Search

Virtual currencies have become an important part of the modern financial system, influencing economic processes and financial transactions. They include cryptocurrencies and electronic money used for fast and secure transactions. Cryptocurrencies, such as bitcoin, operate on the basis of decentralized systems and blockchain technology, ensuring transparency and anonymity of payments. At the same time, electronic money is backed by government or financial institutions and is pegged to fiat currencies, which ensures its stability. The main problem that arises when using virtual currencies is the lack of clear legal regulation, which creates a number of risks for states and users. Today, government agencies need to define the legal status of cryptocurrencies and develop appropriate legislation to regulate their circulation, taxation, and the operation of crypto exchanges. This will help to protect consumer rights and prevent financial crimes such as money laundering, tax evasion and terrorist financing. Virtual currencies open up new opportunities for global markets by lowering transaction costs and reducing the need for financial intermediaries. However, their anonymity and lack of proper regulation pose significant challenges to public financial systems that seek to ensure economic stability and financial transparency. Virtual currencies are creating a new model of commodity-money relations, which simultaneously brings new opportunities for businesses and citizens and challenges for government agencies. They reduce transaction costs, allow for quick payments, and facilitate access to international markets. However, the lack of clear regulations and oversight leads to risks that threaten economic stability and consumer rights. The development of an effective regulatory framework is essential to mitigate these risks and to the development of virtual currencies in the futur e. This article analyzes the key issues of legal regulation of virtual currencies, as well as the prospects for their development based on current legislation. [ABSTRACT FROM AUTHOR]

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]

The definition of the concept of cryptocurrency (bitcoin) is revealed, which is based on cryptographic methods, and as a rule, its accounting is decentralized. The general state of the crypto market in modern conditions is investigated. The price determinants are substantiated and grouped, in particular: market forces, i.e., supply and demand factors; macro-financial factors; public and investor interest; and news coverage (popularization). The author analyzes the main factors that directly affect the price of cryptocurrencies are attractive to investors and determine public interest in the media. The dynamics of prices for the three most popular cryptocurrencies over the past few years are analyzed. It proves that the price of bitcoin can be influenced by the macroeconomic index and the asset price index. The main reasons for the fall of cryptocurrencies in early 2022 are identified. The market capitalization for 2019–2022 is analyzed. Based on a study of the general situation in the cryptocurrency market, the author reveals significant price volatility due to the general global situation and crisis phenomena that have a negative impact on this market. It is noted that today the legalization of cryptocurrency is one of the most important breakthroughs not only in the global economy but also in Ukraine. A comparative analysis of the capitalization of cryptocurrencies and cryptocurrencies of 2019–2022 is made. The regulation of the cryptocurrency market in the example of the EU is analyzed. The author analyzes the «big breakthrough» in the field of digital governance – the draft law «On Electronic Assets» and defines its purpose. It is substantiated that the draft Regulation is the result of the active spread of cryptocurrencies, which began in 2017 and caused a surge in public and political interest and additional investment in cryptocurrencies. The purpose and main significance of the draft EU Regulation are determined. The categories of crypto assets are defined. It is substantiated that, according to the researchers, the draft EU Regulation is aimed «at ensuring certainty in terms of legal regulation of cryptoassets which are not covered by current EU financial services legislation and at establishing common rules for service providers and issuers at the EU level». It is noted that the draft EU Regulation is intended to address the issues of legal regulation in the field of stablecoin circulation, as well as the activities of Crypto Asset Services Providers (CASPs). The main objectives of the EU Regulation in the field of cryptocurrency regulation are revealed. The author identifies three categories of crypto assets based on the draft Regulation, in particular: asset-related tokens; electronic money tokens; other crypto assets. Conclusions on the peculiarities of cryptocurrency regulation in the EU are provided. [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 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.

