Abstract Central banks are increasingly experimenting with frontier technologies, such as Central Bank Digital Currencies (CBDC) and Distributed Ledger Technology (DLT) platforms, alongside advancements in traditional systems like the SWIFT network. While prior research has largely examined technology readiness and regulatory frameworks in isolation, their interactive effects on remittance costs remain underexplored. This study investigates how the Frontier Technology Readiness Index (FTRI) moderates the relationship between remittance costs and the Anti-Money Laundering (AML) Index. The lack of integration of these dimensions is a critical research gap that is addressed to help achieve Sustainable Development Goal 10c (SDG-10c) and G20 targets. Panel data regression, followed by fixed and random effects to test robustness, was employed using datasets for remittance-sending and remittance-receiving countries derived from Worldwide Remittance Price data. In remittance-sending countries, enhanced technological readiness combined with a less stringent AML framework is associated with lower remittance costs. On the contrary, despite high technological readiness, in remittance-receiving countries, higher AML stringency tends to increase costs. Technology and AML measures in receiving countries and the amount of remittance paid in sending countries, in isolation, donât have a significant influence on the cost of remittances. The analysis focuses solely on remittance cost efficiency and proposes incorporating transfer speed and transparency in future studies. Findings imply that the prevalence of informal channels like hawala and current pricing models does not encourage and reward higher remittance volume. Remittance cost reduction policies should focus on anti-money laundering measures and technology readiness in conjunction rather than in isolation. Incorporating national indexes provides a clear direction for improving the defined set of variables that are measurable and thus actionable to policymakers.
This study empirically examined the relationship between digital banking and business financing in Nigeria. The objective was to examine the relationship between various digital banking policies and the effect on business financing. Time series data were sourced from Central Bank of Nigeria statistical bulletin from 1992-2024. Multiple regression models were specifically estimated with the aid of econometrics view. The study modeled business financing as the function of Automated teller machine, Point of Sales and Electronic fund transfer. Ordinary least square methods of cointegration, unit root test and Vector error correction model was used. The study found that 40.1 percent movement in small business financing can be traced to variation in digital banking policy. The study found that point of sales have negative effect while electronic fund transfer and automated teller machine have positive effect on business financing in Nigeria. From the findings, the study concludes that digital banking does not significantly explained variation in small business financing in Nigeria. The study recommends that Central Bank of Nigeria should induce the variations of the bank liquidity policy. That the monetary authorities should ensure adequate quantity of money supply that positively affect private sector funding in Nigeria and the need to decentralize the operation of the banks in the urban cities. Policies should be formulated to extend the operation of the banks to the rural communities, this will enable the institutions to mobilize much deposit and increase credit to business organizations
Cryptocurrencies and blockchain technology are increasingly being integrated into traditional finance, providing innovative solutions for financing environmental projects and sustainable development. Their application enables transparency, decentralization, and efficiency in financial flows, facilitating investments in green initiatives and promoting sustainable business models. Asset tokenization and smart contracts enable direct financing of renewable energy and environmental protection projects, while decentralized finance provides easier access to capital for green projects. Additionally, the shift from energy-intensive "proof-of-work" systems to more sustainable "proof-of-stake" models significantly reduces the ecological footprint of blockchain networks. Blockchain allows transparent tracking of carbon dioxide emissions and facilitates carbon credit trading, encouraging companies to adopt more responsible business practices. By using cryptocurrencies in ESG investments and green bonds, traditional finance can more effectively support sustainable projects and reduce global ecological risks. Although challenges such as regulatory barriers, market volatility, and the need for greater energy efficiency exist, the synergy between cryptocurrencies and traditional finance can accelerate the green transition, making the global economy more sustainable, resilient, and environmentally responsible.
This study explores the evolving role of fintech regulation as a strategic tool of geopolitical influence, highlighting how states leverage digital finance, data governance and artificial intelligence to reshape global power structures. It contrasts the regulatory models of the United States, China, and the European Union, each guided by distinct imperatives of innovation, state control, and digital sovereignty. The analysis underscores the growing politicization of fintech and the intensifying race for digital supremacy among major powers. Within this context, the article engages with issues of data decentralization, cross-sectoral data-sharing, and open bankingâdevelopments that promote financial inclusion and innovation but also generate complex governance challenges. The study concludes that coordinated transnational regulatory frameworks are essential to safeguarding financial stability and mitigating systemic risks in an increasingly contested and fragmented digital financial ecosystem.
