This paper examines the transformations in finances in the developing markets such as India due to digital money, decentralized finance (DeFi), and blockchain technology. It pays attention to what makes people desire to access such services, what dangers they believe they pose, and how prepared the governmental regulation is (Davis, 1989; Schueffel, 2016). The researchers completed the survey which questioned 420 Indian retail shoppers and fiscal experts about digital finance. They then analyzed the data using Partial Least Squares Structural Equation Modelling (PLS -SEM). They discovered that individuals tend to move to such services when they believe that it is useful, easy to utilize, reputable and with adequate regulation. People fear to take risks and will be less willing to use them (Venkatesh & Davis, 2000; Zhang et al., 2022). The actual use can also be predicted by the intention to use, and individuals who are knowledgeable of contemporary trends, including DeFi, tokenisation, and central bank digital currencies (CBDCs), are even more eager to use useful services (Rogers, 2003; Auer et al., 2022). These findings provide practical suggestions to regulators and banks interested in promoting sound innovation and broader adoption of digital and blockchain finance in India.
This paper examines the public perceptions of decentralized finance (DeFi) in regulatory uncertainty in Pakistan. Although the current literature mainly focuses on the technical architecture, governance, and the efficiency of DeFi, there has been little literature on how it is socially perceived in emerging economies where its legal status is not well defined. This research is based on the Technology Acceptance Model (TAM), the Unified Theory of Acceptance and Use of Technology (UTAUT), and the Institutional Trust Theory as its foundation of study, and it is a qualitative study. Data was gathered by conducting semistructured interviews with ten 10 participants from Karachi, who include students and working professionals from diverse occupational backgrounds. Thematic study shows six themes: Awareness of Decentralized Finance, regulatory uncertainty, perceived risk, financial literacy, perceived benefits, and institutional trust. The result shows that people have awareness but not deep knowledge; they also know the benefits, such as transparency and efficiency, but regulatory uncertainty shapes the perception of people. Regulatory uncertainty enhances perceived risk and ensures the presence of dependency on governmental approval as a legitimizing condition. The perceived usefulness in itself did not give confidence because of the lack of legal protection. The research provides empirical data on Pakistan and illustrates that regulatory clarity and institutional trust are the two key factors that determine social acceptance of decentralized financial innovation in emerging economies.
The rise of Decentralized Autonomous Organizations (DAOs) has contested conventional concepts of state sovereignty and political legitimacy based on the Westphalian order. Decentralized Autonomous Organizations (DAOs) function on blockchain networks, facilitating self-governance, collaborative decision-making, and resource distribution devoid of centralized control. This article examines the potential for DAOs to be acknowledged as politically legitimate sovereign organizations by comparing their governance frameworks to traditional state structures. This analysis utilizes international law, political philosophy, and blockchain governance literature to assess the ramifications of virtual nations on legal recognition, legitimacy, and the prospects of decentralized government.
Millions of women face exclusion from banking services which acts as a fundamental obstacle to their economic development because of institutional barriers. Blockchain technology represents an efficient approach to providing secure decentralized financial solutions that increase access to financial services. The analysis will explore blockchain capabilities to expand financial access for women while promoting economic opportunity as per SDG 5 (Gender Equality). Traditional banking creates barriers for women in financial services because they lack money funds and poor credit recording along with restricted bank access. This paper examines how blockchain resolves such problems by implementing decentralized finance (DeFi), smart contracts blockchain-based microfinance, and digital identity verification. Using blockchain technology leads to safe financial payments while eliminating middle agents and creating open transaction documentation which gives users better economic management abilities. The application of blockchain technologies in real-world situations generates positive effects on female entrepreneurship and the business performance of small business owners and workers within the informal economy. The widespread implementation of blockchain faces barriers because of regulatory restrictions and technological limitations together with digital skill level disparities. This research adopts strategic guidelines and policy recommendations that enhance blockchain advantages for female financial empowerment. The implementation of blockchain technology delivers financial independence worldwide market entry and sustainable economic stability to women. The achievement of SDG 5 depends on stakeholders who join forces to build financial structures that support gender equality.
Abstract One of the key challenges of energy decentralization through DERs is financing. This chapter evaluates the potential role of Islamic finance as a tool to bridge the gap in the current financing of DER infrastructure. Focusing on the opportunities and challenges in African countries, the chapter explores innovative financing approaches, including Islamic financing instruments, microfinance solutions, co-operative models, and crowdfunding, to address the resource gap. The engagement of Islamic finance in the promotion of renewable energy offers substantial advantages in advancing global sustainability initiatives. However, maximizing its full potential of Islamic financing will require supportive legal and institutional frameworks that simplify and reinforce its application in the energy sector. Yet, as demonstrated in this chapter, such supportive frameworks are not easily forthcoming in many countries. The chapter analyses legal and institutional challenges to the financing of DER projects through Islamic financing and offers recommendations on addressing them.