Purpose: Economic policymakers consistently leverage monetary policies as a pivotal factor in achieving targeted economic goals, utilizing them as an influential driver for economic growth. On one hand, the advent of modern monetary tools and the widespread adoption of electronic money and payment systems can significantly influence the money supply, banking reserves, monetary base, the velocity of money circulation, and the multiplier effect. This, in turn, can shadow the impact of monetary policies on economic variables such as inflation and economic growth. On the other hand, banks play a crucial role in the development, expansion, and adoption of novel payment instruments, potentially affecting macroeconomic policies and variables. Hence, this study aims to examine the impact of electronic money and innovative payment instruments on monetary aggregates, taking into account the intermediary role of banks.Methodology: Therefore, in this study, to study the subject, panel data technique, simultaneous equations, vector regression model and data from 1370 to 1398 were used.Findings: Based on the results, the expansion of electronic money and payment instruments lead to increased liquidity and inflation. Also, banks play a significant role in these variables by controlling the amount of payment instruments and innovations in them. On the other hand, the spread of e-money causes to achieve the targeted effects through exchange rate monetary policy and legal reserve rate. With less changes in these rates, but in order to achieve the goals of monetary policy applied through interest rates on account, more changes should be considered in these rates.Originality/Value: The output of this research is to provide a solution for implementing optimal monetary policy in view of the increasing use of new payment instruments and can help monetary policy makers in implementing effective policies.

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]

Purpose: Economic policymakers consistently leverage monetary policies as a pivotal factor in achieving targeted economic goals, utilizing them as an influential driver for economic growth. On one hand, the advent of modern monetary tools and the widespread adoption of electronic money and payment systems can significantly influence the money supply, banking reserves, monetary base, the velocity of money circulation, and the multiplier effect. This, in turn, can shadow the impact of monetary policies on economic variables such as inflation and economic growth. On the other hand, banks play a crucial role in the development, expansion, and adoption of novel payment instruments, potentially affecting macroeconomic policies and variables. Hence, this study aims to examine the impact of electronic money and innovative payment instruments on monetary aggregates, taking into account the intermediary role of banks. Methodology: Therefore, in this study, to study the subject, panel data technique, simultaneous equations, vector regression model and data from 1370 to 1398 were used. Findings: Based on the results, the expansion of electronic money and payment instruments lead to increased liquidity and inflation. Also, banks play a significant role in these variables by controlling the amount of payment instruments and innovations in them. On the other hand, the spread of e-money causes to achieve the targeted effects through exchange rate monetary policy and legal reserve rate. With less changes in these rates, but in order to achieve the goals of monetary policy applied through interest rates on account, more changes should be considered in these rates. Originality/Value: The output of this research is to provide a solution for implementing optimal monetary policy in view of the increasing use of new payment instruments and can help monetary policy makers in implementing effective policies. [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]

The aim of this paper was to review original papers on electronic money adoption. The review was performed by following a systematic literature review whereas Prisma framework and VOSviewer were deployed. The data reviewed was based on the Scopus database published in journals. The keywords provided to the Scopus database system to search for the articles were: "Electronic Money OR E-Money OR Electronic Wallet OR E-Wallet OR Digital Money OR Financial Technology OR Fintech OR Electronic Payment OR Mobile Payment." These 168 original articles included the topic of interest published between 2012 and 2021. The findings show SEM is the most frequently used model validation method. UTAUT, UTAUT 2, extended UTAUT, TAM, and extended TAM are the common model used in describing intention behavior in using e-money. [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.)

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]

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.)

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.

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]

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]

The article focuses on the implications of cryptocurrency platform bankruptcies like Celsius Network and Voyager Digital, advocating for legislative measures akin to traditional banking protections such as FDIC insurance. Topics include the regulatory challenges of cryptocurrency platforms, the specifics of current bankruptcy cases involving digital assets, and proposed legislative solutions to safeguard customers and stabilize the crypto market.