Web3 grant programs are evolving mechanisms aimed at supporting innovation within the blockchain ecosystem, yet little is known on about their effectiveness. This paper proposes the concept of maturity to fill this gap and introduces the Grant Maturity Framework (GMF), a mixed-methods model for evaluating the maturity of Web3 grant programs. The GMF provides a systematic approach to assessing the structure, governance, and impact of Web3 grants, applied here to four prominent Ethereum layer-two (L2) grant programs: Arbitrum, Optimism, Mantle, and Taiko. By evaluating these programs using the GMF, the study categorizes them into four maturity stages, ranging from experimental to advanced. The findings reveal that Arbitrum's Long-Term Incentive Pilot Program (LTIPP) and Optimism's Mission Rounds show higher maturity, while Mantle and Taiko are still in their early stages. The research concludes by discussing the user-centric development of a Web3 grant management platform aimed at improving the maturity and effectiveness of Web3 grant management processes based on the findings from the GMF. This work contributes to both practical and theoretical knowledge on Web3 grant program evaluation and tooling, providing a valuable resource for Web3 grant operators and stakeholders.
Purpose Developing countries are recording high cryptocurrency adoption rates surpassing more advanced economies. Considering that this is the opposite of the realities of most other technologies in these areas, this high uptake is puzzling. With a case study of crypto use for cross-border payments in the Nigerian context, this paper aims to address the paucity of empirical research on the phenomena of cryptocurrency adoption and diffusion in developing countries. We put forward a sociotechnical and empirically grounded innovation translation account of the high rates of crypto transactions in developing countries that overcome criticisms against extant arguments in the literature. Design/methodology/approach We take a case study approach and analyse the use of cryptocurrency for cross-border payments. Data collection involved two rounds of interviews with retailers from Nigeria, suppliers from China, informal exchangers, crypto brokers and mediators. We analysed themes using an approach sensitised by actorânetwork theory (ANT) constructs. Our methodological approach focuses on ANTâs relational dynamics to examine how human and non-human actors enable cryptocurrency adoption in a developing-country context. Findings We show evidence to suggest that crypto adoption and diffusion in developing countries occurs through an iterative process of technology transformation and appropriation, a strong coalition of the interests of diverse actors and a dynamic relationship between the technical elements of crypto and contextual political, economic, social, technological, legal, environmental influences. Findings have implications for crypto-focused companies, development institutions and policymakers who increasingly show interest in the popularity of cryptocurrencies in developing countries. Originality/value This research breaks ground as a sociotechnical and empirically grounded description of the widespread use of cryptocurrencies in developing countries. The study provides an insightful approach to understanding technology adoption as a relational and context-sensitive process. Insights from the framework might be useful for addressing adoption challenges and designing inclusive financial systems in similar contexts.
ABSTRACT The introduction of digital money such as Bitcoin, and the underlying blockchain and distributed ledger technology, created huge interest. The developments have posed the possibility of major implications for the financial system and potentially the whole economy. This article tackles the topic of a central bank ought to issue digital money for widespread use. Defines a benchmark central bank digital currency with characteristics like cash.The implications of such a digital currency are analyzed, with particular attention to central bank title, monetary policy, the banking system, financial stability, and payment. This Study delivers a CBDC that is considerably different from the accepted digital currency is assessed. However, their successful incorporation requires careful consideration of a multitude of issues, not to mention rewarding and balancing risks, to establish firm foundations that minimize these risks and take advantage of CBDCsâ potential to drive a more equal and efficient financial system.
The development of the world economy, especially in Indonesia, cannot be separated from the element of information technology. The development of information technology will be related to all fields including the financial sector. Cryptocurrency or often referred to as virtual/digital currency is the result of the development of financial technology. Digital currency is starting to be widely used as a means of payment on the internet. The purpose of this currency is to provide convenience and security in payments. With the Blockchain technology in it, it makes transaction costs cheaper. However, the Government in this case Bank Indonesia prohibits transactions using digital/virtual money because it has a dangerous impact on the Financial System, Monetary Stability and Payment System in Indonesia. This study explains the impact of Cryptocurrency on the Indonesian Economy and the government's attitude towards the technology in it. In terms of the technology offered, cryptocurrency is a development of financial technology that allows paper money to be replaced with digital money in financial transactions in the future. It is hoped that the government can study the technology contained in cryptocurrency in more depth so that the policies made later do not prohibit the technology contained in cryptocurrency and provide knowledge to the public to better understand cryptocurrency.
