determine their role in the ongoing knowledge economization of cultural production. Utilizing a qualitative-exploratory multiple-case design, this study meticulously analyzed exemplary use cases from the art, music, and creative industries. Notable examples include ArtTrade.io, Royal.io, and the Kool Savas NFT drop, all of which were scrutinized through systematic document analysis and a PRISMA-based literature evaluation. However, to enhance analytical rigor and support theoretical triangulation, an additional institutional comparison set has been introduced. This set includes significant large-scale distributed ledger technology initiatives such as BLOCKBASTER (collaboration between Deutsche Börse and Deutsche Bundesbank), BIS Helvetia Phase II, Collateral Management Benefit from DLT, and Delivery versus Payment (DvP) utilizing Central Bank Digital Currency (CBDC). The projects in question effectively contextualize NFT-based market structures within the wider landscape of digital financial infrastructures, underscoring the convergence of cultural, technological, and regulatory frameworks surrounding tokenization. As the results indicate, NFTs currently function primarily as tokenized representations that do not transfer copyright or property rights. They point out a structural paradox: blockchain promises to decentralize technology, but governance, pricing, and monetization are still centralized. From an economic perspective, hybrid revenue models consisting of primary sales and secondary royalty mechanisms dominate, utilizing attention, exclusivity, and scarcity as core resources. However, NFTs thus appear as socio-technical infrastructures that redefine the interface between technology, market, and culture. As a contribution to the study of the global dynamics of digital creative economies, it highlights that NFTs represent less of a disruption of existing structures and more of an algorithmic reorganization of them. They thus mark the transition to a tokenized knowledge economy in which creativity, data, and code become convergent factors of production in a new economic era.