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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]

Purpose: The rapid rise of Islamic crypto assets, underpinned by blockchain technology, has introduced a novel dimension to the Islamic financial landscape, raising questions about their potential as safe havens within emerging Islamic economies. However, the opportunities and challenges associated with this phenomenon remain insufficiently explored. In this context, this study aims to empirically investigate the extent to which blockchain technology can establish Islamic crypto assets as safe havens in equity markets within Islamic economies. Design/methodology/approach: This study addresses the need for rigorous empirical analysis to understand the dynamics between Islamic crypto assets and stock markets in emerging Islamic economies, focusing on the transmission of volatility. While the evolving nature of the Islamic financial sector demands reliable data, the reliance on the most available data offers insights into the expected future trends in this emerging field. The research specifically focuses on three essential assets in the Islamic financial portfolio: OneGram Coin and X8XToken, both backed by gold and MRHB DeFi, an Islamic DeFi asset lacking gold backing. These crypto assets are compared with corresponding assets in seven stock markets of emerging Islamic economies. Using daily log returns of the Islamic crypto assets from various sources and seven Islamic stock indices. The data covers the period from December 27, 2021, to December 28, 2022, capturing the fluctuations in Islamic stocks and cryptocurrency markets during the post-COVID-19 era. This research uses advanced econometric techniques, including pairwise dynamic correlation and the DCC GARCH model. Findings: The findings indicate that Islamic crypto assets exhibit distinct characteristics, with lower volatility and low correlations compared to their conventional counterparts in non-Islamic contexts. This outcome suggests that these Islamic crypto assets could potentially serve as safe havens within Islamic stock markets, offering valuable insights for various stakeholders, including investors, governments and policymakers. Research limitations/implications: The findings are based on a specific set of Islamic crypto assets and may vary with a different selection. Market dynamics can also influence the relationships observed. Nevertheless, the outcomes provide valuable insights for investors, policymakers and researchers interested in the intersection of Islamic finance, cryptocurrency and technology. Originality/value: In essence, this research not only unveils the potential of Islamic crypto assets as stabilizing forces but also delineates a trajectory for subsequent research endeavours within the realm of emerging Islamic Fintech, elucidating the challenges, opportunities and benefits that lie therein. With a discerning eye on circumventing the pitfalls entrenched within conventional crypto finance, this study contributes to a heightened comprehension of the transformative role that Islamic crypto assets can assume, ultimately enriching the financial resilience of Islamic economies. [ABSTRACT FROM AUTHOR]

This research aims to investigate the cryptocurrency market and investor sentiment in the Tehran Stock Exchange. In this regard, four hypotheses were formulated. To test these hypotheses using the systematic removal sampling method, a sample consisting of 105 companies admitted to the Tehran Stock Exchange from 2017 to 2021 was selected. Multivariate regression models for panel data and quantitative regression models were used to analyze the data and test the hypotheses. The results of the research show that there is a significant relationship between the stock return and volatility of cryptocurrencies and investor sentiment in the Tehran Stock Exchange. In addition, the COVID-19 pandemic has had an impact on the relationship between stock return and volatility of cryptocurrencies and investor sentiment in the Tehran Stock Exchange. [ABSTRACT FROM AUTHOR]

Consistent with the official claims, and despite limited success so far, China is gradually and continuously building financial infrastructures to promote the internationalization of the renminbi. While money is a potent instrument of power, this article supports the idea that Beijing will not throw a big overnight financial bang as it would expose its weak domestic financial system. Instead, developing a "3Cs" framework standing for convenience, confidence, and control, we prove that China (i) capitalizes on the global importance of its production tool, (ii) interiorizes the technical expectations of the current international financial system to interoperate with it; (iii) ring-fences its domestic financial sphere from the international one to protect it; and (iv) articulates public/private domestic actors and their technologies to make the use of the renminbi as seamless as possible, being ready when an alternative currency will be required, therefore collecting the fruits of the U.S. sanction policies. [ABSTRACT FROM AUTHOR]

This study explores the determinants of e-Naira adoption among Nigerian retailers, using the technology acceptance model (TAM) as its theoretical foundation. As Nigeria's central bank-issued digital currency gains prominence, understanding what drives retailers to adopt e-Naira is vital for its widespread implementation. The research employed a survey distributed to retailers in Abuja, with data from 326 respondents analysed using partial least squares structural equation modelling (PLS-SEM) in SmartPLS 3. The findings indicate that perceived ease of use, perceived usefulness, and trust significantly influence retailers' intentions to adopt e-Naira, which is consistent with TAM predictions. Conversely, financial concerns were not significant predictors of adoption. Emotionality was identified as a significant mediator between trust, financial concerns, and adoption intentions. These insights provide valuable guidance for policymakers and stakeholders in promoting digital currencies, particularly in emerging markets like Nigeria. The study contributes to the expanding literature on central bank digital currencies, highlighting the factors that influence their adoption among retailers in Nigeria. [ABSTRACT FROM AUTHOR]