This study investigates the impact of financial, trade, and economic openness on energy consumption, focusing on renewable, nonrenewable, and fossil energy sources in Belt and Road Initiative (BRI) nations. The BRI framework, introduced by China in 2013, emphasizes economic collaboration and infrastructure development, including renewable energy projects. As participating nations navigate energy transitions to address climate change and achieve sustainable development, understanding the role of openness is crucial. Motivated by the dual challenges of energy security and environmental sustainability, this study explores how openness influences energy consumption patterns and identifies pathways for policy intervention. Using data from 2004 to 2020, the study employs advanced econometric techniques, including Cross-Sectionally Augmented Autoregressive Distributed Lag (CS-ARDL) and Nonlinear ARDL models, to examine short- and long-term relationships. Control variables such as urbanization, financial development, and education are integrated to provide a comprehensive understanding of the dynamics. The analysis reveals that financial openness positively impacts energy consumption across all types, with a significant contribution to renewable energy in the long term. Trade openness facilitates technology transfer and renewable energy adoption, while economic openness through foreign direct investment (FDI) supports clean energy projects but also sustains fossil fuel reliance in some contexts. Urbanization drives nonrenewable energy demand but offers opportunities for renewable integration contingent on governance quality. Education enhances renewable energy consumption by fostering a skilled workforce and knowledge development. The findings suggest key policy implications. First, financial openness should be directed toward green finance and renewable energy investments. Second, trade policies must focus on reducing barriers to renewable technology imports and fostering global collaborations. Third, economic openness should prioritize sustainable FDI in clean energy sectors. Fourth, urban planning must incorporate decentralized energy systems and green technologies. Finally, investing in education and institutional reforms is essential to drive innovation and ensure effective governance. This study contributes to the discourse on energy transitions in BRI nations, emphasizing the critical role of openness and offering actionable policies to balance economic growth with sustainability.
Financial inclusion is crucial for economic growth and poverty alleviation. Fintech, combining technologies like blockchain, mobile banking, AI, machine learning, and decentralized finance, offers accessible, affordable, and customized financial solutions. These services enable quick, affordable transactions, peer-to-peer lending, and microfinance platforms. A cooperative strategy involving governments, fintech businesses, public-private partnerships, and conventional banks is needed to scale fintech services while maintaining regulatory compliance and transparency. Fintech solutions utilize advanced technologies like blockchain, mobile banking, AI, machine learning, and decentralized finance to offer scalable, affordable services. These include quick transactions, peer-to-peer lending, and microfinance platforms. A cooperative strategy involving governments, fintech businesses, and banks is needed to scale fintech services while maintaining regulatory compliance.
Introduction. The modern world is undergoing a transformation that encompasses all aspects of the economy, technology, and social life, and the financial sector is no exception. Financial technologies are becoming the driving force of this evolution, changing approaches to money management, investments, lending, and financial services in general. Thanks to the integration of artificial intelligence, blockchain, big data, and other innovations, financial services are becoming more accessible, personalized, and efficient, opening up new horizons for business and society. At the same time, this industry faces a number of challenges, such as the need to adapt to the regulatory environment, the growth of cyber threats, and ensuring financial inclusion for broad segments of the population. The development of financial technologies is taking on unique features in different regions of the world, from innovative platforms in the United States and Europe to revolutionary changes in financial services in Asia, Africa, and Ukraine. This multifaceted nature emphasizes the importance of global cooperation, technological progress, and a strategic approach to shaping the financial ecosystem of the future, which will be not only stable but also adapted to the needs of modern society. The purpose of the research is to deepen theoretical and methodological approaches to the management of financial services and innovative technologies aimed at optimizing, simplifying and reducing the cost of financial processes. Research methods. In the process of implementing the established goal of the scientific research, both general scientific and specific research methods were used, namely: generalization, induction and deduction, financial analysis and synthesis when establishing the influence of technological and innovative factors. The results. It was found that the future of financial technologies is promising. The main areas of development will be artificial intelligence, blockchain, open banking and decentralized finance (DeFi). It is expected that financial services will become even more personalized thanks to data analytics and customer behavior prediction. It was established that the development of supervisory (SupTech) and regulatory (RegTech) technologies will allow for more effective market monitoring, risk identification and transparency in the financial sector. Innovations in the field of cybersecurity will also become a priority, as users increasingly trust digital platforms with their financial data. The role of financial inclusion is identified, which will develop through the creation of accessible mobile platforms that provide services to people even in the most remote regions. Special emphasis will be placed on the development of financial literacy so that users can effectively use new tools. It is predicted that financial technologies will create new business models and stimulate their economic growth through innovation, which will have a significant impact not only in the financial sector, but also in peopleâs daily lives, changing the way they interact with their finances. The future of financial technologies is a digital transformation that will make financial services more accessible, efficient and secure for everyone. Prospects. Further research should be aimed at: creating and implementing a regulatory âsandboxâ for rapid testing of innovations in the financial sector; increasing the level of financial literacy and involvement among the population and business; forming an educational base focused on implementing the concept of open banking; developing innovations in supervision and regulation technologies that ensure financial market stability, increase process efficiency, contribute to expanding the client base, as well as identifying and minimizing risks.
