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This research aims to examine the effect of a direct relationship between the use of e-money and the circulation of money on interest rates, as well as an indirect effect, namely through the intervening variable gross domestic product. This research method uses a statistical model of path analysis. The sample used was secondary data fetched from the Website of Bank Indonesia (BI) and the Central Bureau of Statistics (BPS), since regulation on electronic payment method was officially issued by Bank Indonesia in May 2009-March 2023. The test results shows that e-money and money supply each, have a significant positive effect on gross domestic product variables. Gross domestic product variables had a negative effect on interest rates. E-money and money supply variables has a negative effect on interest rates, both directly or indirectly through the intervening variable of gross domestic product. Increasing e-money user and money supply, preponderant to gross domestic product, can decrease the interest rate. The results of this research are expected to provide benefits as a prediction of the Indonesian economy in the future, as a result of the issuance of electronic payment instruments. So for the regulators, they can set the right interest rate policy to be able to maintain stable economic conditions. [ABSTRACT FROM AUTHOR]

In this paper we analyze the impact of less conventional monetary policy tools on the personal and functional distribution of income. We focus on the issuance of central bank digital currency (CBDC) in a comparative perspective, using a stock-flow consistent model of the eurozone economy. We consider two kinds of policies: helicopter money policies such as Quantitative Easing and the issuance of a CBDC; and scenarios not based on balance sheet expansions, such as an interest rate policy following the Pasinetti Rule, or a sterilized issuance of CBDC. Monetary policies using CBDCs tend to increase the wage share at the expense of financial rents. The targeted issuance of CBDCs to firms might produce an increase in GDP, corporate profits, and the wage share. The Pasinetti Rule reduces personal income inequality the most, but if applied mechanically, its impact on growth is also the least desirable. [ABSTRACT FROM AUTHOR]

Digital transformations are impacting inter-state currency politics in strategically important ways. This article contributes to growing debates over the nature of US-China competition as the Chinese RMB rapidly digitizes in ways said to challenge the hegemony of a slower digitizing greenback. We categorize existing views of currency competition in the digital age into two categories: 'conventional transformation' and 'transformative continuity'. Both these presently dominant perspectives, we argue, are overly techno-deterministic and stand in contrast to a third perspective we propose called 'probabilistic flux'. Emphasizing the unanticipated and error-prone nature of technological change through Social Construction of Technology theory and informed by the IPE of monetary relations, we provide a more nuanced assessment of digital RMB's challenges to dollar dominance stressing the functions, benefits and powers of international currency hegemony. Our conclusions are three-fold. First, wider digital currency alternatives to both the dollar and RMB have enriched the international currency functions of the former over the latter. Second, this broader array of digital currency alternatives combines with Chinese RMB digitization to gradually erode the functional base and benefits of dollar dominance position, as well as diminish the US's international monetary power in both Asia and beyond. Third, what we see as largely friendly digital currency competition focused on domestic imperatives currently remains unpredictable. These findings pose present possibilities for greater international cooperation but equally for less friendly competition and flux particularly as US dollar digitization also unfolds in ways that are difficult to anticipate. [ABSTRACT FROM AUTHOR]

This study attempts to explore the macroeconomic development factors that determine countries' decisions to implement CBDCs. The study uses data regarding CBDC adoption and macroeconomic variables from 85 countries spanning the 2013–2021 period. The results of the probit regression analysis show that higher levels of financial inclusion, net foreign assets, remittances, and income are associated with a higher probability of CBDC adoption. In contrast, higher values for the Human Development Index, manufacturing value added, and population growth rate are inversely correlated with the probability of CBDC adoption. The findings of the study have implications for both investors and policymakers. [ABSTRACT FROM AUTHOR]

This study investigates whether institutional quality influences the adoption of Central Bank Digital Currencies (CBDC). To address this question, data from 85 countries spanning from 2013 to 2021 was analysed. This study employs logistic, probit, and ordinary least squares regressions to assess the impact of the independent variables. The results indicate that institutional quality significantly affects CBDC adoption, with higher institutional quality associated with a greater likelihood of adoption. An in-depth analysis reveals that 'voice and accountability' is the most critical factor within the institutional indices that significantly explains CBDC adoption. A higher value for 'voice and accountability' correlates positively with a higher probability of CBDC adoption. The findings of this study hold important implications for researchers, analysts, and policymakers. [ABSTRACT FROM AUTHOR]