Introduction: Blockchain technology has attracted much attention due to its decentralization, transparency and security. Initially applied in the financial field, it has now expanded to various fields such as Internet of Things (IoT), electronic cash and healthcare. However, the open nature of blockchain has raised potential security concerns about sensitive transaction data, and the increasing number of transactions requires low-latency solutions. Most blockchain applications still rely on the lightweight Elliptic Curve Digital Signature Algorithm (ECDSA). Due to complex operations such as vectorized multiplication and modular inversion, this may introduce significant additional overhead. Methods: To address these issues, a new scheme named KTP-ECDSA is proposed. This scheme is based on the improved two-parameter Elliptic Curve Digital Signature Algorithm (TP-ECDSA) and the KGLP algorithm. In both the signing and verification processes, this scheme eliminates modular inverse operations and reduces scalar multiplications during the verification stage by using batch verification. Result: The experimental results show that, compared with the traditional ECDSA, KTP-ECDSA has achieved a speed increase of over 50% in both independent verification and batch verification, significantly improving the efficiency of signature verification. Discussion: By adopting the KTP-ECDSA algorithm and using the digital signature batch verification method, multiple signatures can be verified simultaneously, thus reducing the computational burden of the traditional single-verification method. This greatly increases the overall transaction throughput and improves resource utilization efficiency. [ABSTRACT FROM AUTHOR]

The use of electronic currency for transactions, denoting a cashless paradigm, has become increasingly common. However, this financial innovation is not prevalent in all countries. This study aims to explain the discrepancies across countries, including individual and country factors. It may be superficially posited that this lag in development stems from individual or microlevel usage challenges. However, the application of the Technology Acceptance Model highlights the presence of overarching characteristics conducive to extensive adoption. Thus, an additional stratum, the multilevel perspective, needs to be examined. This analytical framework incorporates not only individual attributes but also the sociotechnical framework or meso-level factors in which they operate. A multilevel econometric model is used. The results of these analyses show that the impact on the adoption of cashless payments extends beyond individual factors (attitude to technology use, perceived usefulness, and perceived ease of use). Our primary contribution, conceptually and empirically, is to broaden the analysis vision. A comprehensive multilevel analysis revealed that broader contextual elements, such as infrastructure and national skills, exert a significant influence on the adoption of cashless transactions. Consequently, the widespread acceptance of cashless payment methods is not only contingent on individual choices but is also a collective phenomenon in which the surrounding environment plays a crucial role as a catalyst for the end users in the cashless economy. [ABSTRACT FROM AUTHOR]

The transfer velocity of money is a macroeconomic quantity that measures the frequency of exchanges in an economy. For cryptoassets it can be exactly measured adopting a new approach, MicroVelocity. In this study we apply the framework to Ether, the native cryptocurrency of the Ethereum blockchain, to investigate velocity and its top contributors and how they can be characterised in the Ethereum ecosystem. While the inequalities and heterogeneity in wealth are well known, we here find that the same inequalities occur as well for MicroVelocity distribution and that this inequality is not explained just by wealth, but rather by the behaviour and economic activity of each individual agent. [ABSTRACT FROM AUTHOR]

Introduction: Cash transfer interventions, including those using mobile money, are becoming increasingly widespread, particularly in Sub-Saharan Africa. As such interventions can have significant positive and negative unintended consequences, further analyses are needed to identify these consequences. Methods: We investigated the unintended consequences of a digital conditional cash transfer intervention implemented at fifteen health facilities in Southern Madagascar. The intervention offered partial cost coverage for patients seeking care for potentially life-threatening conditions, accidents and injuries, maternal or pediatric care between February 2021 and June 2022. We conducted a qualitative analysis of in-depth interviews with policymakers, healthcare providers, (non-) beneficiaries of the intervention, and staff that implemented the intervention using reflexive thematic analysis. Results: We identified three key positive and three key negative unintended consequences of the intervention. The key positive unintended consequences were: i) improved quality of care, ii) improved interpersonal relationships, including between patients and providers and between healthcare providers, and iii) digital skills development of healthcare providers and increased trust in mobile money. The three key negative consequences we identified were i) facility overcrowding, ii) an increase in costs of care, and iii) cases of hospital imprisonment. Conclusions: Designers and implementers of future (digital) cash transfer interventions should carefully consider and proactively seek to leverage the positive and mitigate the negative unintended consequences of cash transfer interventions for healthcare such as those highlighted in our work. [ABSTRACT FROM AUTHOR]