The research was conducted using a field study approach in Indonesia's three largest metropolitan cities. This study evaluates consumer behavior related to e-money aspects. The research was continued to evaluate the impact of using e-money on shopping behavior such as impulsive behavior in transactions and the economic efficiency felt by consumers in each transaction. This research supports the research master plan which is a leading topic of research at the University of North Sumatra, especially in the development of the creative economy through e-marketing. This research is targeted to produce recommendations for the use of e-money and study its impact on shopping behavior and spending efficiency. The results of this research will be published in reputable international journals and international proceedings every year. [ABSTRACT FROM AUTHOR]

High-frequency quantitative trading in the emerging digital currency market poses unique challenges due to the lack of established methods for extracting trading information. This paper proposes a deep evolutionary reinforcement learning (DERL) model that combines deep reinforcement learning with evolutionary strategies to address these challenges. Reinforcement learning is applied to data cleaning and factor extraction from a high-frequency, microscopic view-point to quantitatively explain the supply and demand imbalance and to create trading strategies. In order to determine whether the algorithm can successfully extract the significant hidden features in the factors when faced with large and complex high-frequency factors, this paper trains the agent in reinforcement learning using three different learning algorithms, including Q-learning, evolutionary strategies, and policy gradient. The experimental dataset, which contains data on sharp up, sharp down, and continuous oscillation situations, was chosen to test Bitcoin in January-February, September, and November of 2022. According to the experimental results, the evolutionary strategies algorithm achieved returns of 59.18%, 25.14%, and 22.72%, respectively. The results demonstrate that deep reinforcement learning based on the evolutionary strategies outperforms Q-learning and policy gradient concerning risk resistance and return capability. The proposed approach offers a robust and adaptive solution for high-frequency trading in the digital currency market, contributing to the development of effective quantitative trading strategies. [ABSTRACT FROM AUTHOR]

Copyright of University of Sharjah Journal of Law Sciences (JLS) is the property of University of Sharjah - Scientific Publishing Unit 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.)

Objectives: This study aims to identify and analyse the forms of infringement on the sovereign right of public authority in the issuance and management of currency, particularly in the context of the fractional reserve banking system and the technological advancements facilitated by globalisation, which have enabled the creation and promotion of virtual currencies. Methodology: The study adopts a composite method that combines historical induction and logical reasoning to explore the forms of infringement on the general jurisdiction of the authority associated with both traditional and emerging forms of currency. Findings: The study concludes that safeguarding public authority's exclusive and disinterested right in currency issuance and management is a priority in Islamic legal policy. Such necessitates caution against forms of infringement that violate this right due to their impact on the fairness and efficiency of the monetary system. Originality: This research's originality lies in its characterisation of the generation of credit money and the issuance or mining of virtual currencies as contemporary forms of infringement on the authority's general jurisdiction, akin to the counterfeiting of paper money.

Along with the rapid growth of technology, payment instruments are also changing. Electronic money is slowly but surely replacing the role of paper money and coins. The emergence of electronic money can provide convenience for consumers, it can lead to an increase in the demand for goods and services that ultimately leads to demand-pull inflation.The purpose of this study is to determine the impact of electronic money transactions (both in natural and in value terms) on inflation growth. By using the Chow Breakpoint Test, Difference-in-Differences and Propensity Score Matching shows that the inflation trend has tended to decline since the Bank of Indonesia launched its national non-cash campaign.By using the ordinary least squares (OLS) method was revealed that an increase in the volume of electronic money transactions in the long-term may affect a decrease in inflation, but not in the short-term. The rate of interest of the Bank of Indonesia, the growth of lending and GDP led to the decline in inflation.It was concluded that the Bank of Indonesia could expand the use of electronic money to manipulate inflation levels in the long-term. The policy that can be implemented by Bank Indonesia is to distribute electronic money infrastructure services more evenly and increase the socialization of the use of electronic money, especially in remote areas.

