W społeczeństwie informacyjnym dochodzi do przesuwania znaczeń takich pojęć jak informacja oraz mienie, które sÄ dobrami chronionymi przez prawo. Już sam zapis danych może mieć kluczowe znaczenie z perspektywy naszej sytuacji majÄ tkowej. Elektroniczny system pieniężny, w którym to podmioty dokonujÄ zapłat między sobÄ â€“ bez udziału banków ani żadnego pośrednika, ani nawet bez państwowych pieniędzy […]
Juan Emmanuel Delva Benavides, Alondra Guadalupe Mora Hernández
The inherent changes brought by the implementation of technology in everyday life have repercussions in all areas, one of them, to mention a few among the most significant, is in the financial market, which it is among the most regulated sectors by both national governments and international entities
Cel – Celem opracowania było przedstawienie w aspekcie poznawczym różnych opinii odnośnie do istoty kryptowalut, jako nowego elektronicznego instrumentu płatniczego i jego wpływu na bezpieczeństwo ekonomiczne gospodarki zarówno światowej, jak i lokalnych. Metodologia badania – Analiza opinii finansowych i gospodarczych, analiza źródeł prawa, prezentacja danych statystycznych dotycząca wartości kryptowalut, szacowanie wpływu kryptowalut na poziom gospodarki wybranych państw na podstawie statystycznych danych gospodarczych. Wynik – Opinie na temat istoty kryptowalut i ich oddziaływania są skrajnie zróżnicowane. Kategoria ta, ze względu na jeszcze krótki okres funkcjonowania i odmienność w stosunku do tradycyjnych instrumentów finansowych, nie doczekała się jeszcze pełnej definicji prawnej. W obszarze funkcjonowania banków centralnych zauważa się skrajne stanowiska – od zakazu wprowadzania kryptowalut na rynki finansowe, aż do chęci ich emisji. Także w ocenach ich wpływu na poziom gospodarczy krajów zauważa się odmienne stanowiska: od negacji ich wpływu, a nawet zagrożeń, aż do nadawania kryptowalutom rangi czynnika wzrostu gospodarczego. Oryginalność/wartość – Opracowanie wybiegające poza klasyczne ukazanie mechanizmu funkcjonowania kryptowalut, a w szczególności jako czynnik spekulacyjny przy decyzjach finansowych indywidualnych inwestorów. Wyniki sugerują brak jednolitego stanowiska i opinii zarówno badaczy problemu, jak i państw i instytucji gospodarczych, finansowych i nadzorujących. Brak także wypracowanych mechanizmów ochronnych przed negatywnym wpływem kryptowalut na bezpieczeństwo ekonomiczne gospodarek.
Artykul podejmuje probe oceny charakteru prawnego kryptowalut. Bitcoin i inne waluty wirtualne są przedmiotem powszechnego obrotu. Z uwagi na niemoznośc zakwalifikowania bitcoin jako pieniądza, środka platniczego ani instrumentu finansowego, obrot ten ma charakter nieuregulowany. Tymczasem, choc bitcoin niewątpliwie wykazuje wiele zalet, stwarza dla uzytkownikow sieci zagrozenie związane z niestabilności tej ‘waluty’, anonimowością transakcji, ktora sprzyja niewywiązywaniu sie z kontraktow i zjawisku tzw. prania brudnych pieniedzy oraz moze powodowac ryzyko utraty lokowanych środkow w wyniku bankructwa czy zamkniecia organizatora platformy transakcyjnej.