Smart contracts have emerged as a transformative technology within the blockchain ecosystem, facilitating the automated and trustless execution of agreements. Their adoption spans diverse sectors such as education, agriculture, healthcare, government, real estate, transportation, supply chain, and global initiatives like Central Bank Digital Currencies (CBDCs). However, the security of smart contracts has become a significant concern, as vulnerabilities in their de-sign and implementation can lead to severe consequences such as financial losses and system failures. This systematic review consolidates findings from 78 selected research articles, identifying key vulnerabilities affecting smart contracts and categorizing them into a taxonomy encompassing code-level, environment-dependent, and user-related vulnerabilities. It also examines the threats that exploit these vulnerabilities and the most effective detection techniques. The domain-based classification presented in this review aims to assist researchers, software engineers, and developers in identifying and mitigating significant security flaws related to the design, implementation, and deployment of smart con-tracts. A comprehensive understanding of these issues is essential for enhancing the security and reliability of the blockchain ecosystem, ultimately fostering the development of more secure and robust decentralized applications for end users. [ABSTRACT FROM AUTHOR]

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The article addresses the need for comprehensive analytical frameworks or perspectives in mobile money research. It also proposes and develops a conceptual framework utilizing classical and neoclassical perspectives. The interdisciplinary nature of mobile money studies and the need for robust analytical frameworks or perspectives pose a significant challenge to researchers, creating a political‐economic gap in analyzing mobile money. In this case, classical and neoclassical mindsets bridge this gap in mobile money analysis. Moreover, the article also addresses the following research question: How have classical and neoclassical perspectives influenced the emergence and growth of mobile money in Tanzania throughout the past 15 years? The argument posits that implementing and dismantling neoliberal policies have facilitated the introduction and advancement of mobile money, drawing upon classical and neoclassical principles. In‐depth, unstructured interviews and content analysis from relevant and scholarly sources have been used as data collection methods. Thematic analysis has also been used for data analysis. The findings indicate that researchers can rely on classical and neoclassical perspectives to analyze mobile money's advent, growth, and consolidation. The implications are that classical and neoclassical perspectives provide a context and a unit of analysis that can be used to study the political‐economic issues of mobile money and other digital financial innovations. [ABSTRACT FROM AUTHOR]

This article explores the implementation of Central Bank Digital Currencies (CBDCs) as a proactive measure by central banks to achieve policy objectives such as financial inclusion, data and privacy governance and economic growth in the digital economy. The design concepts of e-CNY and eNaira, the two primary retail CBDC prototypes discussed herein, are shaped by these objectives. The analysis focuses on regulatory policies, risks and legal implications associated with the shift from conventional digital payments to CBDC payments, using e-CNY and eNaira as case studies. It discusses CBDC's competitiveness and interoperability within the current payment landscape and other regulatory concerns, such as data and personal privacy, CBDC interface providers' performance and scalability, cybersecurity, compliance for anti-money laundering regulations and the operational robustness and resilience of payment systems. By examining these issues and challenges, the article aims to provide a comprehensive understanding of the potential benefits and challenges associated with CBDC implementation. The insights drawn from the e-CNY and eNaira implementations can provide food for thought for governments that wish to work towards implementing secure and user-friendly CBDCs that coexist with traditional financial intermediaries while offering enhanced payment capabilities. [ABSTRACT FROM AUTHOR]

This paper examines the dynamic interplay between the global geopolitical risk and eleven decentralized finance (DeFi) digital currencies during the inflationary burden caused by the Russia-Ukraine war episodes. Daily data spanning from 13 October 2021 to 29 October 2024 and the innovative Quantile-Vector Autoregressive (Q-VAR) methodology are employed for estimating the pairwise, joint and network linkages at the lower, middle and upper quantiles. High levels of geopolitical risk are more connected with bull markets of the DeFi assets and new war episodes strengthen this relation. Geopolitical tensions combined with high inflation lead to the GPR becoming major determinant of DeFi markets so contributing to the transition to the digital decentralized cashless financial system. Maker is the leading DeFi asset in this transition and constitutes a promising successor of fiat currencies that suffer from devaluation generated by conflicts. [ABSTRACT FROM AUTHOR]

This article offers a clear and approachable introduction to the evolving landscape of money and the frictions developing between traditional government control and decentralized finance (DeFi). Tailored for readers with a basic awareness of cryptocurrency but limited familiarity with its broader implications, the article demystifies DeFi by explaining its core concepts including blockchain, Centralized Bank Digital Currencies (CBDCs), and the historical role of government regulation of money through central banking. Against this backdrop, it examines the transformative potential of DeFi, emphasizing the growing tension between the centralized authority of governments and the decentralized ideals driving this new financial model. While governments seek to maintain stability and control, individuals increasingly gravitate toward the more affordable, efficient, and inclusive solutions promised by DeFi. Designed to empower readers with a better grasp of the forces shaping the future of finance, this article underscores the importance of understanding the delicate interplay between governmental oversight and decentralized innovation. As the digital economy expands, this dynamic struggle will influence not only economic policies but also personal financial choices and access to resources. [ABSTRACT FROM AUTHOR]

