Blockchain Papers

Akin Akinrinde

No abstract is available for this record.

Sabuj Saha, Prodip Chandra Bishwas, Urmi Das, Ayesha Siddika Arshi

FinTech has successfully challenged the established finance landscape and diversified its entry into socio-economic and sustainable platforms. On the contrary, it poses significant security, legislative, and law enforcement issues and may amplify the potential for fierce rivalry in the financial system. This study has identified four broader applications of FinTech that drive widespread FinTech adoption: banking, financial inclusion, regulation, and sustainability. The paperhas discussed the multifaceted impact of FinTech, analyzed current technologies, and trends shaping FinTech and examined the policy implications in each of the keyareas. We explored research articles and employed a narrative perspective. FinTech has broken down barriers for marginalized, unbanked populations through more accessible digital credit and leveraged the technological infrastructure for a smooth transition to a low-carbon economy. Adopting innovative technologies such as crowdfunding, big data analytics, blockchain, and artificial intelligence have established strategic decentralization and sped up ecological transition. However, since unregulated FinTech use can worsen existing financial problems and create more information asymmetry, establishing a regulatory framework with proper supervision that prioritizes client interests, data privacy, and risk management is crucial. As more and more financial institutions embrace the digital revolution, we anticipate a lot of positive outcomes, such as balanced regulation, an improved sustainable financing environment, and greater access to financial services for everyone.

Jinsha Zhao, J Miao

No abstract is available for this record.

Authors unavailable

Sound financial management will affect regional progress.Local governments must explore the potential to increase regional financial resources so that financial performance increases and encourages economic growth, improves the human development index, and reduces poverty.This study examines the effect of financial performance on capital expenditure, economic growth, human development index, and poverty.The study used a quantitative approach with path analysis, using secondary data on city/district government finances in Banten Province in 2018-2022.The study's financial performance results significantly affect economic growth as measured by the independence, effectiveness, fiscal decentralization, and dependency ratios.Financial performance, as measured by the independence ratio, effectiveness ratio, fiscal decentralization ratio, and dependency ratio, has an influence and is not significant on poverty.Financial performance, as measured by the independence ratio, effectiveness ratio, fiscal decentralization ratio, and dependency ratio, has an impact and is not significant on the human development index.Capital expenditure significantly influences financial performance measured by the independence ratio, effectiveness ratio, fiscal decentralization ratio, and dependency ratio on economic growth.It has a significant impact on mediating the human development index.Capital expenditure does not significantly judge financial performance as measured by the independence ratio, effectiveness ratio, fiscal decentralization ratio, and dependency ratio to poverty.Economic growth has no significant effect on mediating finance as measured by the independence, effectiveness, fiscal decentralization, and poverty dependency ratios.The human development index does not significantly mediate finance measured by autonomy, energy, fiscal decentralization, and dependency on poverty ratios.

Andre Guettler, Oliver Padmaperuma

No abstract is available for this record.

Kim‐Kwang Raymond Choo

No abstract is available for this record.

David Krause

No abstract is available for this record.

Solomon Tanimowo Ademosu, Thomas Duro Ayodele

This study emphasizes the implication of dynamic connection between digital currency and Nigerian economic growth rate by focusing attention on Bitcoin, Ethereum and Litecoin with respect to their returns and volatility from 2010Q4 to 2022Q3. As a way to have a robust estimation, we model our analysis using ARDL model and granger causality test. This model is rather useful to have both short and long run estimations. Importantly the study’s outcome conforms with the fundamentals. By findings from the study, the trend analysis suggests that the country’s exchange rate moves in line with digital currency activities while at the same time signifies some implication on the growth rate of the Nigerian economy. While lower returns for Bitcoin and Litecoin increase growth rate, the return for Ethereum rather move in the same direction as the growth rate. This indeed suggest that most Nigerians into digital currency activities often engage in portfolio diversification among available coins. The study further found that low volatility in the market will raise (significantly especially for Ethereum) growth rate of the economy while causal implication run from returns and volatilities of these coins to growth and exchange rates. Indeed, the findings have important policy implication for the Nigerian economy which suggests paying good attention to digital currency activities in the country and formulating necessary policies to improve it.