This study aims to analyze the effect of per capita income, Bank Indonesia (BI) interest rates, and the consumer price index on the demand for electronic money in Indonesia during the period 2009-2022. In an increasingly developing digital economy era, financial technology (FinTech) innovations play a crucial role in facilitating financial transactions and fostering a cashless society. This study highlights macroeconomic variables that are considered to have a significant impact on the adoption of electronic money in Indonesia. The data used in this study consists of annual data obtained from official sources such as Bank Indonesia and the Central Bureau of Statistics. The analysis method used is multiple linear regression to measure the effect of each independent variable on the dependent variable. Before performing the regression analysis, classical assumption tests were conducted to ensure that the data met the classical linear regression requirements, including tests for normality, multicollinearity, autocorrelation, and heteroscedasticity. The results of the study indicate that per capita income has a positive and significant effect on the demand for electronic money. This finding suggests that an increase in per capita income encourages greater use of electronic money as a means of payment. BI interest rates were also found to have a significant but negative effect on the demand for electronic money, indicating that higher interest rates tend to reduce the use of electronic money. Conversely, the consumer price index was found to have a positive but not significant effect on the demand for electronic money, meaning that fluctuations in consumer prices do not have a substantial impact on the use of electronic money. [ABSTRACT FROM AUTHOR]

This research aims to examine the effect of inflation on economic growth in Indonesia from 2012 to 2021. Besides, this research also analyses the electronic money transaction role in the relationship between inflation and economic growth, especially after the Covid-19 phenomenon. The result of analysis shows that all variables are stationary at the first difference, while the Johansen cointegration test indicates long-run cointegration. On the other hand, inflation has a negative and significant effect on economic growth in the long run. In addition, electronic money transaction is successful in moderating the relationship between inflation and economic growth in the long run. [ABSTRACT FROM AUTHOR]

This study evaluates the performance of digital banks in Indonesia during 2020-2023 as a real form of digitalization, focusing on the effect of Cash Ratio, Debt to Equity Ratio, and Return on Equity on Economic Value Added (EVA) in digital banks. The research method used is quantitative method with descriptive and verification approaches. The data source used is secondary data with purposive sampling and the companies selected from the criteria are 7 digital bank companies for 4 periods, so that the sample used in this study is 28 samples. The data used in this study are secondary data in the form of annual reports going public on the bank company website. The analysis technique used in this research is regression with panel data using the Eviews program. The results of this study indicate that the significance value of the cash ratio t test T count -0.910149 < T table 2.05553, and a sig value of 0.3718> 0.05 means that the Cash Ratio has no effect on Economic Value Added in 7 digital bank companies. The significance value of the Debt to Equity Ratio T test shows the value of T count -2.272184> T table 2.05553, and the sig value of 0.0323 <0.05. The significance value of the Return on Equity T test shows the value of T count -0.608342 < T table 2.05553, and the sig value of 0.35487> from 0.05 means that Return on Equity has no effect on Economic Value Added in 7 digital bank companies in Indonesia. [ABSTRACT FROM AUTHOR]

The article focuses on the implications of stablecoins and their potential coexistence with sovereign money, advocating against such coexistence to maintain financial stability and monetary sovereignty. Topics include the historical context of sovereign money monopolies, the economic arguments against stablecoin coexistence, and legislative proposals aimed at regulating stablecoins versus creating sovereign digital currencies.

Several policymakers and academic works have been discussing the nature of Central Bank Digital Currency (CBDC) as well as its debated relationship with crypto-assets. CBDC would allow the private (non-financial) sector to access the central bank’s reserves. Given its superior hierarchy in the money spectrum, CBDC adoption could trigger a strong or mild conversion from deposits, depending on its design, with strong impacts on the assets and liabilities composition and magnitude of different actors. The aim of this paper is to study the dynamics related to the transmigration process from deposits to CBDC as well as the process of money creation through a detailed step-by-step analysis, tracking the transactions between the institutions involved in its adoption. It underlines the validity of the endogenous money theory (EMT) in describing those transactions while clarifying the maintenance of the commercial banks’ vital role in the process of money creation, in a world with the emergence of CBDC. [ABSTRACT FROM AUTHOR]

This article investigates the impacts of the digital revolution on the international monetary and financial system (IMFS), emphasizing the effects generated by the new China's digital currency, e-CNY. It is argued that from the point of view of emerging and developing countries (EDCs) the transformations of the digital age imply considering costs and benefits of implementing central bank digital currencies (CBDCs), in a context where this "new form" does not substantially change the hierarchical and asymmetric character of the SMFI. The e-CNY implies the establishment of new disjunctures, such as, for example, developing systems that are interoperable with the Chinese system, or not. This aspect carries a strong political component in the current context of questioning the status quo in various dimensions of the international system. To illustrate this aspect, the article brings empirical evidence on the evolution of the interconnections between the Chinese economy and the main EDCs in dimensions such as convergence in business cycles and financial cycles. Greater integration with China could work as a potential attraction factor for many EDCs, which could gravitate more towards e-CNY in a scenario of greater opposition to the US dollar dominance. [ABSTRACT FROM AUTHOR]

