Blockchain Papers

Artur F. Tomeczek, Marta Tomeczek

The impact of inequality and poverty on cryptocurrency use - 1

Maria Koutsari

Better financing, financial management, and information intermediary services are the main objectives of Internet finance. Several aspects of the internet, including payments, cloud computing, social networking, and search engines, are the foundation of this new financial paradigm. It is a newly created financial service with qualities taken from conventional financial services, such as more operational convenience, greater involvement, better collaboration, and increased transparency. Internet finance links the financial industry to the fundamental principles of the Internet, such as decentralization, openness, equality, competitiveness, and competition. The primary distinction between Internet finance and traditional finance lies not only in the many channels each financial organization has employed in its development, but also in the participants' thorough knowledge of the underlying principles of internet cooperation and expansion.

ELLEKE, OLORUNTOBI CRYSTAL

The global financial system is no doubt embracing the current transition from physical currency to almost virtual currencies through the medium of technology. This tidal wave given rise to virtual currency. Cryptocurrency has been defined as an electronic career high device that uses funds to make note of buying and selling duties and is open to all brokers. The major aim of the study is to examine the integration between the cryptocurrency market and other markets in Africa specifically Nigeria. Secondary source of data was used in this research work. On the one hand, the time series evaluated in this paper consists of the standardized residuals of eleven digital coins by market valuation. The selected cryptocurrencies are Bitcoin, Ethereum, Tether, Bitcoin Cash, Bitcoin SV, XRP, Binance, EOS, Tezos, Cardano, Litecoin, Stellar. On the other hand, data on commodity market of income generation components extends from November 20, 2019 to June 30, 2021. As a result, the nonlinear ARDL cointegration approach (NARDL) was used in this study to predict asymmetries in the short and long run. This methodology is used to test whether the time series are discontinuously associated. It also looks for both short- and long-term inhomogeneity by decomposing the positive and undesirable provisional amounts of the explanatory variables. The results of the analysis confirm that Oil price show the greatest connection with the returns of the cryptocurrencies analyzed. In addition, both short-term and long- term results show a greater interdependence between income generation components and cryptocurrencies. It is therefore noted that eliminating the currency would be seen as unreasonable and unworthy of a country that seeks to promote domestic innovation. Hence, Central Bank of Nigeria should state a proper regulatory action Keywords: Cryptocurrency, Bitcoin, Virtual Currency, Stock Market, Oil Price

Manisha Shankarrao Ashtekar

<strong>Abstract</strong> The purpose of this article is to provide an outline of cryptocurrency's function in the global financial system. Another important goal of this essay is to understand the basic notion of digital money and to assess the potential of cryptocurrencies in the global financial system. This will be a descriptive study in which an attempt will be made to investigate the many benefits and applications of cryptocurrencies. Digital financial assets are cryptocurrencies for which ownership and transfers of ownership are guaranteed by a cryptographically decentralised system. The rise in the market value of cryptocurrencies, as well as their growing popularity around the world, has created a slew of commercial and industrial economic issues and worries. Acceptance as a kind of alternative currency, as well as the prohibition of any fraudulent use, should be vigorously encouraged.

Vlăduț Faraonel, Alexandra Raluca Jelea, Mara Mațcu-Zaharia

This paper aims to find out about the perception Romanian students have concerning cryptocurrencies. Our main focus was on students from faculties of economics, but we have also gathered responses from students enrolled in other faculties, given the fact that this research is an empirical one. The method used in this research is qualitative. We have conducted semi-structured interviews which included the top of mind and Chinese Portrait method techniques. Thus, we have collected information about how students perceive cryptocurrencies (and with what they associate them), the most well-known cryptocurrencies among students, how much students are willing to invest in cryptocurrencies and from where they get their information on this topic. Our results align with results from past research, showing that attitudes concerning cryptocurrencies are in extremes, with some people being optimistic due to the facilities blockchain brings, but with others still being suspicious because of this new phenomenon.

Andrew Aondohemba Chengе, Abel Ehizojie Oigbochie, Emem Udoh

Fiscal decentralization has become fashionable regardless of the levels of development and civilization of societies. Nations are turning to devolution to improve the performance of their public sectors. Fiscal federalism is concerned with the allocation of government resources, tax-raising powers, and spending powers to the various tiers of government. Despite the existing fiscal arrangement in the country, backed by the constitution, revenue deficits continue to impede government performance at all levels. The study aims to assess the impact of fiscal federalism on the structure of public spending in Nigeria. Friedman's theory of public expenditure was used as the theoretical underpinning of the study. The study adopted a mixed methodological approach to carry out the investigation. Documentary sources were used for data collection, while data analysis was done using descriptive statistics and content analysis. Findings of the study revealed that revenue yields had continued to dwindle in Nigeria at both national and sub-national levels between 2011 and 2021. The decline in government revenue yields was factored in by the fall in global oil prices and the lethargic nature of the non-oil sector. The study also established that the consequence of the feeble revenue base was that resultant government spending was directed more towards financing recurrent expenditure at the detriment of capital expenditure, thus crippling the drive to spur economic development. The study recommends that it is critical for the government to: Obliterate the present monolithic oil economy by emphasizing economic diversification to boost the financial base of the country and Prioritize public spending in favor of capital expenditure to propel economic growth and development.