We examine the relationship between social insurance contribution and firms' digital transformation by using the data of Chinese firms listed in the Shanghai Stock Exchange (SHSE) and the Shenzhen Stock Exchange (SZSE) from 2007 to 2017. We find that social insurance contribution has increased the degree of firms' digitalization transformation. We also explore two important mechanisms through which the Social Insurance Law (SIL) affects firms' digital transformation: cash flow effect and factor substitution effect. The results indicate that the positive impact of the social insurance contribution on firms' digitalization is more significant for firms that are not state-owned, have smaller sizes, labour intensive, with low tax burden, low financial leverage, and low productivity. One important implication of our study is that firms' digitalization can be a strategic choice made by labour-intensive firms to overcome rising cost of labour as a result of the SIL. [ABSTRACT FROM AUTHOR]

Central bank digital currencies (CBDCs) are increasingly becoming a subject matter for a variety of stakeholders in the economy as a whole. In this paper, we will first analyse the nature of CBDCs to show that it is essentially a digital liability of central banks, like today’s settlement balances that banks use in their own transactions. Such a ‘wholesale’ CBDC may exist along a ‘retail’ CBDC, which is the digital version of banknotes that, to date, any non-bank agents can use for their small-value payments. In this perspective, CBDCs are therefore ‘much ado about nothing’, as they just represent the most recent evolution of the form of money. However, in this paper we will also show that such an evolution could have some relevant consequences for monetary policy objectives like financial stability and banks’ solvency if ‘retail’ CBDCs replace banknotes in advanced economies, thereby providing an interesting alternative to bank deposits — particularly if these CBDCs are going to be remunerated by the issuing central banks. The last section will expand on this issue, focusing on the possible reaction of the banking sector, whose aim is and will remain the maximization of banks’ profits over the short run. [ABSTRACT FROM AUTHOR]

The introduction of the digital renminbi (eCNY) by the People's Bank of China serves as a means for the central bank to effectively comprehend macroeconomic dynamics and enhance payment infrastructure within the domestic market. Among the pioneering digital currencies, the eCNY is at the forefront of technological research and development, pilot implementation, and the establishment of a robust system. Thus, employing the unified theory of acceptance and use of technology, this study aims to explore the factors shaping the adoption of the eCNY and to determine the mediating effects of intention toward the eCNY and the moderating role of age and gender among various relationships. A cross-sectional survey methodology was deployed to collect data from pilot communities situated within the Yangtze River Delta, Pearl River Delta, and Beijing–Tianjin–Hebei regions. The empirical analysis comprised 809 valid online questionnaires, and the examination was conducted through structural equation modeling employing the partial least squares technique, ultimately subjecting the conceptual model to a comprehensive assessment. The results for intention to use the eCNY indicate that performance expectancy, effort expectancy, social influence, and perceived government policy have significant effects. Facilitating conditions and intentions toward the eCNY positively influenced its actual use. According to the findings of this study, age and sex did not moderate the effect of each hypothesis on the intention to use in the research model. This study breaks new ground by investigating the adoption of the eCNY, a novel form of currency, highlighting its multifaceted nature and providing empirical evidence for a comprehensive model encompassing psychological, social, and contextual factors. This study employs social surveys to identify obstacles in the process of promoting the widespread adoption of the eCNY and offers suggestions to the central bank and government to increase user enthusiasm and decrease user perceptions of risk, thereby promoting its widespread adoption. [ABSTRACT FROM AUTHOR]

Mobile money has developed as an indigenous digital innovation in a Somali setting characterized by state weakness and scarcity of local physical currency. On one level, this article presents experiences of this financial technology (and 'cashlessness') from perspectives of marginalized people displaced by conflict and ecological shocks. However, we also analyse these everyday experiences in the context of rapid urbanization, connecting them to the role of the Somali telecoms sector within a wider political economy of conflict and internationalized statebuilding. Leveraging its power as an intermediary transactions platform, the telecoms sector has assumed various state-like functions. This demonstrates how diverse forms of virtual sovereignty may emerge beyond globally dominant centres of technology production. Although humanitarian mobile money aid infrastructure is being positioned by donors to evolve into digitized social protection systems that will empower Somalia's fragile state, this imagined transition is underpinned by a commercial telecoms sector that continues to consolidate its power in the wider economy by capitalizing on the circulation of digital financial flows. Greater policy attention therefore needs to be paid to the capacity of this sector to create conditions that may constrain the (re)construction of state authority vis-à-vis future monetary policy, the conflict economy and (international) governance of recurrent humanitarian crises. [ABSTRACT FROM AUTHOR]

Due to the dynamic change of the network topology and no fixed structure of the Internet of Vehicles, it is difficult to maintain a stable end-to-end connection, so it needs the routing cooperation between vehicles. However, due to the packet loss of selfish nodes und the influence of malicious nodes tampering with information, existing Internet of Vehicles routing cooperation with blockchain lacks effective cooperative incentive mecha nism and high data security guarantee. 1n order to solve this problem, this paper proposes a blockchain-based security cooperation communication scheme for Internet of Vehicles, and designs the detailed workflow of this scheme. In the workflow, a route cooperation scheme based on improved credit value and link lifetime algorithm, an electronic money incentive mechanism based on vehicle type and message type, and a practical byzantine fault tolerance consensus mechanism based on credit improvement (PBFT-CI) are designed for Internet of Vehicles. Analysis results show that the electronic money incentive mechanism can motivate vehicles to participate in cooperation and improve the security of information transmission. PBFT-CI can motivate road side units to participate in consensus and improve the security of the system. Simulation results show that when the number of vehicles is 100 and the number of selfish vehicles is 5, the proposed route cooperation scheme improves the delivery success rate by 0.27 when compared with greedy perimeter stateless routing (GPSR). In addition, the transaction throughput of PBFT-CI is about 1.72 times of that of practical byzantine fault tolerance (PBFT) consensus mechanism. [ABSTRACT FROM AUTHOR]