FinTech and RegTech integration is essential for developing regulated digital currency (RDC) systems that are scalable and compliant. This paper proposes an unspent transaction output (UTXO)-based sharding method to address scalability challenges in RDCs. Results show UTXO-based sharding delivers linear throughput increase and consistently low latency by minimizing cross-shard transactions as the shard count grows. However, frequent user onboarding across shards under UTXO-based sharding models complicates know-your-customer (KYC) processes, highlighting regulatory inefficiencies. We demonstrate that zero-knowledge proofs seamlessly integrate with UTXO-based sharding to streamline customer onboarding and overcome regulatory burdens. Overall, this research pioneers FinTech-RegTech integration with practical implications for deploying high-performance, compliant RDC systems by synergistically combining UTXO-based sharding for scalability and zero-knowledge proofs for efficient regulation. [ABSTRACT FROM AUTHOR]

The Fintech revolution and ground-breaking developments in new technologies, such as blockchain, have led to the emergence of private digital currencies, namely cryptocurrencies and stablecoins. The rapid adoption of private digital currencies prompted central banks to examine the potential for issuing their own digital currencies. An overwhelming majority of central banks in both developed and developing markets are currently analysing the benefits and drawbacks ofcentral bank digital currencies and their design features. The benefts ofcentral bank digital currencies inchidefaster and cheaper payments, most notably cross-border payments, the promotion ojfinancial inclusion and the enhanced monetary policy pass-through. Nevertheless, central bank digital currencies can have adverse repercussions on the financial system and in particular the risks ofdisintermediation of banks. The present article seeks to provide an introduction to central bank digital currencies and their possible designfeatures and examine their promise and perils. [ABSTRACT FROM AUTHOR]

Copyright of Gharee for Economics & Administration Sciences is the property of Republic of Iraq Ministry of Higher Education & Scientific Research (MOHESR) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Journal of College of Sharia & Islamic Studies is the property of Qatar University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Building on prior concepts of electronic money (eCash), we introduce a digital currency where a physical unclonable function (PUF) engenders devices with the twin properties of being verifiably enrolled as a member of a legitimate set of eCash devices and of possessing a hardware-based root-of-trust. A hardware-obfuscated secure enclave (HOSE) is proposed as a means of enabling a PUF-based propagation-of-provenance (POP) mechanism, which allows eCash tokens (eCt) to be securely signed and validated by recipients without incurring any third-party dependencies at transfer time. The POP scheme establishes a chain of custody starting with token creation, extending through multiple bilateral in-field transactions, and culminating in redemption at the token-issuing authority. A lightweight mutual-zero-trust (MZT) authentication protocol establishes a secure channel between any two fielded devices. The POP and MZT protocols, in combination with the HOSE, enable transitivity and anonymity of eCt transfers between online and offline devices. [ABSTRACT FROM AUTHOR]

Can technology protect investors from extreme losses? This paper investigates the short- and long-run hedging and safe haven properties of Bitcoin for the US dollar over the period 2010–2023, incorporating the COVID-19-related market turmoil. Our findings reveal that (i) Bitcoin acts as a strong hedge for all US dollar currency pairs examined, (ii) Bitcoin functions as a weak safe haven for the US dollar at short investment horizons, as indicated by a limited relationship during acute negative price movements, (iii) Bitcoin, instead of acting as a safe haven may, instead, increase aggregate risk at long horizons during periods of extreme losses. The analysis, performed using a series of horizon-dependent econometric tests, provides evidence of some US dollar risk-reduction benefits from Bitcoin but limited potential for enduring relief from long-run extreme negative US dollar rate movements. [ABSTRACT FROM AUTHOR]

• We study the effectiveness of helicopter money in the form of a central bank digital currency (CBDC) • We compare traditional fiscal and monetary stimulus, quantitative easing, and the issuance of a CBDC credited to households or firms, by means of a stock-flow consistent model of a growing open economy. • Issuing a CBDC by expanding the central bank's balance sheet can have a durable impact on GDP and it allows for the activation of a new transmission channel. • A CBDC might reduce the demand for bank deposits and, even more crucially, for bank loans, thus creating challenges for financial stability. We study the effectiveness of helicopter money, once a thought experiment that is now a feasible option given new digital technologies. We consider the effects of central bank digital currencies (CBDC) from a theoretical point of view, by means of a stock-flow consistent model of a growing open economy. We compare the effectiveness of this tool with that of traditional fiscal and monetary policies. We find that issuing a CBDC by expanding the central bank's balance sheet can have a durable impact on GDP and crucially, it allows for the activation of a new transmission channel, which depends on the sensitivity of investment and of the interest rate to firms' leverage. But it might reduce the demand for bank deposits, and even more crucially for bank loans, thus creating challenges for financial stability. [ABSTRACT FROM AUTHOR]