The development of mobile technology has facilitated the widespread adoption of digital currency worldwide. An important application of mobile technology is digital currency, which has gained global popularity due to its blockchain and peer-to-peer mobile payment mechanisms. The emergence of private digital currencies, such as Bitcoin, poses a challenge to the monetary policy of governments. To address this threat, many central banks are developing their own central bank digital currencies (CBDCs) with legal support. China's CBDC, e-CNY (electronic China Yuan), is one of the most advanced examples of this innovation. However, the adoption and usage of e-CNY by residents is still limited and requires improvement. This paper aims to identify and analyze the factors that influence residents' willingness to use e-CNY, based on a literature review and a logistic regression model. The results indicate that residents' awareness, convenience, cost, promotional activities, and the involvement of relevant parties (merchants, commercial banks, payment institutions, and the People's Bank of China (PBC)) significantly influence their willingness to use e-CNY. This paper presents implications and suggestions for promoting and implementing e-CNY in China. [ABSTRACT FROM AUTHOR]

Industry is the most important part of the state's economy. It provides the majority of revenues in the treasury and is the largest employer in the Republic of Bulgaria. For these and many other reasons, it needs the stability of the country's financial system. A central factor for financial stability is the central credit register. [ABSTRACT FROM AUTHOR]

The online video game market is forecasted to be valued at $321.6 billion by 2027. Today, younger generations increasingly prefer spending their leisurely time playing online video games. Beyond providing a leisurely - and often competitive - activity to the bulk of its user base, online video games provide cybercriminals with an environment that is free from the reigns of legal enforcement. More specifically, with the growing popularity and uptake of the microtransaction business model, money launderers are provided with novel channels to move their illicitly gained funds. A continuously expanding body of evidence underscores that money laundering is occurring through online video games. Foremost, cybercriminals are attracted to the anonymity and global reach offered by online video games with few to no controls currently in place to disrupt laundering processes. Furthermore, regulations are struggling to keep pace with the latest money laundering strategies employed by cybercriminals. This paper explores and discusses money laundering in the context of online video games. Core vulnerabilities enabling money laundering to occur through online video games are identified. Security controls to reduce the scale of laundering are proposed. [ABSTRACT FROM AUTHOR]

Purpose - The paper summarizes the theoretical and empirical knowledge on the use and transactions of cryptocurrencies in tourism and examines the use of cryptocurrencies as a means of payment in Croatian tourism. Methodology/Design/Approach - The empirical research examines the attitudes and opinions of tourists in Croatian tourism regarding their willingness to pay with cryptocurrencies while travelling. Findings - The research results show a low level of payment for tourism services with cryptocurrencies in the Republic of Croatia, but a fairly open acceptance of cryptocurrencies as a means of payment for tourism services. The study found no correlation between the profile of respondents and the motivation to pay with cryptocurrencies. However, a correlation was found between the age of the respondents and the intention to pay, but there were no statistically significant differences in the intention to pay according to the age group of the respondents. No correlation was also found between motivation and intention to pay with cryptocurrencies. Originality of the research - The study can serve as a basis for further research on the use of cryptocurrencies in tourism. It helps to expand knowledge about the motivation and intention to use cryptocurrencies on a tourism trip and to understand tourists' behavior. [ABSTRACT FROM AUTHOR]

This study employs information economics and the financial intermediary theory to explore the influences of private information in virtual communities and financial technology (fintech) derived from virtual currency on financial stocks. The paper conducts robust analyses on 67,166 data observations of the stock markets in China and Taiwan and finds that virtual currency development causes a structural change in the financial industry. The financial stocks in Taiwan are obviously driven by virtual factors, whereas those in China are subject to both pull from substantial factors and push from virtual factors. The research findings also suggest that the non-fundamental herding behavior driven by private information interferes with the value of financial stocks. However, financial innovations boost the competitiveness of the financial industry. It is advised to establish a policy to closely monitor the diffusion of private information and the exchange rate volatility between cryptocurrencies and home currencies to facilitate proactive financial risk management. [ABSTRACT FROM AUTHOR]