Understanding how Bitcoin mining is distributed across countries is important for evaluating both the sustainability and resilience of the network. In this study, we examine the evolution of total Bitcoin electricity consumption alongside the geographic distribution of Bitcoin mining. Data are provided by the Cambridge Centre for Alternative Finance (Licensed under CC BY–NC–SA 4.0): Annual data from the Cambridge Bitcoin Electricity Consumption Index (2010–2025) and a monthly panel of country-level Bitcoin hashrate shares for 105 countries (September 2019–January 2022). To assess the degree of decentralization in the global mining network, we employ entropy-based measures, inequality indices, and panel convergence tests. The results indicate that total electricity consumption grew exponentially during the early years of Bitcoin, but later transitioned to a more stable and approximately linear path. Country-level permutation entropy reveals highly volatile and dynamic mining trajectories. The Theil index shows that cross-sectional inequality declines over time, while increasing symbolic entropy reflects a progressively more even cross-country distribution of mining activity. Further evidence from σ-convergence supports a statistically significant reduction in cross-country dispersion of mining shares. Dynamic panel fixed-effects estimates reveal mean-reverting behavior in relative country shares, consistent with stochastic convergence. Finally, Phillips–Sul analysis points to heterogeneous early transition paths but ultimately supports convergence toward a single global club. The gradual geographical decentralization occurs alongside persistent core–periphery asymmetries in long-run mining shares. Overall, our findings suggest that Bitcoin mining behaves as a globally integrated industry in which computational capacity reallocates rapidly across countries in response to economic and regulatory conditions.
This paper examines the critical role of education in fostering decentralized finance (DeFi) and cryptocurrency literacy. Drawing on qualitative interviews with industry professionals and educators, the study explores how formal education, online learning, and peer-to-peer knowledge sharing shape public understanding of DeFi systems. The findings highlight that limited access to structured educational resources hinders the adoption of crypto technologies, especially in emerging economies. Interviewees emphasized the importance of learning environments that not only teach technical concepts but also explain the risks, use cases, and ethical dimensions of decentralized technologies. While online communities and social media platforms offer learning opportunities, they also expose users to misinformation and hype-driven content. The paper advocates for integrating blockchain topics into academic curricula and promoting accessible digital literacy initiatives to support inclusive participation in the evolving financial ecosystem. It also suggests that governments and educational institutions partner with fintech innovators to create standardized, multilingual, and culturally adaptive learning content. By improving blockchain literacy through both formal and informal educational channels, the industry can close the knowledge gap, increase responsible adoption, and reduce the digital divide in the global financial system (Prajapati, 2025). This research contributes to the understanding of how knowledge dissemination strategies influence technology adoption in disruptive finance sectors.
The Nigerian agricultural financing ecosystem, particularly incentive-based risk-sharing schemes such as the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), faces persistent challenges related to data integrity, transparency, and trust among stakeholders. Centralized information systems expose sensitive financial and operational data to risks including unauthorized modification, fraud, lack of auditability, and single points of failure. This study proposes a blockchain-based information security framework designed to enhance transparency, integrity, and accountability in incentive-driven agricultural lending systems. The framework leverages distributed ledger technology, cryptographic hashing, consensus mechanisms, and permissioned access control to ensure tamper-resistant record keeping and secure transaction validation. A conceptual system architecture is developed to demonstrate how lending data, incentives, and risk-sharing records can be securely managed in a decentralized environment. The proposed approach improves trust among financial institutions, regulators, and agricultural stakeholders while reducing fraud, operational inefficiencies, and information asymmetry.