In today's competitive information environment, clicks are the currency of the digital media landscape. Clickbait journalism attempts to entice attention with provocative and sensational headlines, but what are the implications when public opinion polls are the hook? Does the use of survey clickbait—news stories that make misleading claims about public opinion—have implications for perceptions of the public, journalists, or the polling industry? In two survey experiments conducted in the United States, we find that exposure to apolitical survey clickbait that makes exaggerated claims about the incompetence of the American public undermines perceptions of their capacity for democratic citizenship. At the same time, we find no evidence that this type of survey clickbait damages the reputations of the media or polling industry, suggesting that the media may have perverse incentives to use low-quality polls or to misrepresent polling results to drive traffic. [ABSTRACT FROM AUTHOR]

On 25 October 2021, Nigeria became the second country in the world, and the first in Africa, to launch a central bank digital currency. Launched with the tag line "Same Naira. More possibilities", the Central Bank of Nigeria publicized the eNaira as having the capability to deepen financial inclusion, reduce the cost of financial transactions and support a more efficient payment system. However, more than one year after its launch, its usage is yet to gain a critical mass. This article identifies the significant challenges that make the eNaira unacceptable and potentially ineffective. First, its status as legal tender is questionable; secondly, it undermines privacy, a critical component of physical cash. Thirdly, it is incapable of wide acceptance by individuals and entities across Nigeria. The article explains each of these challenges and proposes a roadmap to the eNaira's acceptance and effectiveness. [ABSTRACT FROM AUTHOR]

This paper constructs the money demand function including the variable of electronic payments while adopting the Autoregressive Distributed Lag (ARDL) bounds testing approach to investigate the relationship between electronic payments and money demand in China. The empirical results show that there is the cointegration among the variables in the constructed function with stability, and the e-payment variable is negatively correlated with the demand for money. According to the findings of this paper, in the long run, for every 1 percent increase in the e-payment variable, the demand for M1 will decrease by approximately 0.01 percent. In addition, the money demand function that contains the e-payment variable performs better than the one that does not in the forecast evaluation. [ABSTRACT FROM AUTHOR]

The increase of electronic payment methods, or payments that don't include the use of currency has transformed financial transactions. Non-cash transactions are convenient, simple, and fast, among other benefits. Furthermore, payments without cash have an effect on Bangladesh's currency management. The practicality that comes with using transactions without cash causes the velocity of money to increase. The society has seen a decline in payments in cash, yet the velocity of currency causes an intense pace when transactions without cash are used. It is thought that increased money transmission capacity will have hyperinflation implications. The purpose of this study is to ascertain how the cashless payment method affects hyperinflation. This research utilized an analytical approach and additional information from the beginning of 2021 to the end of 2023 that had been collected through Bangladesh Bank using verification methodologies. Multiple linear regression analysis is the process of research. The findings indicated that the factors related to digital currency experienced significant adverse effects, the factors related to debit cards, credit cards, online banking, or mobile banking had a major beneficial effect, the parameters related to credit cards had a meaningless unfavourable impact, and the variables related to rates of interest had an important beneficial effect.

[Purpose] The purpose of this research is to examine the legislative approaches to regulating cryptocurrencies in different states and regions. The aim is to analyze the legal framework of cryptocurrencies in the Kazakh and international economy and determine the modern scientific approaches used in their functioning. [Methodology/Approach/Design] The study employs a combination of theoretical and empirical methods, including analysis, synthesis, historical analysis, comparative analysis, formal-logical methods, and hermeneutics. A comparative analysis is conducted to assess the different regulatory approaches of states towards cryptocurrencies and evaluate the justification for terms such as "digital currency" and "digital asset." [Findings] The findings of this study underscore the necessity for further amendments to the legislation in Kazakhstan, specifically addressing overlooked details and features concerning the financial and legal aspects of cryptocurrencies. Key decisions need to be made regarding their acceptance for public payments, tax considerations, declaration requirements, and recognition as private money. The study emphasizes the significance of adopting a comprehensive and forward-thinking legal approach that supports the full legalization of cryptocurrencies while establishing a robust regulatory framework. This approach would effectively safeguard the interests of individuals and entities, address concerns, and promote a balanced and secure environment.

The paper considers the question that has gained relevance in the last decade: whether the cryptocurrency bitcoin is money. The economic literature provides different opinions on this issue. The analysis shows that disagreements arise because of the different understanding of the category of ‘money’ rather than because of the nature of bitcoin. The author analyzes popular interpretations of money in terms of their applicability to the definition of the role and place of cryptocurrencies in the financial system. The purpose of this study is to define money as a financial instrument that linksthe creation of gross social product with its distribution. The author believes that money emerged and exists as a tool that ensures a connection between the contribution of each economic entity to the total product of society and the right to receive an equivalent amount of goods from this gross product. At the same time, the author defines money as an ‘ideal right’ to receive a share of the gross social product. In this regard, the analysis of bitcoin shows that this cryptocurrency allows obtaining goods from the gross social product in many countries, while bitcoin owners do not contribute to the gross social product. Based on this, bitcoin cannot be considered money; it is a money substitute, or surrogate money. At the same time, bitcoin was created as money and performs the functions of money, but to a limited extent. Bitcoin can only perform the functions of money as a supplement to an existing official currency. It is not capable of functioning as the only currency in a society. The interpretation proposed in this paper can be used for the purposes of developing the Russian law on cryptocurrencies is currently being worked on by the Government and the Central Bank of Russia.