Yilin Mo, Lilu Zhao

This paper will make an intensive study of the impact of cryptocurrencies on the United States and China’s economies. In terms of popularity, policy, and investor attitudes, the US and China’s current situation is compared. The emergence of cryptocurrency has changed the role of traditional Central Bank monetary policy, making it faces new challenges in controlling economic fluctuations and stabilizing financial markets. In addition, the volatility and uncertainty of cryptocurrencies also affect investors' attitudes and behaviors. In the United States, investment risks in cryptocurrencies are widely discussed, while in China, investors are cautious about cryptocurrencies due to the government’s relatively conservative attitude towards cryptocurrencies. In summary, cryptocurrencies have different impacts on the economies of China and the United States. Due to government restrictions and regulations, China's development of cryptocurrencies in the country has been hindered to some extent, while the United States has become one of the leaders in the global cryptocurrency market. However, the potential impact and risks of cryptocurrencies cannot be ignored, and active guidance and supervision from governments and regulatory agencies are needed to ensure their positive role in the economy. On this basis, investors need to invest rationally based on their own risk tolerance and market trends to achieve long-term economic benefits.

John R. Asiimwe, Daniel Twesigye

The main objective of this study was to evaluate the effect of decentralized tax policies on district development in Rwanda. The research was guided by the following specific objectives: to examine the effect of rental income tax policies on development of Rwamagana district, assess the effect of immovable property tax policies on development of Rwamagana district and identify the effect of trading license tax policies on development of Rwamagana district. This study used descriptive and analytical, whereas descriptive research also called statistical research the main goal of this type of research was to describe data and characteristics of what was being studied. Quantitative and qualitative data used to effect of decentralized tax policies on the development of district. The population of this study was 246 including tax collectors, District administration and Finance officers, Sector administration and Finance officers, Accountants, Ngali holdings staff and staff at cell level. Using Slovin's formula, researcher estimate how big of a sample they needed to get reliable findings. Each stratum has its own simple random sample selected 152 respondents from it, in a size that is proportionate to its result of the increasing number. The researcher gained the information from the primary data obtained through a questionnaire, interview and document review applied as to obtain secondary data. Descriptive statistics were used to obtain the frequencies and percentages, in addition inferential statistics, mainly the correlation model, Analysis of Variance to test the relationship among the variables (independent). The study used SPSS (Version 21) and Microsoft Excel to analyze the data. The model includes predictors such as Trading license tax policies, Immovable property policies, Rental income tax policies. The R value of 0.876 indicates a strong relationship between the predictors and the Development of Rwamagana District. The R Square value of 0.767 indicates that approximately 76.7% of the variability in the outcome variable can be explained by the predictors in the model. Overall, this model summary indicates a significant effect of the decentralized tax policies on the outcome variable Development of Rwamagana District Specifically, Rental income tax policies have a coefficient of (β= 0.473, t=7.499, p value=0.000), Immovable property policies have a coefficient of (β= 0.218, t=3.912, p value=0.000), and Trading license tax policies have a coefficient of (β= 0.354, t=5.959 p value=0.000). All these coefficients are statistically significant on Development of Rwamagana District, as indicated by their associated Sig. Values below 0.05. This highlighted the concrete effect of decentralized tax policies on Development of Rwamagana District. District should maintain transparency in tax collection and allocation of tax revenues. Publish regular reports and updates on how tax revenue is utilized for local development projects, enhancing trust among taxpayers. Key words: decentralized tax policies, district development, immovable property tax policies, rental income tax policies, trading license tax policies

Darren Aiello, Scott Baker, Tetyana Balyuk, Marco Di Maggio · 6 authors

We provide a first look into the drivers of household cryptocurrency investing.Analyzing consumer transaction data for millions of U.S. households, we find that, except for high income early adopters, cryptocurrency investors resemble the general population.These investors span all income levels, with most dollars coming from high-income individuals, similar to equity investors.High past crypto returns and personal income shocks lead to increased cryptocurrency investments.Higher household-level inflation expectations also correlate with greater crypto investments, aligning with hedging motives.For most U.S. households, cryptocurrencies are treated like traditional assets.