Abdul-rahman AHMAD, Mohammed Bashir Abdullahi, Yahaya YUSUF
The paper examined the effect of quality regulatory framework on perceived prevalence of cryptocurrency-related financial crimes in Nigeria. Employing mixed methods approach with survey data from 385 respondents and thematic analysis of 15 regulatory documents and 8 expert interviews, the study utilized descriptive and Ordinary Least Square (OLS) regression analysis. Diagnostic tests confirmed no serious multicollinearity (VIF < 5), heteroscedasticity (Breusch Pagan p > 0.05), and normality of residuals (Jarque Bera p > 0.05). The results revealed a significant relationship from improved monitoring tools (RUMT, β = 0.0939, p < 0.01) and blockchain compliance mechanisms (BCAC, β = 0.0960, p < 0.01) to the perceived prevalence of financial crimes thereby indicating rise in financial crimes and by exposing previously hidden irregularities. In addition, regulatory guidelines exhibit a weak deterrent effect (RAGC, β = -0.0412, p < 0.10), attributable to weak enforcement by agencies responsible for implementation (e.g., EFCC, NPF), lack of clarity in guidelines issued by the CBN and SEC, and fragmented institutional structures on AML/CFT (despite CBN and SEC being the guideline issuers, enforcement lags due to poor coordination among regulators and law enforcement). Customer Due Diligence Verification (CDDV) was statistically insignificant, indicating that traditional KYC/AML mechanisms are insufficient against sophisticated crypto-related activities involving mixers, decentralized finance platforms, and offshore exchanges. However, Culture of Compliance (CCUL, β = 0.0531, p < 0.05) and geopolitical zone (β = -0.0341, p < 0.05) also significantly shape perceptions. The findings suggest that Nigeria remains in an awareness stage of regulation defined as a phase where detection and monitoring capabilities improve (evidenced by positive coefficients for RUMT and BCAC) but enforcement mechanisms lag behind, allowing crimes to be identified more readily without commensurate reduction. Law enforcement agencies such as EFCC and NPF should prioritize strengthening enforcement capacity and adopting advanced blockchain analytics as the first step; policymakers (National Assembly, CBN, SEC) should ensure regulatory frameworks are clear and comprehensive, thereby reducing ambiguity and institutional fragmentation among CBN, CAC, NFIU, and others.
The introduction of block chain-supported investment tools like cryptocurrencies, DeFi platforms and tokenized assets has brought new decentralized, clear and exciting choices to the world of finance. As the use of impact investing expands all over the world, learning how investors view these projects matters for their continued success. This study investigates the motivations, risk perceptions, and decision-making processes of investors engaging with blockchain-based financial products. Drawing on behavioral finance theories and existing literature, it explores how psychological biases, technological literacy, and external influences such as social media and regulatory shifts shape investor actions. The research identifies key gaps, including the limited focus on non-cryptocurrency products, underdeveloped behavioral models, and insufficient attention to demographic and longitudinal factors. By addressing these gaps, this study aims to provide actionable insights for policymakers, financial institutions, and technology developers, contributing to a deeper understanding of investor dynamics in the blockchain era.
This study investigates the dynamic impact of Bitcoin prices and key macroeconomic variables, consumer price index (CPI), exchange rate, and crude oil prices, on industrial output in India, proxied by the index of industrial production (IIP). The Toda-Yamamoto causality analysis reveals that CPI and oil prices Granger-cause IIP, whereas Bitcoin and exchange rate do not exhibit causal influence. Utilising the auto-regressive distributed lag (ARDL) bounds testing framework for robustness, the study captures both short- and long-run relationships. Impulse response functions (IRFs) and the error correction model (ECM) confirm these findings, showing significant responsiveness of IIP to CPI and oil shocks. Stability tests (CUSUM and CUSUMSQ) validate model reliability, while robust standard errors address heteroscedasticity concerns. Diagnostic tests indicate no autocorrelation or autoregressive conditional heteroscedasticity (ARCH) effects, though non-normality and mild heteroscedasticity are observed. The findings highlight that conventional macroeconomic variables continue to dominate industrial performance, with Bitcoin exerting a negligible real-sector impact.
This paper analyzes the institutional and organizational differences between traditional finance and decentralized finance (DeFi), with a focus on public, permissionless blockchains. In traditional markets, intermediaries provide custody, authentication, settlement, and regulatory compliance. By contrast, the option of self-custody and open access on blockchains fundamentally reshapes the organization of financial services and challenges the foundations of current regulatory approaches. These structural differences alter trading, lending, and derivatives markets while introducing risks such as smart contract failures and infrastructure concentration. At the same time, DeFi's openness reduces entry barriers, improves transparency and access, and fosters competition and efficiency. Because self-custody removes intermediaries as enforcement points, regulation cannot simply extend existing frameworks. I conclude with policy recommendations emphasizing self-custody rights, privacy protection, adaptive regulation, and integration pathways for traditional intermediaries.