Blockchain technology revolutionizes the financial sector and brings unprecedented transparency, efficiency, and security.Its decentralized and immutable nature holds fantastic potential in light of the green finance domain to provide full transparency and accountability.The purpose of this paper is to explore the multidimensional impact blockchain solutions have on transparent and sustainable financing practices.This would make easy all the funds going into a project green because it cuts across the risks of fraud and mismanagement.Blockchain technology can also make easier the smart contracts that deal with the loan approvals and disbursement of funds so that funding would be based on predefined ESG criteria.Moreover, blockchain will also allow real-time monitoring and reporting of project outcomes that may enable stakeholders to get an accurate measurement of the environmental impact of the project.Blockchain innovates carbon credit trading in that its basic mechanism to cut down on emissions allows for the secure and transparent tracking of transactions.It excludes risks about double counting, thereby enhancing market trust and participation.The decentralized finance, DeFi, built on blockchain unlocks further accessibility to green investments that were hitherto restricted to small-scale investors vis--vis large-scale sustainable projects.Despite tremendous headwinds in terms of energy consumption and regulatory barriers, the tide of progress on advances of green blockchain protocols and positive policy reinforcement is helping overcome those challenges.It concludes that blockchain is an enabling factor which helps make financing greener and more transparent, not only for a more sustainable but also accountable financial ecosystem.Therefore, it is from these all-rounded interests of governments, businesses, and technology providers that collaboration work would be realized in driving the full potential toward a greener future.
Purpose Several terms are interchangeably employed by researchers and practitioners to refer to central bank digital currency (CBDC), resulting in potential mistakes in the CBDC description. This study aims to survey the conceptualization of the CBDC and its utilization context to propose a list of CBDC terminologies. Design/methodology/approach The research method used is the multivocal literature review, which covers the state-of-the-art with scientific papers and state-of-the-practice with practitioners' reports of the CBDC terminology. Findings The finding reveals that the terminologies used to mention a digital currency (DC) issued by a central bank are digital money, official DC, DC, centrally banked cryptocurrencies, digital cash, digital central bank money, CBDCs, central bank-issued cryptocurrency, central bank cryptocurrency, digital fiat currency, central bank-issued digital cash and sovereign digital currencies. The authors who proposed CBDC with distributed ledger technology-based infrastructure named it central bank cryptocurrency, and the others who didnât specify clearly the infrastructure called it CBDC or another synonym of the DC. Originality/value We propose a CBDC concept map to clarify the CBDC understanding, which lists all terminologies found in the literature in a logical structure. The proposed CBDC concept map elucidates the linguistic landscape and clarifies the interpretation nuances across different CBDC terminologies, provides a comprehensive blueprint of the multi-conceptualization nature of CBDCs and contributes with an accessible tool for economists, technologists and lawyer researchers.