This research aims to investigate the impact of the electronic money revolution on consumer financial behavior in the digital shopping trend. The research method used is descriptive quantitative using secondary data from Bank Indonesia for the 2018-2023 period regarding electronic money. The findings of this research show that the value of shopping transactions using electronic money continues to increase from year to year, reflecting a shift in consumer behavior towards digital payments. The contribution of this research is to provide a better understanding of how the adoption of electronic money has changed the way consumers make payments, and spending patterns, as well as perceptions and attitudes towards the security of online transactions. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Academic Finance is the property of Academic Finance Journal 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.)

The widespread adoption of digital technologies in finance has led to the development of new financial instruments. Digital technologies offer benefits such as faster transactions, increased consumer satisfaction, and greater competitiveness of financial institutions. The article examines the latest forms of Fintech and their distribution in smart cities, as well as the implementation of smart projects. It is important to note that any subjective evaluations have been excluded from this analysis. The article systematises the main directions and forms of application of modern financial technologies. These include payments, lending, investing, cryptocurrencies, blockchain, assessment, and analytics. Payment systems and applications that allow online payments, money transfers, and cashless transactions fall under the payments category. Crowdfunding, peer-topeer lending, and microfinance are forms of lending. Investment robots and smart portfolios are automated platforms that fall under investing. Cryptocurrencies and blockchain are technologies that allow transactions with cryptocurrencies. Innovative methods of assessing the creditworthiness of clients and providing loans fall under the assessment and analytics category. Implementing projects in smart cities requires significant resources. To expand the financial capacity of local authorities, the following tools are used: public financing, partnerships with the private sector, crowdfunding, international programs and initiatives, investment funds, loans, and partnerships with academic and research institutions. Fintech has advantages, but it also poses threats and challenges such as cyber threats, personal data protection, risks of illegal operations, and psychological aspects. Appropriate actions are necessary to prevent and address these issues, and further research is needed. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Application Business & Management / Jurnal Aplikasi Bisnis dan Manajemen is the property of IPB 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.)

The FinTech sector, as one of the dynamic parts of Ukraine's economic frontier, has not only withstood the challenges of one of the most difficult times of independence, but has also continued to develop despite all the difficulties of the difficult time, and often despite it. The purpose of the article is to study the legal framework and methodology for the use of virtual assets as a means of payment in Ukraine before and after the entry into force of the cryptocurrency-specific Law No. 2074. Methodology. Both general scientific and special legal research methods were used to achieve the purpose of the study. The scientific novelty is an attempt to provide a legal assessment of the existing methodology for conducting increasingly popular transactions with virtual assets through the acquiring mechanism, against the background of an almost non-existent legal framework for their regulation. Conclusions. In fact, there is a paradigm in Ukraine regarding the recognition of virtual assets as means of payment. On the one hand, formally, at the legislative level, there are no plans to recognize virtual assets as a means of payment after the entry into force of Law 2074. On the other hand, from a practical point of view, before the entry into force of Law 2074, virtual assets are increasingly accepted as a means of payment in Ukraine. Prior to the entry into force of Law 2074, banks and cryptocurrency exchanges must act as tax agents in acquiring transactions for the purpose of payment for services and goods. Amendments to the Tax Code of Ukraine for the entry into force of Law 2074 do not provide for withholding tax when paying income to an individual from transactions with virtual assets. This will not contribute to the timely and full payment of taxes to the budget. The widespread use of cryptocurrencies directly in payments for goods and services in Ukraine, without official acquiring operations, before the entry into force of Law 2074 may have certain negative tax consequences for business entities. [ABSTRACT FROM AUTHOR]

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. Impact Statement: This work contributes to the understanding of the behavior of financial actors within developing countries such as those in the WAEMU. It thus offers an opportunity for decision-makers to take corrective measures. [ABSTRACT FROM AUTHOR]