In the era of digitalization, it is increasingly facilitated by the existence of several e-commerce services that provide electronic money services as a tool for conducting transactions, in addition to cellular payments there are also those that result in paylater, both of which aim to make it easier for the public to use the new features provided by each e-commerce platform trade. Shopeepay Later is present as a form of non-cash electronic money transactions that can help the public make transactions easier. This study aims to find out what factors make someone have the intention of using Shopeepay Later. This study uses a survey method conducted by distributing questionnaires through Google Forms to collect data. The method used is purposive sampling with certain criteria. The number of samples in this study were 214 respondents with the criteria of respondents being shopee application users aged 18 years and over and not using shopeepay later. The study used the UTAUT model with multiple linear regression analysis. The results of this study indicate that performance expectancy and the social influence on the intention to use shopeepay later. Meanwhile, effort expectancy and facilitating condition have no effect on behavioral intentions to use shopeepay later. [ABSTRACT FROM AUTHOR]

This study aimed to investigate whether consumers increased the use of cashless payments and reduced cash payments after the COVID-19 outbreak. In doing so, we examined the effects of the Point Reward Project for Consumers Using Cashless Payments (PRP) program (a Japanese government program that subsidized the use of cashless payment methods by consumers, merchants, and payment service providers). We selected this program because it aimed to encourage cashless payments and was launched shortly before the initial COVID-19 outbreak and ended during the fourth wave of the pandemic. We compared Japanese consumers' choices between four payment methods, cash, credit card, code payment, and electronic money, because many nonbanks began code payment services in anticipation of the PRP. We use data over four phases: before the PRP implementation, after the PRP implementation but before the spread of COVID-19, after the PRP implementation and after the spread of COVID-19, and during the spread of COVID-19 after the PRP ended. We do so to disentangle the effects of COVID-19 and the PRP on consumers' choices of the four payment methods. Our counterfactual simulations show that, without implementing the PRP, the ratio of cash use would be higher by 0.04–0.08 points and that the ratios of code payment use and electronic money use would be lower by 0.02 and 0.08 points, respectively. If there had been no COVID-19 in Japan, the ratio of cash use would be higher by 0.03 points, and that of credit card use would be lower by 0.02 points. [ABSTRACT FROM AUTHOR]

This research is conducted for the journal with the aim of analyzing the effects of electronic payment systems based on credit cards, debit cards, and electronic money, as well as macroeconomic variables such as the money supply (M1), price levels, and exchange rates on real gross domestic product (GDP) as a proxy for economic growth. The estimations in this journal use the Vector Error Correction Model (VECM) with monthly time series data for the period from 2012 to 2023. The results indicate that transactions using debit cards and electronic money have a significant positive effect on economic growth in Indonesia in the long term. [ABSTRACT FROM AUTHOR]

In this paper, we provide unique experimental evidence of depositors' behaviour in presence of a possibility to convert commercial bank deposits into central bank digital currency (CBDC). Theoretically and experimentally we analyse whether such an option incentivises bank runs. We find that the availability of the deposit conversion option does not lead to a significant outflow of deposits. However, when conversion is restricted, depositors are eager to actively use it as a coordination tool. These findings highlight the importance of considering coordination and decision time in determining the choice to convert deposits into CBDC. Our study evidences that policy-makers should balance accessibility and control measures to maintain financial stability, ensuring that CBDC implementation supports the resilience of the banking system. [ABSTRACT FROM AUTHOR]

The rise of cryptocurrencies over the past decade has promised to challenge the dominance of fiat money systems and reshape monetary policy. However, recent developments, including market volatility and the collapse of key exchanges like FTX, have eroded public trust, raising skepticism of a feasible transition to a crypto-based monetary system. This paper explores why cryptocurrencies have not met the expectations of their proponents, particularly those who saw them as a step towards Friedrich Hayek's vision for competitive currency issuance. While cryptocurrencies reflect some aspects of Hayek's model, their instability—especially in Bitcoin-like assets—undermines their role as a reliable alternative to fiat money. The paper also considers how central bank independence and regulatory gaps further hinder the development of a robust cryptocurrency framework. Despite the continued relevance of Hayek's ideas in today's monetary landscape, the entrenched structures of modern central banks and the rise of Central Bank Digital Currencies suggest that a decentralised currency order remains unlikely in the near future. [ABSTRACT FROM AUTHOR]

To make well-grounded decisions and reach finance goals investors need to understand investment market. The research is really topical, as investment market offers a wide range of opportunities taking into account different disposition towards risk, goals, tools and time horizons. The authors paid attention to various investment objects and investment policy of state. The authors’ interpretation of the term ‘investment’ was provided. Today state investment is drastically necessary in such sectors, which are critically important for economy support in the current geo-political situation, i.e. for import-substitution and technological sovereignty of our country. The authors focus on promising sectors of economy and highlight opportunities for profitable placement of capital. The present analysis allowed authors to identify current market trends and popular trends of investment market that demonstrate considerable potential of growth.