Abstract The Congo Basin, comprising the world’s second-largest tropical rainforest, presents both critical environmental challenges and unique opportunities for sustainable development. This chapter evaluates key pathways for environmentally sustainable development in the region, with an emphasis on extractive industries, renewable energy, agroforestry, biodiversity conservation, ecotourism, and climate and carbon finance. Using regional indicators such as the Fragile States Index (FSI), Human Development Index (HDI), and Environmental Performance Index (EPI), the authors highlight the structural barriers—including weak governance, institutional fragility, and extreme poverty—that constrain the region’s development trajectory. Despite these challenges, the Basin’s ecological wealth offers potential for transformative interventions. Strategies such as Reduced-Impact Logging for Climate (RIL-C), sustainable mining practices, decentralized renewable energy systems, and integrated agroforestry models are analyzed for their capacity to reduce emissions, protect biodiversity, and enhance local livelihoods. The chapter further explores the potential of REDD+ and emerging carbon market frameworks to finance conservation and climate mitigation efforts. Emphasizing the role of participatory governance, indigenous knowledge systems, and scientific innovation, the chapter underscores the necessity of context-specific, cross-sectoral approaches to operationalize sustainability in one of the planet’s most ecologically and geopolitically complex regions.
Open access
Mining and Resource Management
Economic Growth and Development
Conservation, Biodiversity, and Resource Management
Anthony Chidi Nzomiwu, Francisca Uzooyibo Okoye, Benedict Iyke Okoronkwo
Small and Medium Enterprises (SMEs) face a persistent financing gap globally, estimated at significant portions of GDP in emerging markets like Nigeria, while facing different structural barriers in developed economies like Poland. Decentralized Finance (DeFi) offers theoretical solutions through peer-to-peer lending and tokenized assets, yet pure DeFi adoption remains low among SMEs due to regulatory uncertainty, technical complexity, and volatility. This paper employs Institutional Theory (North, 1990) and Ozili's (2023) tripartite framework of regulation, infrastructure, and capacity to compare the Nigerian and Polish contexts. Drawing on a synthesis of recent literature (2018-2026), the study argues that "pure" DeFi is ill-suited for immediate SME adoption in either context. Instead, a "Hybrid Finance" model where regulated fintech intermediaries bridge traditional banking and blockchain protocols offers the most viable pathway. The analysis highlights Nigeria's reactive regulatory stance (e.g., the 2021 ban and subsequent lifting) versus Poland's adaptive integration within the EU's Markets in Crypto-Assets (MiCA) framework. The paper concludes that institutional embedding, rather than technological disruption alone, is critical for closing the SME financing gap.
Darlington Chizema, Ramos E. Mabugu, Christelle Meniago
This study examines the effect of renewable energy consumption on energy poverty across 43 Sub-Saharan African countries from 2002 to 2021. Using a dynamic panel data approach and a two-step System GMM estimator, it addresses endogeneity concerns in energy poverty analysis. Results show energy poverty is persistent, reflecting deep institutional and infrastructural challenges. While renewable energy consumption is positively associated with energy poverty, the modest impact suggests current investments are concentrated in urban or grid-connected areas, with limited benefits for rural populations. This highlights the need for inclusive, decentralized energy strategies. Human capital emerges as a key factor in alleviating energy poverty, emphasizing the importance of integrating energy access with education and health initiatives. Conversely, GDP per capita, institutional quality, and population density show no significant effects, challenging assumptions that economic growth alone can resolve energy deprivation. The lack of a declining trend in energy poverty underscores the urgency for targeted, long-term interventions. The study advocates pro-poor energy policies, innovative financing, and multi-sectoral approaches linking energy access to broader development goals to advance Sustainable Development Goal 7 (SDG 7). Future research should explore subnational disparities and the varied impacts of renewable technologies to inform context-specific solutions.
This paper examines how the adoption of Bitcoin has affected financial inclusion, banking access, and economic activity in El Salvador, with a particular focus on small and medium-sized enterprises (SMEs) in underbanked regions. After El Salvador became the first country to recognize Bitcoin as legal tender in 2021, it created a unique opportunity to study how cryptocurrency functions outside of theory and within a real national economy. Using a mixed-methods approach, this research combines a review of academic literature, policy analysis, and media reporting with quantitative analysis of cryptocurrency market data and financial infrastructure indicators. The quantitative component includes correlation, regression, and predictive analysis of cryptocurrency price and transaction volume data, as well as an examination of Bitcoin ATM availability relative to population across major cities. These results are supported by qualitative findings that explore public adoption, SME experiences, and broader economic concerns such as volatility, infrastructure limitations, and financial stability. The findings suggest that while Bitcoin has expanded access to digital financial tools and introduced potential efficiencies in transactions, its impact on financial inclusion has been uneven, particularly in rural and underbanked areas. For SMEs, Bitcoin presents both opportunities and challenges, offering faster payments while also creating risks related to volatility, technical barriers, and implementation costs. Overall, this study highlights the mixed outcomes of cryptocurrency adoption in El Salvador and contributes to ongoing discussions about whether digital currencies can meaningfully support financial inclusion and economic development in developing economies.