Purpose This study aims to investigate the intentions of Muslim cryptocurrency (CC) holders to fulfil their zakat obligations on digital assets, exploring the unique motivations and barriers within this emerging financial landscape. Design/methodology/approach The research uses a quantitative approach and a cross-sectional research design through online surveys, using purposive sampling to gather data from Muslim CC holders. The integrated model, known as the theory of planned behaviour and social cognitive theory (TPB-SCT) model, is used to comprehensively analyse the key factors influencing intentions to pay zakat on cryptocurrencies (CCs). Findings The study reveals that attitude towards zakat on CCs and perceived behavioural control regarding zakat on CCs have a significant and positive effect on the intention to pay. In contrast, subjective norms show no significant influence. CCs-related financial risk exerts a negative impact on intention. Moreover, CCs-related zakat knowledge and adherence to Shariah compliance are strongly associated with intention. These findings provide insights into the intricate dynamics of religious compliance within the evolving realm of digital assets. Practical implications Outcomes offer profound indications to stakeholders, including financial institutions, zakat agencies, policymakers and the community, on how to integrate zakat into this new and rapidly evolving financial paradigm like CC. Originality/value A pioneering effort was made in this study by exploring the intentions of Muslim CC holders to fulfil zakat obligations, bridging a significant gap in the existing literature. Developing and validating an integrated model of TPB-SCT in the realm of zakat on CC enriches the literature with a novel theoretical framework.
This article conducts a comprehensive bibliometric analysis of 182 papers to trace the progression of research on cryptocurrency taxation. The study highlights prevailing patterns, influential contributors, and collaborative networks by utilising data from Scopus and the Web of Science Core Collection from 2002 to 2023. The findings underscore an interdisciplinary character, encompassing studies in legal frameworks, fiscal policy, economics, and technology. By employing analytical tools such as VOSviewer 1.6.20, Bibliometrix 4.0 and Microsoft Excel, the study identifies key themes and concepts focused on four main themes: international tax frameworks and regulatory variations, classification and reporting of crypto-related income, tax implications for emerging crypto segments, and issues surrounding compliance and enforcement. Tax treatment differs based on jurisdiction. Direct taxation may be levied as capital gains, income, or profit tax. Although cryptocurrency exchanges are not subject to value-added tax, intermediary services offered by platforms might incur this indirect tax. The insights generated are valuable for policymakers, scholars, and professionals aiming to comprehend the relationship between cryptocurrency and tax regulation. A limitation of the study is its exclusion of sources beyond the established timeframe. Given the fast-paced changes in cryptocurrency tax regulation, ongoing updates are crucial to capturing the full scope of this evolving field.
The chapter examines how financial technology and decentralized finance (DeFi) are transforming access to financial services, particularly for underserved populations. This chapter explores the potential of blockchain technology to enhance traditional financial services and create a foundation for decentralized business models. By leveraging a trustless and distributed infrastructure, blockchain optimizes transactional costs and enables the development of decentralized, innovative, interoperable, borderless, and transparent applications. The chapter delves into how FinTech and DeFi are lowering barriers to entry, reducing costs, and empowering users with greater financial autonomy. It highlights the role of these technologies in fostering financial inclusion by providing open access to financial services such as savings, loans, trading, and insurance. The chapter also addresses the challenges and opportunities presented by these innovations, including regulatory considerations and the need for robust security measures.
The fintech industry is experiencing rapid transformation driven by technological advancements, regulatory changes, and evolving consumer preferences. Emerging trends such as blockchain, artificial intelligence (AI), decentralized finance (DeFi), and embedded finance are reshaping financial services. These innovations are enhancing efficiency, improving financial inclusion, and disrupting traditional banking models. In India, fintech has gained significant traction due to increasing smartphone penetration and digital payment adoption. However, challenges such as cybersecurity threats, regulatory compliance, and financial literacy persist. This study examines emerging fintech trends, their impact on the Indian and global economy, and the sustainability and social implications of these advancements. Secondary data from industry reports, scholarly articles, and regulatory bodies are analyzed to understand fintech's evolving landscape. The study provides insights into both the positive and negative aspects of fintech adoption and suggests strategies for sustainable growth.
This paper explores the transformative impact of digital currencies on the future of money, emphasizing their potential to revolutionize financial systems worldwide. It examines the evolution of digital currencies, including Central Bank Digital Currencies (CBDCs) and digital wallets, and their underpinning technologies such as blockchain and distributed ledger technologies. The study analyzes their implications for financial inclusion and efficiency, showing how they democratize access to financial services. It presents case studies illustrating practical applications in simplifying cross-border payments and everyday transactions, focusing on examples from China, Sweden, and the Bahamas. The research employs a mixed-methods approach, combining historical analysis, and case studies to derive its findings. The conclusion reiterates the pivotal role of digital currencies in shaping the future of money and suggests further research into their implications for global financial stability, including specific areas like regulatory frameworks, international trade impact, and long-term economic implications.