The major Objective of this research paper is to design the Mobile Smart Device Digi Cash Intrusion Detection Framework (MSDDID) for assessing Intrusion Detection (ID) techniques and evaluating ID parameters that has to be rectified for enhancing the security of Digital Cash Transactions in Mobile Smart devices. The Research examined the Intrusion Detection dataset with 41 predictive features and 1 class feature for evaluating prediction in its novel form. The Framework was examined in WEKA with RapidMiner for analysis. The Results of classifiers Decision Table (98.7%), Random Forest Tree (99.79%), AdaBoost (94.37%), CART Model (99.61%), LazyIBK (99.44%), Naïve Bayesian (89.66%) signified that Smart devices security in Digi cash transactions could be predicted with refinement of data during transaction as deployed in this research work. The cluster analysis again conformed that num_root, su_attempted and num_compromised were the three parameters predominantly used for intrusions in the network and has to be addressed in the model. [ABSTRACT FROM AUTHOR]

In the present paper, the Granger causality test is used to study the causality relationships between Bitcoin and some of the most highly traded currencies, including euro, Japanese yen, British pound, Chinese yuan, and Indian rupee. To this purpose, the daily exchange rates of Bitcoin and the selected currencies to USD between 2014 and 2018 were used. Different from findings in existing literature, our study shows that there are no Granger causalities between Bitcoin and Euro, Japanese yen, British pound, and Indian rupee. A Granger causality is found in the direction from the Chinese yuan to Bitcoin.

The widespread adoption of digital technologies in finance has led to the development of new financial instruments. Digital technologies offer benefits such as faster transactions, increased consumer satisfaction, and greater competitiveness of financial institutions. The article examines the latest forms of Fintech and their distribution in smart cities, as well as the implementation of smart projects. It is important to note that any subjective evaluations have been excluded from this analysis. The article systematises the main directions and forms of application of modern financial technologies. These include payments, lending, investing, cryptocurrencies, blockchain, assessment, and analytics. Payment systems and applications that allow online payments, money transfers, and cashless transactions fall under the payments category. Crowdfunding, peer-to-peer lending, and microfinance are forms of lending. Investment robots and smart portfolios are automated platforms that fall under investing. Cryptocurrencies and blockchain are technologies that allow transactions with cryptocurrencies. Innovative methods of assessing the creditworthiness of clients and providing loans fall under the assessment and analytics category. Implementing projects in smart cities requires significant resources. To expand the financial capacity of local authorities, the following tools are used: public financing, partnerships with the private sector, crowdfunding, international programs and initiatives, investment funds, loans, and partnerships with academic and research institutions. Fintech has advantages, but it also poses threats and challenges such as cyber threats, personal data protection, risks of illegal operations, and psychological aspects. Appropriate actions are necessary to prevent and address these issues, and further research is needed.

This paper studies the economic impacts of implementing the "Gacha" strategy in free-to-pay mobile games. The Gacha strategy allows game providers to sell stochastic products in games, such that the players pay in-game virtual currencies to obtain a random product. Various Gacha games have achieved financial success in recent years. One such Gacha game is Genshin Impact, an action role-playing game. After being released in September 2020, Genshin Impact had a revenue of more than $3 billion in its first year of release, the highest for any video game. Prior studies on Gacha games mainly focus on debating whether the Gacha games can be associated with gambling. To the best of our knowledge, the economic impacts of the Gacha on free-to-pay mobile games have not been explored yet. In this paper, we build a theoretical model to study how free-to-play mobile game providers benefit from the Gacha strategy. We show that, for the mobile games that follow the Game-as-a-Service revenue model, the Gacha strategy could lead to higher revenue than the commonly used Freemium strategy. We characterize a sufficient condition for the Gacha strategy to be optimal. We further show that the Gacha strategy converts non-paid players to payers gradually, and thus benefits the game providers in the long run. [ABSTRACT FROM AUTHOR]