Olubunmi Adewole Ogunode, A. T. Iwala, O. A. Awoniyi, B. O. Amusa · 7 authors

This paper examined cryptocurrency and its global practices with particular reference to salient lessons for the Nigerian economy. The desk review methodology anchored on content analysis was used for the study. The paper identified distrust in political systems, weak domestic currency and high inflation rates as key factors fueling the growth of cryptocurrency usage in Nigeria thus motivating individuals to resort to cryptocurrencies as a tool for wealth preservation and inflation hedge. The study also found that the existence of trust deficit and challenges associated with privacy concerns, system uptime and stringent onboarding requirements were capable of derailing the success of the newly launched digital currency(‘e-naira’) issued by government to curtail cryptocurrency usage in Nigeria. The study concluded that cryptocurrencies and central bank issued digital currencies (CBDCs) are now part and parcel of the new economic order and represents the future of finance. It therefore recommended that nation states should work assiduously to develop uniformly agreed regulatory framework and global standards for the usage of cryptocurrencies.

Ruifeng Xu, Eric Chua Chun Guan

Although the importance of digital economy development has gradually been attached, blockchain technology has been widely questioned in China because it originated from bitcoin, which has been abandoned in China. Can blockchain innovation promote total factor productivity? Based on the blockchain patent data of Chinese-listed firms from 2012 to 2020, we show that blockchain innovation activities can improve the total factor productivity (TFP) of enterprises and verify its robustness using instrumental variable approach, system GMM and Heckman’s two-step selection method. Results of mediation effect model show that enterprises’ blockchain innovation activities mainly improve TFP through three channels: alleviating financing constraints, reducing supply chain concentration and inefficient investment. Heterogeneity analysis shows that electronic digital data processing blockchain patents have the highest practical value, while financial blockchain innovation inhibits the improvement of TFP in China. Blockchain innovation can bring positive effects on the TFP of manufacturing enterprises and leasing and business service enterprises. The increase in TFP of leasing and business service enterprises brought by blockchain innovation is nearly 70 times that of the baseline regression. We further provide blockchain innovation development suggestions for Chinese government based on these conclusions.

United Nations Conference on Trade and Development

Financing for development requires that countries simultaneously mobilize resources from various sources while tackling financial leakages. This policy brief discusses how cryptocurrencies have become a new channel undermining domestic resource mobilization in developing countries. While cryptocurrencies can facilitate remittances, these same digital technologies may also enable tax evasion or avoidance through offshore flows whose ownership is not easily identifiable. In this way, they may curb the effectiveness of capital controls, a key instrument for developing countries to preserve their policy and fiscal space and macroeconomic stability. This policy brief recommends policies to reduce the financial leakages from cryptocurrencies. Given the global nature of cryptocurrencies, it highlights the importance and urgency of international cooperation regarding cryptocurrency tax treatments, regulation and information sharing as well as of redesigning capital controls to take account of the decentralized, borderless and pseudonymous features of cryptocurrencies.

Alnoor Bhimani, Kjell Hausken, Sameen Arif

The adoption of cryptocurrencies is uneven across businesses, industries, and countries. Different forces drive cryptocurrency adoption (CA) dependent on the national level of development. We empirically assess the relationship between certain macro-national developmental indicators and cryptocurrency deployment across 137 countries. Linear regressions determine specific associations with cryptocurrency adoption. We report that CA correlates positively and in decreasing order with Education, the Human Development Index, the Network Readiness Index, the Gini index, Democracy, Regulatory Quality, and Gross Domestic Product, and negatively and in decreasing order with Control of Corruption, the Corruption Perception Index, and the Economic Freedom Index. We draw on our findings to point to policy implications tied to the usage of cryptocurrencies and blockchain technologies more widely and identify further research possibilities.

Authors unavailable

Composed of an assortment of countries with vast differences in economic and political development, the Middle East and North Africa (MENA) region has historically been slow to embrace integration. The region consists of a diverse mix of countries with complex colonial legacies, ongoing warfare, tribal and religious enmity, and extreme wealth disparity. Recent advances in technology have the potential to enable greater cohesion and development. One such innovation is blockchain, an immutable distributed ledger technology that eliminates intermediaries and revolutionizes how transactions take place over the Internet. While originating as the technology underlying Bitcoin and other cryptocurrencies, blockchain has been applied in many other areas in which data integrity and transparency is vital and has been adopted around the world. This paper explores blockchain adoption in the MENA region, focusing on the financial systems, government policies, and innovation ecosystems within the member countries. Huge discrepancies in the levels of development and adoption of the technology in the MENA countries are revealed, with Israel and several of the oil-rich Gulf states being the most advanced. Examples of blockchain-related collaborations among MENA nations are presented and the future trajectory of blockchain adoption is explored. Keywords: MENA, Blockchain, Cryptocurrency, Middle East, North Africa, Regional integration

Birton Cowden, Jintong Tang

No abstract is available for this record.