This article highlights the determinants of financial inclusion within the West African Economic and Monetary Union (WAEMU), focusing on the moderating role of the male/female entrepreneurial rate. To this end, we collected quantitative data for the eight member countries from 2010 to 2020 and used a panel model to determine if total financial inclusion service points was influenced by the supply of service points of banks, MFIs, or e-money, after controlling for public governance and investment rate and whether the rate of female or male entrepreneurship moderates this relationship between the supply of banking, microfinance or e-money providers and total financial inclusion service points. We also check if the growth of the different service providers is impacted by competition from each other. Finally, we check whether there is reverse causality: whether female or male entrepreneurship is impacted by the provision or any specific financial service. Our analysis finds that e-money service providers have grown exponentially, banking service points modestly, while microfinance service points have reduced in the region. Our regression results confirm that e-money services positively impact total financial inclusion, unlike banks and MFIs, which have no significant impact. Using interactive variables, we find that male entrepreneurs tend to enhance the relationship of banking and e-money services to total financial inclusion. On the other hand, women's entrepreneurship reduces the relationship between microfinance and e-money services providers to total financial inclusion. Our check for reverse causality shows that the male and female entrepreneurship rates are affected negatively by microfinance service provision.

Blockchain, an emerging technology benefits the new technological world from its features such as immutability, transparency, and decentralization. The diversity of its domain is from e-commerce, health care, real estate, and enterprise to NFT markets, voting and digital currency trading. The underlying blockchain features make auditing blockchain applications a challenging task. In this paper, we thoroughly analyze the general challenges faced in blockchain forensics, application-specific challenges, and challenges with respect to public and private blockchains. The aim of this paper is to highlight the challenges faced during the forensics of blockchain-based applications. For this, we took a healthcare system, introduced a contract vulnerability in it, and defined two scenarios for attack depending on that vulnerability. One that allows an attacker to make a malicious transaction directly and the other in which the attacker first gives itself access and then adds malicious transactions. The attacks are generated just to analyze the difficulty level of forensics in blockchain applications. To achieve our goal, we performed log analysis for both scenarios and specified the challenges faced during the analysis. Our experiment shows that due to some blockchain-specific features such as anonymity, identification of malicious entities in the system sometimes becomes a hectic challenge. This research benefits the auditors by highlighting the forensics challenges and auditing issues so they can work on these areas to identify the attackers and illegal data modifications accurately in blockchain applications. Experimental results confirmed that our proposed technique enabled efficient forensics investigation of events inside blockchain-based healthcare applications. [ABSTRACT FROM AUTHOR]

Recent advancements in technology-based payment methods have prompted central banks all over the world to consider the possible advantages and hazards of issuing Central Bank Digital Currencies (CBDC) in order to keep up with the current innovation trend. The Indian payment system is no exception to this fintech innovation trend. As a result, the Reserve Bank of India (RBI) must begin considering related patterns and develop a phased implementation plan that progresses gradually through the pilot project. The present research is proposing a Pilot project on the issuance of retail e-rupee first. The research is primarily based on the normative method presenting a qualitative analysis of the creation of a digital rupee possibly like paper money and its smooth implementation. The study examines the potential effects of retail e-rupee implementation on the banking industry, monetary policy, technology architecture options, potential retail e-rupee applications, issuance methods, etc., as well as privacy issues. Thus, it will assist RBI in making policy decisions. [ABSTRACT FROM AUTHOR]

In several companies throughout the world, blockchain technology is gaining greater attention and implementation. In this article, first of all, we conduct an in-depth survey of blockchain technology, focusing on its history, phases, types, technologies, consensus algorithms, frameworks, and layers. Further, it describes its extensive list of applications for blockchain in several industries, including asset management, stock exchange, healthcare, insurance, digital identity, data storage and management, IoT, supply chain, voting, DNS services, etc. Blockchain has various advantages, including decentralisation, anonymity, immutability, integrity, auditability, and transparency. These features encourage the adoption of blockchain in every sector. In spite of these advantages, it has some challenges which as not letting it to accepted by common people. In this paper, we describe those challenges into two categories: security and attacks on blockchain and explain them thoroughly. Unlike other blockchain documents that focus on topics like cryptocurrencies, IoT, and security, this paper highlights the cutting-edge advancements and widespread implementation of blockchain technology, particularly in areas beyond digital currencies. Finally, it discusses the potential future research areas and objectives for blockchain technology. [ABSTRACT FROM AUTHOR]