Since the release of Satoshi Nakamoto’s breakthrough white paper in 2008, which preceded disruptive peer to peer value transmission through the Bitcoin network instead of by traditional means, many applications have been sought in financial services generally and more narrowly within capital markets for the Blockchain technology that underpins the Bitcoin network. To date, no capital markets infrastructure globally has implemented a commercially viable Blockchain or distributed ledger technology (DLT) solution. Blockchain technology is also experiencing a period of inflated expectations on a global scale from being a solution to curbing online piracy to replacing rational databases. Within the ambit of capital markets, the most ‘obvious’ of all the use cases, is in post-trade securities settlement. There are various use-case specific prototypes at custodians, investment banks, stock exchanges and central securities depositories (CSDs) alike. The utopic use-case being the ability for a buyer (investor) to transact directly with a seller on a ‘peer to peer’ basis and to have settlement occur in near-immediate time with a low transaction cost and records of the transaction immediately available to the issuer of the stock, even on a crossborder basis. Although public blockchains such as the Bitcoin Blockchain and Ethereum provide the closest match to this elementary example, both have limitations and have experienced cyber security attacks, which have cast doubt over their ability to house or operate notoriously risk-averse capital markets infrastructures. Most of these infrastructures, although largely aligned to international best practices, are designed specifically to suit country or regional specific operations and regulations. This paper will review the approaches, solutions and cryptographic techniques taken to settle securities on a DLT platform to date and why none of these approaches have as yet resulted in commercial use either by an unknown business outside of the capital markets in a disruptive manner or by the incumbents. The approaches and the technology aspects will be combined to develop a conceptual DLT ecosystem for securities settlement. This will be based on available literature that could realistically be applied to a capital markets infrastructure and deliver some of the promises of DLT, which will potentially enhance securities settlement for the purposes of commercial use.
The payment services market in Poland is particularly open to new payment solutions. The most important financial innovations of the recent years include cryptocurrencies. Bitcoin is the most well-known of them and its applications cover payments and investments. The article aims to determine the potential for using cryptocurrencies in individual segments of the payment services market in Poland. The paper considers the following research hypothesis: Representatives of the financial sector see a potential for a widespread use of cryptocurrencies in the payment services sector in Poland. The aim of the paper was achieved and the hypothesis verified on the basis of selected results of a survey among representatives of institutions operating in the financial market in Poland. The study, primarily carried out by the author, presents the opinions of experts representing the broadly understood community of professionals from the payment services market in Poland. Their views concern the directions in which innovations in the payment services sector may develop and the prospects for the use of cryptocurrencies in that area.
We are calling for comparisons of banking and banking systems from a spatial perspective. Therefore, this paper develops a classification identifying decentralized and centralized banking according to two characteristics: geographical market orientation (regional vs. supraregional) – to determine whether banks facilitate regional savings-investment cycles – and place of decision-making (proximity vs. distance) – to identify whether the flow of soft information is supported in SME lending. The degree of banks’ centralization is also approximated by the spatial concentration of bank employees and shows remarkable explanatory power in Germany, as de-centralized banks increase lending at the expense of centralized banks.
Purpose: The main aim of this paper is to show the Polish health care system’s transformation process in recent years and to answer the question whether is there a simple path from centralization to decentralization or another form of centralization. The transformation process has changed the health care system’s financing from budget planning to compulsory health insurance deducted from workers’ and employers’ premiums. In addition, the transformation has strengthened the autonomy of the health care at a local level and made it less dependent from the public sector. Different health care system corresponds to each period respectively. It is believed that the main change in Polish health care took place in 1999 when the function of the payer which formerly belonged to the government administration was overtaken by an independent institution (Health Care Fund). The article not only describes and explains functioning of each health care model existing in Poland in the past but also puts them in the international context. In addition, the article shows difficulties each model had to face and cope with and indicates the underlying reasons for changes in the Polish health care and theirs consequences. Design/methodology/approach: A range of recently published (1990-2012) works, which aim to provide both theoretical and practical view on the health care system in Poland, has been analyzed. Findings: The final thesis stated in this article presents a way of interpretation changes that the Polish health care system has been undergoing in recent years. This paper challenges a thesis according to which the polish health care system is decentralized. Research limitations/implications: The scope of this article is limited and does not allow to perform further research. Additionally, the research was based on the very scare literature on the issue of health care system in transition. Practical implications: This paper reveals several practical applications worthy of future