Abstract The introduction of the digital renminbi (eCNY) by the People's Bank of China serves as a means for the central bank to effectively comprehend macroeconomic dynamics and enhance payment infrastructure within the domestic market. Among the pioneering digital currencies, the eCNY is at the forefront of technological research and development, pilot implementation, and the establishment of a robust system. Thus, employing the unified theory of acceptance and use of technology, this study aims to explore the factors shaping the adoption of the eCNY and to determine the mediating effects of intention toward the eCNY and the moderating role of age and gender among various relationships. A cross-sectional survey methodology was deployed to collect data from pilot communities situated within the Yangtze River Delta, Pearl River Delta, and Beijing–Tianjin–Hebei regions. The empirical analysis comprised 809 valid online questionnaires, and the examination was conducted through structural equation modeling employing the partial least squares technique, ultimately subjecting the conceptual model to a comprehensive assessment. The results for intention to use the eCNY indicate that performance expectancy, effort expectancy, social influence, and perceived government policy have significant effects. Facilitating conditions and intentions toward the eCNY positively influenced its actual use. According to the findings of this study, age and sex did not moderate the effect of each hypothesis on the intention to use in the research model. This study breaks new ground by investigating the adoption of the eCNY, a novel form of currency, highlighting its multifaceted nature and providing empirical evidence for a comprehensive model encompassing psychological, social, and contextual factors. This study employs social surveys to identify obstacles in the process of promoting the widespread adoption of the eCNY and offers suggestions to the central bank and government to increase user enthusiasm and decrease user perceptions of risk, thereby promoting its widespread adoption.

The relevance of this research lies in the need to comprehend the legal implications of the development of stablecoins as new financial instruments. Faced with the processes of digitalization, legal systems have been required to develop a response to the significant changes to the techniques of undertaking domestic and crossborder transactions and settlements. In particular this concerns the emergence of the possibility of direct transactions between counterparties, bypassing the classical financial institutions. The emergence of new, digital objects with an unspecified legal regime (cryptocurrencies, utility tokens, etc.) has also led to problems. Stablecoins are one of the most frequently used objects. They are a type of digital asset accepted in transactions at a predetermined (determined) value (rate). The aim of the research is to establish potential strategies for incorporating stablecoins in Russian civil law as objects of legal rights. For this purpose, the article discusses the approaches of foreign regulators when selecting a model for regulating relations with such assets. It notes that they are characterised by a pragmatism which allows the rules developed for known objects (securities, exchange commodities, etc.) to be extended to different types of stablecoins for a variety of purposes. In the Russian Federation, the formation of a legal environment for the circulation of digital assets, including those which possess the features of stablecoins, is still at an early stage. The main legislative acts, including the Civil Code of the Russian Federation, only address the issue of instruments created and traded on domestic, Russian platforms. An analysis of the Law on Digital Financial Assets and the Law on Attraction of Investments shows that many of the digital rights defined therein are similar in nature to stablecoins. They can be either secured (utilitarian rights, a number of DFAs), or unsecured (digital currency with a fixed value). However, Russian legislation, including the Law on Currency Regulation, does not refer to and, therefore, does not regulate relations with the use of “external” stablecoins. The need to introduce “external” stablecoins into the Russian legal framework, including for use in foreign trade transactions, requires changes to the legislation and regulatory approach. The article analyzes recent legislative changes and legislative initiatives in the field of digital rights regulation, and suggests ways of removing existing gaps and inconsistencies.

In the digital economy, the financial sphere and money are undergoing rapid changes, which entails the transformation of their legal regulation. Changes are taking place not only in settlement forms and banking models, but also in the payment instruments themselves. The purpose of the article is to clearly distinguish the concepts of official and non-official payment instruments in order to ensure safe and stable money circulation. Empirical methods of comparison and observation; theoretical methods of analysis, formal and dialectical logics are used in the preparation of the article. Results: the article reveals that digital transformation of economy has caused the emergence of a new type of currency as a means of payment. The article substantiates that non-cash funds are the object of absolute legal relations, non-material property and represent a special absolute right .