Peterson K Ozili

Purpose This paper aims to investigate the determinants of global interest in central bank digital currency (CBDC). It assessed whether global interest in sustainable development and cryptocurrency are determinants of global interest in CBDC. Design/methodology/approach Google Trends data were analyzed using two-stage least square regression estimation. Findings There is a significant positive relationship between global interest in sustainable development and global interest in CBDC. There is a significant positive relationship between global interest in cryptocurrency and global interest in the Nigeria eNaira CBDC. There is a significant negative relationship between global interest in CBDC and global interest in the eNaira CBDC. There is a significant positive relationship between global interest in CBDC and global interest in the China eCNY. There is a significant negative relationship between global interest in cryptocurrency and global interest in the Sand Dollar and DCash. Originality/value The literature has not empirically examined whether global interest in sustainable development and cryptocurrency are factors motivating global interest in CBDC. This study fills a gap in the literature by investigating whether global interest in sustainable development and cryptocurrency are factors motivating global interest in CBDC.

Lu Xiao, Xiaolin Xu, Weili Xue

No abstract is available for this record.

S.A. Owolabi, Tunde. G Osanyinbi

The governments around the globe except Salvadoran government had issued several warnings such as outright ban against the investment in the cryptocurrency. This act was due to the associated risk of loss of investment and lack of accountability framework in the countries. This paper, therefore, appraises the historical evolution and accounting implications of cryptocurrency operations. The desk review methodology anchored on content analysis of relevant literatures and conveniency sampling method was used for the study. The paper identified that the evolution of cryptocurrency was based on the desire to jettison government intervention in financial control vis-a-vis the experience of the global meltdown of year 2007-2008. Also, the study revealed that lack of local and global accounting standard affects accountability in terms of cryptocurrency. The study, therefore, concludes that cryptocurrencies and central bank digital currencies (CBDCs) are new trends in the evolution of monetary economics. It, therefore, recommends that International Federation of Accountants (IFAC) should, in the interest of global citizenry, put in place an emergency machinery and framework for the setting and release of global accounting standard that is specific to cryptocurrency.

Izzatullo Sh. Mukhtarov

Mukhtarov I.Sh. THE IMPACT OF CRYPTOCURRENCY ON TRADITIONAL BANKING SYSTEMS // Universum: экономика и юриспруденция : электрон. научн. журн. 2023. 9-10(108). URL: https://7universum.com/ru/economy/archive/item/16022

Medina Ayta Mohammed, Carmen De‐Pablos‐Heredero, José Luis Montes Botella

Central bank-issued digital currencies have sparked significant interest and are currently the subject of extensive research, owing to their potential for rapid settlement, low fees, accessibility, and automated monetary policies. However, central bank digital currencies are still in their infancy and the levels of adoption vary significantly between nations, with a few countries seeing widespread adoption. We used partial least squares structural equation modeling to investigate the nonlinear relationship between key national development indicators and central bank digital deployment across 67 countries. We explore the technological, environmental, legal, and economic factors that affect central bank digital currency adoption by country. We found a statistically significant and positive correlation between countries’ central bank digital currency adoption status and a country’s level of democracy and public confidence in governance, and a negative association between regulatory quality and income inequality. There was no significant association between countries’ central bank digital currency adoption status and their level of network readiness, foreign exchange reserves, and sustainable development goal rank. Thus, we posit that a country that is highly democratic and has good governance adopts central bank digital currencies more readily than others. Based on our findings, we suggested areas for additional research and highlighted policy considerations related to the wider adoption of central bank digital currency.