Along with the times that have an impact on technological developments where the world today is familiar with the so-called internet, payment systems have found new directions. Some want to digitize the payment system but still use conventional instruments, so electronic money emerges. But there are also those who want to digitize the payment system using digital instruments as well, so digital money or known as cryptocurrency emerged. Digital Money (cryptocurrency) still reaps pros and cons among scholars. This research uses descriptive qualitative methods with literature study techniques. The results of this research according to Abu Ubaid in Kitab Al-Amwal digital money (cryptocurrency) does not have the appropriate function of money in Islam so it cannot be recognized as a legal means of payment transactions [ABSTRACT FROM AUTHOR]

Copyright of Review of International Affairs (04866096) is the property of Institute of International Politics & Economics and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

[Purpose] The purpose of this research is to examine the legislative approaches to regulating cryptocurrencies in different states and regions. The aim is to analyze the legal framework of cryptocurrencies in the Kazakh and international economy and determine the modern scientific approaches used in their functioning. [Methodology/Approach/Design] The study employs a combination of theoretical and empirical methods, including analysis, synthesis, historical analysis, comparative analysis, formal-logical methods, and hermeneutics. A comparative analysis is conducted to assess the different regulatory approaches of states towards cryptocurrencies and evaluate the justification for terms such as "digital currency" and "digital asset." [Findings] The findings of this study underscore the necessity for further amendments to the legislation in Kazakhstan, specifically addressing overlooked details and features concerning the financial and legal aspects of cryptocurrencies. Key decisions need to be made regarding their acceptance for public payments, tax considerations, declaration requirements, and recognition as private money. The study emphasizes the significance of adopting a comprehensive and forward-thinking legal approach that supports the full legalization of cryptocurrencies while establishing a robust regulatory framework. This approach would effectively safeguard the interests of individuals and entities, address concerns, and promote a balanced and secure environment. [ABSTRACT FROM AUTHOR]

Digital platforms have revolutionized the way illegal drug trafficking is taking place. Modern drug dealers use social network platforms, such as Instagram and TikTok, as direct-to-consumer marketing tools. But apart from the marketing side, drug dealers also use fintech payment apps to engage in financial transactions with their clients. In this work, we leverage a large dataset from Venmo to investigate the digital money trail of drug dealers and the social networks they create. Using text and social network analytics, we identify two types of illicit users: mixed-activity participants and heavy drug traffickers and build a random forest classifier that accurately predicts both types of illicit nodes. We then investigate the social network structure of drug dealers on Venmo and find that heavy drug traffickers share similar network characteristics with previous literature findings on drug trafficking networks. However, mixed-activity participants exhibit different patterns of network structure characteristics, including a higher clustering coefficient, suggesting that they may be accessing multiple networks and bridging those networks through their illicit activities. Our findings highlight the importance of distinguishing between these two types of illicit users and provide law enforcement agencies with valuable insights that can aid in combating illegal drug transactions in digital payment apps. [ABSTRACT FROM AUTHOR]

The article discusses amendments to the Uniform Commercial Code (UCC) of several U.S. states to accommodate emerging technologies such as artificial intelligence (AI), virtual currency, and distributed ledger technology. It explored the appointment of a Joint Committee by the Uniform Law Commission (ULC) and the American Law Institute (ALI) to review the proposed amendments, the acknowledgment of electronic commerce developments, and the revision of several terms outlined in the UCC.

Loot boxes are random virtual items in video games that gamers can purchase using real or virtual in-game money. Brooks and Clark (2019) developed a five-item measure of risky behaviors surrounding the use of loot boxes called the Risky Loot Box Index (RLI). So far, it is one of the few validated instruments to evaluate difficulties in controlling the use of these specific microtransactions in video games. The current study aimed to provide data on the Polish version of the RLI. A sample of 1358 gamers (59.1% females) who opened loot boxes in the past 12 months completed an online survey conducted via an internet panel containing the RLI along with the Internet Gaming Disorder Scale--Short-Form, the Problem Gambling Severity Index, and questions about loot box use and sociodemographics. As a result, the original RLI's one-factor structure was successfully confirmed in the Polish version. The scale also displayed satisfactory internal consistency. Furthermore, convergent validity indices were similar to those reported for the original version, and scale scores reached full invariance across gender and age. Finally, the study examined the item functioning of RLI according to item response theory. The Polish version of the RLI is well aligned with the original English version. Therefore, it offers a valuable measure to Polish researchers and clinicians interested in measuring the problematic aspects of loot box use. [ABSTRACT FROM AUTHOR]