Xiaohui Chen, Lei Teng, Wen Chen

No abstract is available for this record.

Oghenetega Adedipe

Cryptocurrencies, albeit non-physical currency, are now globally accepted mediums of exchange, with Nigeria inclusive. However, in Nigeria for a long period, this means of exchange assumed a legal status. This is because of the absence of a regulatory framework governing its usage and exchange; hence, a cloud of uncertainty and ambiguity hovering over its legality in Nigeria. Regulatory bodies in Nigeria even issued warning against its use and exchange. A glimmer of hope came when the Securities and Exchange Commission (SEC) of Nigeria, classified cryptocurrencies as securities, hence, suggestive of the end of a somewhat long-awaited likely regulatory system. Then the wind was seemingly knocked out of the sail of the exchange of cryptocurrency when the Central Bank of Nigeria(CBN), addressed a letter recently to banks and other financial institutions, stating that dealing in cryptocurrencies and facilitating payment for exchanges are prohibited.

Michel Guirguis, Michael Papasavvas

No abstract is available for this record.

Ahmad Mousa Altamimi, Mahmood Ghaleb Al-Bashayreh, Mohammad Aloudat, Dmaithan Almajali

Sustainable Learning and Education (SLE) is a recent emerging philosophy founded on sustainability principles and in response to the UN announced Sustainable Development Goals (SDGs). Therefore, technologies should be implemented to empower educational institutions to achieve SLE. This study aims to investigate the factors impacting the intentions of using blockchain technology for SLE in Jordanian universities. Accordingly, an extended Technology Acceptance Model (TAM) is proposed where five more factors are integrated. To this end, an extended model was proposed and validated using structural equation modeling based on 407 responses collected using an online survey. The results showed that adopted factors significantly impact blockchain use in SLE. We believe that the study finding would assist decision-makers in building systems for sustainable learning and education for the Jordanian higher educational institutes.

Maria Evgenievna Konovalova

No abstract is available for this record.

Xue Tan, Yong Tan

No abstract is available for this record.

Lloyd Waller, Stephen Johnson

Digitalisation has engendered interesting discussions about social and economic life for the future. Since the start of the COVID-19, there has been an increasing trend towards digitisation and digitised services which have created a need for safe and secure digital identities. One of these manifestations is the cryptocurrency phenomenon. Cryptocurrencies have become even more important as a solution to the financial and economic challenges faced by many developing countries during the current COVID-19 pandemic. However, where cryptocurrencies are concerned, most of the research done has been preoccupied with the current and future role of the industrialised and developing countries. Not surprisingly, virtually little research has been undertaken to examine the contributive value of cryptocurrencies for Small Island Developing States (SIDS). Using exploratory case study methodology and document analysis, this study attempts to fill the gap in the literature by exploring the possible contributive value of this technology for SIDS.

Anh H. Le

In this paper, I introduce a New Keynesian - Dynamic Stochastic General Equilibrium (NK-DSGE) model to examine the implications of CBDCs and cryptocurrency in an open economy for emerging markets. In our model, cryptocurrency is implemented as a form of deposit in banks where bankers can also receive deposits from abroad. Lastly, CBDCs are introduced as a payment and saving instrument. I find that cryptocurrency has a crucial role in banking sectors and a significant effect on the dynamic of foreign debt which is highly important for emerging markets. Moreover, I uncover that CBDCs can generate welfare gains but the gain varies with their designs.

Brad Chandler, P.G. Stiles, Jared Blinken

No abstract is available for this record.

Lennart Ante, Florian Fiedler, Fred Steinmetz, Ingo Fiedler

No abstract is available for this record.

Evangelos Vasileiou

We examine the turn of the month effect (TOM) in cryptocurrency markets. In contrast to most calendar effect studies, we do not take for granted that the TOM period is the last trading day of the month up to the first three trading days (-1, 3), as Lakonishok and Smidt (1988) proposed in their seminal paper, but we employ an optimisation algorithm which tests several four-day intramonth periods. Our findings confirm the existence of the TOM effect because the most profitable four-day periods are those between the last days of one month and the first trading days of the next one [the (-1, 3) definition is included in these combinations]. We reach the conclusion that the existence of a TOM effect may not always lead to higher profits in comparison with a buy-and-hold (BnH) strategy, but it presents better returns to risk reward and it could be beneficial for investment strategies.

Gideon Ndubuisi, Christian Urom

No abstract is available for this record.