Authors unavailable

In an era defined by rapid technological advancement, the realm of finance has undergone a profound transformation.The emergence of digital finance, characterized by the integration of cutting-edge technologies and financial services, has revolutionized how individuals and businesses interact with money.This publication delves into the multifaceted landscape of digital finance, exploring its key components, implications, and the potential it holds for driving economic growth and financial inclusion.The foundation of digital finance lies in block chain technology, a decentralized ledger system that ensures security and transparency in financial transactions.Alongside block chain, crypto currencies have emerged as a dynamic force in the global economy, offering new avenues for financial transactions and investment opportunities beyond traditional fiat currencies.This paper provides an in-depth analysis of crypto currencies, delving into their diverse applications and the impact they have on traditional financial systems.Moreover, digital finance encompasses a spectrum of payment systems, from mobile wallets to contactless transactions, revolutionizing the way individuals conduct daily financial activities.The democratization of lending and investment through peer-to-peer platforms and crowd funding further challenges conventional financial models, providing new avenues for capital formation and investment.Fintech, as a disruptive force within the financial sector, represents a key aspect of this digital revolution.The fintech ecosystem characterized by startups and established players alike, leverages cutting-edge technologies such as artificial intelligence and machine learning to redefine traditional financial services.This paper examines the role of AI and machine learning in enhancing decision-making processes, risk assessment, and customer experiences in financial services.However, this transformation is not without its challenges.Navigating the evolving regulatory landscape and ensuring compliance remains a critical concern for participants in the digital finance ecosystem.Additionally, as digital finance proliferates, addressing security and privacy concerns surrounding financial data becomes paramount.Crucially, digital finance has the potential to bridge the access gap, extending financial services to underserved and unbanked populations worldwide.Through case studies and successful initiatives, this publication highlights the transformative power of digital finance in driving financial inclusion and reducing economic disparities.As we look to the future, emerging technologies such as decentralized finance (DeFi), central bank digital currencies (CBDCs), and quantum computing hold the promise of further reshaping the financial landscape.However, they also bring with them new challenges, particularly in the realms of security and privacy.In conclusion, the journey from bits to bucks signifies a paradigm shift in the world of finance.By embracing digital finance, individuals, businesses, and governments can unlock unprecedented opportunities for efficiency, inclusivity, and economic growth.This publication serves as a roadmap for understanding, navigating, and harnessing the power of digital finance in the 21st century.

Shaen Corbet, Charles Larkin

The development of Central Bank Digital Currencies (CBDC hereafter) has been observed as one of the largest and most progressive movements by central banks in recent times. This paper sets out to specifically investigate how both market perceptions and central bank signalling of CBDC development have influenced cryptocurrency price returns and price volatility. We separate 1,755 cryptocurrencies by types of algorithm, category, industry, and underlying platform, offering a taxonomic review of the influence of social media response and CBDC announcement effects upon cryptocurrency sub-type. The key results of this research indicate that cryptocurrencies and assets that are most exposed to competitive or regulatory changes due to increased central bank oversight or the introduction of CBDC have had the most acute responses in terms of returns and price volatility. Central banks do not appear to not have focused on the granularity of cryptocurrencies, which are a heterogeneous collection that necessitates careful regulation to enhance market stability while protecting market participants.

Eduardo Tomé, Elizaveta A. Gromova

In this paper we try to reflect on how one of the financial phenomena of the last twenty years, namely cryptocurrencies, has been analysed by the scientific community of the Knowledge Management (KM) field. The issue is relevant because the raise of cryptocurrencies as an economic asset has been occurring in a time in which KM gained social prominence. And also because the evolution of cryptocurrencies should be also related to knowledge about their own value. Within this context, we present a literature review on papers that exist in the SCOPUS database about cryptocurrencies and KM. After analysing those papers, the general idea is that KM is very far away from the cryptocurrency phenomenon; the reason may be that it is very difficult to use the more common models available on KM to analyse cryptocurrencies; also the economic and social agents that might be interested in KM are not those who invest in cryptocurrencies; finally, the data available on cryptocurrencies are mostly speculative, and it is very difficult to make any scientific study on them. These conclusions may be of interest for the KM community at large, because they indicate a new subfield of research, and for practitioners, because they mean that there is not much science in the evolution of cryptocurrencies themselves. Finally, for policymakers, the findings mean the expanding the possibility of use of cryptocurrencies in societies may be extremely risky given their volatility and the lack of precise scientific knowledge about them. The paper is original because it relates to concepts that have only very seldom and scarcely put together.