Reward-based crowdfunding has enabled an unprecedented number of consumers to provision capital for commercial and artistic ventures. Each year, consumers use digital platforms to transfer billions of dollars to entrepreneurs and artists to help them develop a wide range of market innovations. Notably, these consumers obtain no financial benefits, no formal guarantee that their money will be used aptly, and no reimbursement options. Under such materially unfavorable conditions, why do consumers transfer their money to these producers? The present research answers this question by introducing the concept of a "market-fostering gift system": a social contract that entices consumers to fund the creation and enhancement of market offerings by mobilizing the logic and practices of gift-giving. This conceptualization includes the core stakeholders, processes, outcomes, and shortcomings of reward-based crowdfunding, providing theoretical structure to this consequential articulation of platform capitalism. In addition, this conceptualization advances theory about how gift and market economies intersect. Whereas previous research emphasizes the tensions that characterize their interface, this article brings to the fore the complementary, scalable relationship between gift-giving and market exchange. [ABSTRACT FROM AUTHOR]

Electronic currencies went through three basic stages. The first stage included paper money carried by electronic means such as the cash on the credit card, the prepaid card, and the debit card issued by the bank to enable the customer to withdraw from his current account via automated teller machines, as well as electronic checks and the like, and they are represented by electronic services that are provided by banks and credit cards to international companies (Visa, MasterCard, American Express, etc.). The second phase witnessed electronic money produced by accredited financial institutions in their countries, which bore the responsibility of naming it, determining its value, and creating special laws related to it in accordance with the state's financial laws. It has its own media that carries it, such as magnetic cards or electronic storage devices, and the financial institutions that produce it control and monitor it. The operations that take place through it. While the third stage witnessed electronic currencies that are produced by electronic programming without human intervention, and this type of currency is the subject of research, and perhaps the largest that represents it in the present era is the first electronic currency that is produced in this way, which is called Bitcoin, as encrypted virtual currencies have many and varied, and most of them are based on the principle of the Bitcoin currency and its clones. Alternative digital currencies have now reached a large number of (711) virtual currencies. Among the most prominent and famous of these currencies is Bitcoin, which was created in 2009 AD, and is the most famous currency in the world, and the Litecoin currency, which was created in 2011 and is One of the first alternative cryptocurrencies, which is distinguished from Bitcoin in that the mining process is easier and cheaper, and the Nemcoin currency, which was established in April 2011, and is based on open source Bitcoin technology, and is characterized by high scarcity, decentralization, security and privacy. Then the Bitcoin currency appeared in August 2012, and it is characterized by an increase in mining efficiency and improved security and guarantees, to avoid abuse by miners, and it ranks fourth among virtual currencies in market value. Then the Novacoin currency appeared in 2013, and it differs from most alternative digital currencies to Bitcoin due to the fact that its protection programs are integrated into the core of the currency, which prevent attacks by mining and prospecting groups . This study seeks to monitor and analyze the developments that the global monetary system has witnessed recently with the emergence of virtual and encrypted currencies, most notably Bitcoin, and how they have affected the mechanisms of institutions' management of their commercial and marketing activities within digital marketing campaigns, especially as they have shed a shadow on the consumer behavior of users and the means of obtaining goods. and remote services, and how the payment and collection mechanisms through electronic payment and money transfer systems that global markets witnessed with the emergence of cryptocurrencies and virtual currencies affected the confidence of some business users and from the point of view of industry owners, despite the mounting volume of concerns associated with their sharp fluctuations. Besides, the risks of the lack of cybersecurity and not being subject to the authority of central banks and monetary authorities, and highlighting the positives and negatives resulting from trading operations in these currencies and their impact on the management of digital marketing campaigns . The study concluded that Bitcoin cannot be considered a legal currency of fulfillment, and according to the legal conditions that must be met for the validity of the electronic fulfillment process, we find that this is not achieved for several reasons, including that many central banks require that commercial banks wishing to issue electronic fulfillment methods to be monopolized on the national currency in order to maintain monetary policy. [ABSTRACT FROM AUTHOR]

This article analyses the regulatory framework for virtual currencies in the European Union, tracing the development from several national laws to the comprehensive Markets in Crypto-assets (MiCA) regulation. At first, EU member states had different methods for regulating virtual currencies, creating a fragmented regulatory landscape that posed difficulties for market integrity, consumer protection, and cross-border transactions. This article covers the many regulatory responses before MiCA, explores the reasons for regulatory harmonization, and delves into the legislative process that resulted in the creation and proposal of MiCA. We examine how MiCA tackles the deficiencies of past regulations and its impact on standardizing virtual currency processes throughout the EU. MiCA's importance rests in its ability to provide a cohesive legal structure that harmonizes innovation with the requirements of financial stability and consumer safeguarding. This article explores how MiCA will influence member states' laws and the virtual currency market, providing insight into the future of EU financial regulation in the digital era. [ABSTRACT FROM AUTHOR]