Mbonigaba Celestin*, J. Azhar Mohamed**, G. R. Gnana Raja** & K. Vinayakan**
This analysis uses data from the IMF, OECD, and the World Bank, studies the viability of decentralized finance within nine economies. The multilevel structural equation model attributes 84 percent of the variance of legitimacy to blockchain reporting (β=0.41), AI analytics (β=0.29), audit accessibility (β=0.22), and the intensity of oversight (β=0.12). The study claims unalterable data combined with algorithmic assurance as novel pillars of accountability and trust. Policy implications advocate for the adoption of cohesive, auditable trust frameworks alongside AI-powered auditing solutions to streamline transparency and fortified cross-border accountability in decentralized finance.
Africa's monetary and financial system, which is currently developing dynamically after a prolonged period of neocolonial dependence on transnational financial groups and international capital, is following its own unique path of development, one that differs significantly from the financial trajectories of other global regions. Sub-Saharan Africa, in particular, showcases a unique experience in the evolution of its monetary system, characterized by the world's highest growth dynamics in fintech and electronic non-bank payments. The active, extensive development of Pan-African financial groups and the trend of them displacing foreign and transnational financial corporations from the African continent are intensifying each year. Africa is one of the global leaders in the development of decentralized finance and cryptocurrency mining. At the same time, the continent remains burdened with high levels of external public debt, accumulated primarily in the post-colonial period of its history. This debt hinders the economic development of African nations and their achievement of the Sustainable Development Goals. Concurrently, the scientific and political discourse on reforming the global financial architecture is becoming increasingly acute, as the current system in its present form is incapable of effectively countering new challenges, which have further exacerbated the problems accumulated over recent decades. Africa stands to be a primary beneficiary of a reform of the global monetary and financial system, within which it must assume an adequate position commensurate with its growing international role that reflects its deserving status in geopolitical and geo-economic terms. Sub-Saharan Africa has the potential to become the trigger that accelerates the reform of the global financial architecture and to serve as a unique testing ground for corresponding pilot projects.
Despite the growing emphasis on the nexus between growth and macroeconomic indicatorsÂ, research on the influence of cryptocurrencies on economic performance remains limited. This study compares the impact of two leading cryptocurrencies, Bitcoin and Ethereum, on economic growth, alongside inflation, market uncertainty, and oil and gold prices, using panel data from 14 countries between Q3 2015 and Q3 2023. The results demonstrate robust cross-sectional dependence, indicating that economic shocks in one country affect the entire group. Therefore, second-generation tests are employed to confirm the presence of stationarity in the variables. Except for Bitcoin’s trading volume, panel fully modified ordinary least squares estimations reveal a significantly positive impact of cryptocurrencies on growth. Cointegration is present in the long run, while in the short run, strong bi- and unidirectional causality is found for all cryptocurrency proxies. The study provides insights that can help policymakers develop strategies to align economic growth with the crypto market, benefiting the broader economy.
Martin Christy ABIAYA'A, Tati Gaelle TIMBA, Jean Hugues NLOM, Marcellin NDONG NTAH
Abstract The objective of this article is to analyze the effect of fiscal decentralization on early childhood education in Cameroon. Using a methodological framework based on econometric modeling by ordinary least squares (OLS), generalized least squares (GLS), and the generalized method of moments (GMM), it emerges that fiscal decentralization positively and significantly affects early childhood education in Cameroon. The results obtained by OLS and GLS reveal that Fiscal decentralization has a significant and positive effect on the number of desks per student. The Global Monitoring Mechanisms (GMM) demonstrate that fiscal decentralization leads to a significant and positive increase in both the number of classrooms per student and the number of desks per student. The investigations revealed that fiscal decentralization has a positive effect on early childhood education in Cameroon.These results suggest implementing financing mechanisms for local authorities to stimulate local development through the provision of sustainable socioeconomic infrastructure that can ensure equal and equitable access to education for children. Keywords: Cameroon, schooling, early childhood, fiscal decentralization