‌ ∴ Introduction ∴ ‌The legal landscape surrounding transactions necessitates robust regulations to safeguard the interests of the parties involved. Without such regulations, transactions could result in significant losses for one or more parties, potentially leading to disputes. Technological advancements, despite their many benefits, often introduce complexities that, if not thoroughly understood, can cause problems in transactions. A prime example of this is the emergence of cryptocurrencies. In the realm of Islamic jurisprudence, principles like the no- harm principle (risk or uncertainty) are designed to prevent financial harm and protect economic relationships. This principle, rooted in the teachings of Prophet Muhammad, aims to ensure that transactions are free from ambiguity and undue risk, thereby preventing potential losses. The principle of "No-harm principle" is particularly relevant in the context of modern financial instruments and transactions, such as those involving cryptocurrencies. Islamic jurists have historically applied this principle to various forms of trade, where any form of uncertainty regarding the goods or their price renders the transaction void. Early Shia jurists and later scholars have invoked this principle to invalidate contracts involving ambiguous or uncontrollable assets. However, with the advent of digital currencies, the application of this principle to contemporary financial transactions has become a matter of significant debate.‌ ∴ Research Question ∴ ‌The primary question guiding this research is whether transactions involving cryptocurrencies can be deemed void under Islamic law by invoking the principle of "No-harm principle." This inquiry is crucial as it addresses a contemporary issue faced by the Islamic financial community, particularly in the design and implementation of new financial instruments in the money and capital markets. Given the complexities and the novel nature of cryptocurrencies, this research seeks to explore the applicability of the no-harm principle to determine the legitimacy of such transactions in Islamic law.‌ ∴ Research Hypothesis ∴ ‌The authors hypothesize that cryptocurrency transactions are unlikely to be deemed risky and thus void under Islamic law based on the principle of "No-harm principle." This hypothesis is grounded in the understanding that while cryptocurrencies involve certain inherent risks and uncertainties, they do not necessarily fall within the traditional definitions of risk as established by classical Islamic jurisprudence. The hypothesis suggests that the unique nature of cryptocurrencies might require a re-evaluation of traditional legal principles to accommodate new financial realities.‌ ∴ Methodology & Framework, if Applicable ∴ ‌This study adopts a doctrinal research methodology, primarily involving the analysis of library data sourced from Islamic jurists and legal scholars. The doctrinal approach is appropriate for this research as it involves a detailed examination of legal principles and their application to contemporary issues. The research framework includes the following steps: Literature Review: A comprehensive review of existing literature on the principle of "No-harm principle" and its application in Islamic jurisprudence. This includes classical texts by early Shia jurists like Sheikh Saduq, Sheikh Tusi, and Ibn Idris al-Hilli, as well as later scholars like Allama Hilli and Fakhr al-Muhaqqiqin. Analysis of Cryptocurrencies: An in-depth investigation into the nature of cryptocurrencies, including their creation, trading mechanisms, and the risks associated with them. This step involves understanding the technical aspects of cryptocurrencies to determine whether they inherently possess the characteristics of risk. Legal Analysis: Applying the principle of "No-harm principle" to the findings from the literature review and the analysis of cryptocurrencies. This involves comparing the risks associated with cryptocurrencies to the types of risks traditionally considered as risk in Islamic jurisprudence. By following this methodology, the research aims to provide a detailed and nuanced understanding of whether cryptocurrency transactions can be considered void under the principle of "No-harm principle" in Islamic law. The findings from this research are expected to contribute to the ongoing debate among Islamic jurists and provide practical guidance for those involved in the Islamic financial industry.‌ ∴ Results & Discussion ∴ ‌The investigation into the application of the principle of "No-harm principle" to crypto-currency transactions yielded significant insights that refine our understanding of both traditional Islamic jurisprudence and its applicability to contemporary financial instruments. Conceptual Understanding of Risk: Linguistic and terminological analyses confirm that "Risk" pertains to risk or danger primarily arising from ambiguity or uncertainty in a transaction. This aligns closely with the terminological definition that involves the risk of potential harm due to ambiguity in the subject matter or price during the transaction. The study elucidated that Risk applies only when ambiguity is substantial enough to be of concern to the general public. Minor ambiguities or uncertainties regarding future economic statuses, such as price fluctuations, do not constitute Risk. Scope of Risk: The scope of Risk is not confined to ambiguity concerning the subject of the transaction alone but also extends to the price. Several scenarios illustrate this broader application: Ambiguity Regarding Existence: This includes trading items whose existence is uncertain, such as a stolen car. Ambiguity Regarding Acquisition: This involves trading items whose possession is uncertain, like a bird in flight. Ambiguity Regarding Type: This pertains to the uncertainty about the kind of item, such as a ring of unknown material. Ambiguity Regarding Quality: This covers transactions where the qualitative characteristics of the item, like the quality of rice, are uncertain. Ambiguity Regarding Quantity: This includes situations where the quantity of the item, such as the weight of gold, is unknown. Contrary to some jurists who consider Risk a characteristic inherent in the transaction itself, the research found that it pertains more to the subject of the transaction—trading something inherently risky due to these ambiguities. Evidence from Islamic Jurisprudence: The principle of "No-harm principle" is heavily supported by narrations, particularly the well-known hadith, "The Prophet (peace be upon him) prohibited Risk sales." Although exact wording is absent in Shia sources, the acceptance of this narration among both Shia and Sunni scholars lends it significant jurisprudential weight. Some scholars extend the no-harm principle beyond sales to various aspects of life, though such extensions are not substantiated by hadith collections. The reliability of the narrations varies, with most lacking strong chains of transmission, yet their widespread acceptance validates the principle. Additionally, scholars invoke other sources such as the Quran, consensus of jurists, Muslim conduct, and rational conduct to substantiate the principle. Application to Cryptocurrencies: In assessing the principle of Risk's applicability to cryptocurrencies, the study considered several factors unique to digital currencies: The complexity of the mining process The non-physical nature of cryptocurrencies and their exchange, Market volatility, Unknown originators, Lack of physical backing. Despite these factors potentially increasing perceived risks, the study concluded that cryptocurrency transactions do not inherently involve the type of ambiguity that constitutes Risk. Cryptocurrencies are defined entities with known mechanisms of acquisition and transfer. The risks associated with their future economic status or market volatility do not fulfill the criteria for Risk, as they do not involve ambiguity about the existence, acquisition, or inherent characteristics of the items being exchanged at the time of the transaction.‌ ∴ Conclusion ∴ ‌The study on the principle of "No-harm principle" in relation to cryptocurrency transactions led to several critical conclusions: Definition and Scope of Risk: Risk pertains to significant ambiguity or uncertainty concerning the subject or price in a transaction. Minor ambiguities or uncertainties about future economic statuses do not fall under Risk. Application Beyond Subject of Transaction: Risk includes ambiguities in the price and various aspects like existence, acquisition, type, quality, and quantity of the items exchanged. Evidence from Islamic Jurisprudence: The principle is robustly supported by narrations, though with varying reliability. Its acceptance among scholars underscores its importance. Cryptocurrency Transactions: The complexities and risks associated with cryptocurrencies do not constitute Risk. There is no inherent ambiguity regarding the existence, acquisition, or characteristics of cryptocurrencies at the time of the transaction. Hence, cryptocurrency transactions cannot be voided based on the principle of Risk. These findings clarify that while cryptocurrency transactions are not void due to Risk, this does not inherently legitimize them under Islamic law. Other factors, such as their rationality and compliance with broader Islamic principles, require separate examination. This study provides a foundational understanding for Islamic legal researchers to further explore and address contemporary issues in financial jurisprudence.