Benu Chatterjee

The research paper investigates the profound impact that cryptocurrencies have exerted on traditional financial systems since the emergence of Bitcoin in 2009. The rapid growth of cryptocurrency market and its increasing integration in global economics have raised significant questions about the future coexistence and potential transformation of traditional financial structures. The study employs a multidisciplinary approach, combining economic analysis, regulatory examination and technological insights to explore the multifaceted implications of cryptocurrencies.

О.И. Русакова, А.Н. ШМАКОВА

В статье осуществляется сравнительный анализ эффективности инвестирования четырех различных финансовых инструментов иностранная валюта, драгоценные металлы, акции и криптовалюта. Авторы исследования представляют современную картину финансового рынка, описывая особенности каждого инструмента, их возможности для инвестиций. В статье производится анализ доходности каждого инструмента, основываясь на исторических данных и статистике. Также авторы рассматривают волатильность, как меру риска каждого инструмента. В итоге проводится сравнительный анализ, позволяющий определить наиболее прибыльные и стабильные финансовые инструменты для инвестирования. Далее были предложены критерии, при помощи которых инвестор может избежать вложения средств в сомнительные проекты и усовершенствовать процесс инвестирования. The article provides a comparative analysis of the effectiveness of investing in four different financial instruments - foreign currency, precious metals, stocks and cryptocurrency. The authors of the study present a modern picture of the financial market, describing the features of each instrument, their investment opportunities. The article analyzes the profitability of each instrument based on historical data and statistics. The authors also consider volatility as a measure of the risk of each instrument. As a result, a comparative analysis is carried out to determine the most profitable and stable financial instruments for investment. Further, criteria were proposed by which an investor can avoid investing in dubious projects and improve the investment process.

Authors unavailable

This study investigates diversification potential in the Malaysian and United States (US) Islamic stock indices, Bitcoin, gold, and crude oil prices, particularly amidst economic crises. It uses wavelet coherence and MGARCH-DCC on a dataset spanning 2014 to 2022. The findings revealed that there are diversification potentials for investors. The dynamic conditional correlation (DCC) analysis indicated that the correlation of gold with both indices is generally low, except for a brief period of heightened correlation during the COVID-19 pandemic in 2020. The correlations between bitcoin and Islamic Stock Index Returns (ISIR) of the US and Malaysia respectively are generally weak across the study period except during the pandemic for the US. Hence, it is prudent for investors with exposure to the countries' stock index to incorporate gold within their portfolio to harness diversification benefits. The results further suggested that Bitcoin is also an appealing option for portfolio diversification. Our findings further revealed that during the Russia-Ukraine conflict, crude oil had demonstrated a minimal correlation with both the US and Malaysia ISIR, providing an opportunity for diversification. The results further suggested that Islamic equities can be a buffer against risk and instability, especially during turmoil, offering crucial implications for Shari'ah-compliant investors in Malaysia and the US. The study points to the need for further investigations incorporating additional economic shocks to understand diversification opportunities across varying investment horizons and holding durations.

Hanna Yarovenko, Agnieszka Łopatka, Tetyana Vasilyeva, Imre Vida

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Andrei O. J. Kwok, Horst Treiblmaier

Blockchain can enable small countries to overcome systemic constraints and strengthen their economies. Based on dynamic capabilities theory, we develop a conceptual framework that explores the applicability of blockchain for fostering economic development. Specifically, we postulate that the agent’s role in dynamic capabilities theory can be extended from the organisation level to the country level. Our proposed framework integrates blockchain as an economic driver and dynamic capabilities on higher-order and lower-order levels (i.e., business and investment development, human capital development, financial system enhancement, regulatory framework improvement, and systems and infrastructure improvement) to show their impacts on different aspects of economic development. International regulatory and political factors serve as moderators that determine whether a national blockchain-based strategy will ultimately be successful. In summary, we illustrate how blockchain as an enabler of dynamic capabilities can contribute to a small country’s economic development.