The swift rise of virtual currencies (VCs) as financial instruments has raised concerns about their ability to increase risks in the global financial system, especially given the current geopolitical instability. This article examines the connection between virtual currencies and financial security, highlighting the importance of strong economic and financial institutions and mechanisms to ensure the reliability of digital assets. We investigate through an extensive literature analysis the various risks linked to VCs, including market volatility, regulatory inconsistencies, and security vulnerabilities, which are exacerbated by geopolitical conflicts. We then examine how institutions have responded to these concerns, focusing on the proactive actions taken by international organizations and national authorities to reduce possible disruptions. The focus of our paper is the Markets in Cryptoassets (MiCA) law, an innovative legislative framework created by the European Union to standardize VC regulation among member states. We analyse the goals and main provisions of MiCA to evaluate its ability to establish an international benchmark for overseeing virtual currencies, ultimately improving investor safety and market integrity. The paper concludes by discussing the changing role of VCs in the geopolitical sphere and supports flexible and cooperative regulatory strategies to balance the advancement of digital assets with financial security needs. [ABSTRACT FROM AUTHOR]

Regulatory agencies care about their reputation, which helps sustain their authority. As innovation can introduce uncertainty in governance, delaying action or overlooking danger can negatively affect agencies' standing. Aware of these reputation risks, agencies rely on a set of methods to govern the unknown. These methods, we argue, are: (1) categorization, if the innovation is considered identical to known regulatory categories; (2) analogy, if the innovation is considered similar to known categories, and; (3) new categorization, when new classifications are deemed necessary to address the innovation. Each method shapes governance by triggering the application of existing regulations (categorization and analogy), calls for either technical and regulatory fixes (analogy), or calls for broader regulatory undertakings (new categorization). Agencies' choice of methods, we argue, is shaped by concerns over performative reputation (i.e., showing the ability to fulfill core tasks), which in turn is affected by agencies' ability to demonstrate technical rigor (i.e., technical reputation). [ABSTRACT FROM AUTHOR]

Purpose: This study is the first to investigate the causal relationship between Bitcoin and equity price returns by sectors. Previous studies have focused on aggregated indices such as S&P500, Nasdaq and Dow Jones, but this study uses mixed frequency and disaggregated data at the sectoral level. This allows the authors to examine the nature, direction and strength of causality between Bitcoin and equity prices in different sectors in more detail. Design/methodology/approach: This paper utilizes an Unrestricted Asymmetric Mixed Data Sampling (U-AMIDAS) model to investigate the effect of high-frequency Bitcoin returns on a low-frequency series equity returns. This study also examines causality running from equity to Bitcoin returns by sector. The sample period covers United States (US) data from 3 Jan 2011 to 14 April 2023 across nine sectors: materials, energy, financial, industrial, technology, consumer staples, utilities, health and consumer discretionary. Findings: The study found that there is no causality running from Bitcoin to equity returns in any sector except for the technology sector. In the tech sector, lagged Bitcoin returns Granger cause changes in future equity prices asymmetrically. This means that falling Bitcoin prices significantly influence the tech sector during market pullbacks, but the opposite cannot be said during market rallies. The findings are consistent with those of other studies that have established that during market pullbacks, individual asset prices have a tendency to decline together, whereas during market rallies, they have a tendency to rise independently. In contrast, this study finds evidence of causality running from all sectors of the equity market to Bitcoin. Practical implications: The findings have significant implications for investors and fund managers, emphasizing the need to consider the asymmetric causality between Bitcoin and the tech sector. Investors should avoid excessive exposure to both Bitcoin and tech stocks in their portfolio, as this may lead to significant drawdowns during market corrections. Diversification across different asset classes and sectors may be a more prudent strategy to mitigate such risks. Originality/value: The study's findings underscore the need for investors to pay close attention to the frequency and disaggregation of data by sector in order to fully understand the true extent of the relationship between Bitcoin and the equity market. [ABSTRACT FROM AUTHOR]

With the development of covert communication technologies, the number of covert communication technologies using blockchain as a carrier is increasing. However, using the transaction amount of digital currency as a carrier for covert communication has problems such as low embedding rate, large consumption of transaction amount, and easy detection. In this paper, firstly, by experimentally analyzing the distribution of bitcoin transaction amounts, we determine the most suitable range of amounts for matrix decomposition. Secondly, we design a novel matrix decomposition method that can successfully decompose a large amount matrix into two small amount matrices and utilize the elements in the small amount matrices for covert communication. Finally, we analyze the feasibility of the novel matrix decomposition method in this scheme in detail from four aspects, and verify it by experimental comparison, which proves that our scheme not only improves the embedding rate and reduces the consumption of transaction amount, but also has a certain degree of resistance to detection. [ABSTRACT FROM AUTHOR]

In 1992, Stephenson described a type of metaverse in his science fiction novel Snow Crash. Through his imagination, Stephenson is said to have directly influenced the makers of Google Earth, and, more recently, Silicon Valley’s “Metaverse”. In addition, there was a spate of literature published 15–20 years ago, related to metaverse concepts with the introduction of Second Life in June 2003 by Linden Labs. Many users experienced virtual spaces, shopped with virtual currency (Linden dollar, L ${\$}$), and even frequented virtual storefronts. [ABSTRACT FROM AUTHOR]