Researching digital assets can help understand and assess their economic characteristics and differences between various types of assets. It is important for investors, regulators and investigators so that they could make grounded decisions and develop effective strategies. The article analyzes different types of digital assets and their classifications, which sometimes look rather conflicting and studies challenges of legislative nature in the field of regulation of different types of digital assets in Russia. Contradictions between enactments and standpoints of the Central Bank of the Russian Federation were identified. A conclusion was drawn that now there is no generally accepted classification of digital assets and it could hinder their development. The author advanced original classifications of digital assets and made an attempt to define them and show their signs. The article also analyzes terms given to some types of digital assets by international finance organizations. Apart from that the author proposed definitions of digital currency, crypto-asset and crypto-currency. Methodological foundation of the article is formed by dialectic method that allowed the author to identify subjects of research in their interaction, unity and development, methods of formal logics, such as analysis, induction and deduction and theoretical methods, such as structuring and systematization.

The spread and use of cryptocurrencies (digital currency) in Russia and globally is increasing significantly every year. As the cryptocurrency market has grown, its criminal component has also grown at the same time. The number and degree of public danger of crimes where cryptocurrency acts as an object, aim or means of crime is steadily increasing. Civil and arbitration disputes over cryptocurrencies are also on the rise. Consequently, there is an objective need to effectively protect the interests of victims from criminal offenses, investigate relevant crimes and resolve disputes. Addressing these issues is impossible without the assistance of cryptocurrency specialists. The article formulates a definition of cryptocurrency crime, analyzes the challenges of using cryptocurrencies, ranging from the incomplete regulatory framework of its circulation to the lack of expertise among most practicing lawyers. It investigates and summarizes the conflicting practices in terms of requirements for cryptocurrency specialists, their conditions and procedure of their involvement in various legal proceedings. The prevalence of incompetence and dishonesty among individuals and companies offering services in the crypto market is noted, and appropriate warnings are put forth. The study systematizes and describes typical criminal, investigative and judicial scenarios where the expertise of a cryptocurrency specialist is necessary. It also provides conclusions and recommendations on organizing and strategizing interaction with cryptocurrency specialists in the interests of victims (including organizations), investigative authorities and/or the court. The conclusion summarizes the roles of cryptocurrency research specialists in various stages and legal proceedings (criminal, civil and arbitration) from oral and written consultations, preparation of specialist opinions to participation in investigative actions, court hearings and negotiations between conflicting parties. The research incorporates both general and specific scientific methodologies such as system-structural analysis, formal-logical extrapolation, document analysis, statistical analysis, prognostic and interviewing techniques.