The rapid development of financial technology, or Fintech, has changed the delivery modes of financial services and ensured greater access to finance for the underserved and unserved. In this context, financial inclusion is a transformative agenda in bridging the gap between income disparities through accessible and affordable financial solutions. This chapter develops the critical juncture of digital competence with Fintech by providing analysis to how contactless payment technology, digital identification technology, and distributed ledger technology promotes greater public service. Discourses on new products, innovation, and services involving finance and financial services inclusion together with an overview on key skills and competencies from public officials that go through the effective implementation process using these technologies are put to discussion. It creates actionable knowledge about integrating Fintech into public service frameworks toward an inclusive vision of how everyone will benefit from finance in the future.
The work reveals the key areas of development of CBDC as a tool for modernizing financial infrastructure in the context of an accelerating digital revolution. In the context of the rapid evolution of the cryptocurrency market and the growing popularity of decentralized finance (DeFi), central banks are faced with the need to rethink their role in ensuring monetary sovereignty and financial stability. The methodological basis of the study includes a comparative analysis of six key CBDC pilot projects representing different regions and levels of economic development: the Chinese digital yuan (e-CNY), the Swedish e-krona, the digital euro project, the Nigerian eNaira, the Bahamian Sand Dollar, and the Russian digital ruble. Particular attention is paid to the institutional and technological aspects of their implementation, as well as to the analysis of the impact on monetary policy and the financial system as a whole. The study identifies two fundamentally different models for the implementation of CBDCs. The retail model, chosen by most countries (China, Sweden, the EU, Nigeria), is focused on end users and is designed to address the issues of financial inclusion, increasing the efficiency of payments and competition with private cryptocurrencies. The wholesale model, implemented in the Singaporean project Ubin and the Canadian Jasper, is designed to optimize interbank settlements and financial infrastructure. The Russian approach to the digital ruble is a unique hybrid model that combines the advantages of both types. The analysis of the impact of CBDC on monetary policy revealed a number of transformational effects: the emergence of new monetary regulation instruments, including the possibility of establishing differentiated interest rates and implementing the concept of ÂŤprogrammable moneyÂť; increased transparency of money circulation and new opportunities to combat the shadow economy; a change in the traditional two-tier banking system by establishing direct relations between the central bank and end users. Of particular practical importance are the findings on the potential risks of CBDC implementation, including: a threat to the stability of commercial banks due to a possible outflow of deposits; problems of ensuring the confidentiality of transactions; technological challenges associated with scaling systems and ensuring cybersecurity.
The thesis âThe multiple invoicing system as a mechanism for financing the National budget, in reference to the case study as Rwanda Revenue Authorityâ is traced back on its uniqueness based on checking the level of invoicing system as the aid of tax collection in the fiscal years 2015/2022 while considering the implemented measures set to spearhead the use of this invoicing systems vis a vis tax revenue collection in Rwanda. The load used a fair road map method, of integrating a demographic populace equivalent 893 staff of RRA from whom a sample size of 276 employees of RRA were chosen by the use of stratified sampling techniques. A complete set of questions were utilized for soliciting data. The package of solid statistics, correlation analysis and Ordinary Least Squares to analyze data. The review came into force that RRA stewardship has invoicing systems which is strong. The research identified That multiple invoicing system as a mechanism for financing the Government has made a tremendous gross in terms of raising tax revenue collections; improving tax remittance among tax payers, minimization of tax collection costs in Rwanda and decreased tax fraud among stakeholders. This conveys that thereâs a positive and much critical link abiding multiple invoicing system and tax revenue collections. The gathered views recommended the stewardship of RRA to ensure radio calling Programs as a merit of benchmarking the achievement of the set force objectives. The Stewardship of Rwanda revenue authority have to be alerted about smooth functioning of the devices, by establishing policies and approaches for authorizations at the correct point level, the stewardship of Rwanda revenue authority has to draft certain concrete control of authority and decentralize responsibility. However, the much concern on future, should emphasize on other factors like bridging bilateral states, reducing double taxation agreement so as to facilitate foreign investments, doing business in Rwanda as world bank recommends, job creation on wide gap aimed for reducing unemployment, irrespective of sparing all the efforts only on multiple invoicing system which is contribute a prominent tax revenue collection with in the country. In summary, the invoicing system provides a clear road map of all the mechanism set by the Government in its policies of tax collection by use of different tools so as to comply with the set international standards
Economic, Social, and Public Health Issues in Russia and Globally