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1
Maduranga, H. A. C. P., ,. Bandara H.M.C., Nipuna Ravishka E.A, Ranjitha H.D.K. 1, and L. D. A. D. Dissanayake. "Study on the Behavioral Intention to use Cryptocurrency Market among Non-State University Students in Sri Lanka." SLIIT Business Review 02, no. 01 (June 1, 2022): 89–110. http://dx.doi.org/10.54389/kqzv9932.
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The rise of cryptocurrency in the modern digital economy is relatively new and evolving rapidly. Due to the intricate structure and insufficient knowledge about cryptocurrencies, it's use is limited to industrialized countries. The study consists of four independent variables: awareness, trust, ease of use, and risk. The dependent variable is cryptocurrency behavioral intention. A survey of 380 undergraduates is undertaken to get information on respondents' perceptions of cryptocurrency's attributes and their intention to invest in it in the future. Pearson Correlation analysis is being utilized to study the relationship between awareness, trust, ease of use, risk, and behavioral intention of cryptocurrencies as the major purpose. The dependent variable and Cryptocurrency Factors have a positive relationship, with a 0.01 level of significance for correlation. We adopted snowball sampling technique as the survey's sample design based on survey's results. Furthermore, the data is analyzed for reliability and validity using AMOS statistical software. Two of the four hypotheses were not supported while the other two were significantly supported. The study's findings enhance to undergraduates' potential investment opportunities in cryptocurrency and validate the level of accuracy of cryptocurrency knowledge among undergraduates in developing countries. By studying human behavior, researchers can better predict the prospects for future cryptocurrency adoption and success.
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Tauda, Gunawan A., Andy Omara, and Gioia Arnone. "Cryptocurrency: Highlighting the Approach, Regulations, and Protection in Indonesia and European Union." BESTUUR 11, no. 1 (August) (April 12, 2023): 1. http://dx.doi.org/10.20961/bestuur.v11i1.67125.
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<div><table cellspacing="0" cellpadding="0" align="left"><tbody><tr><td align="left" valign="top"><p class="Copyright">The speed of the adoption and use of cryptocurrency that utilizes blockchain technology as its central infrastructure is expanding globally, including in Indonesia. It has promising prospects as a future asset and payment instrument. However, the regulations in Indonesia are often delayed and inadequate for dealing with cryptocurrency's developments. This research is intended to analyze the approaches, regulations, and protection of the use of cryptocurrency. This study argues that the regulatory approach to using cryptocurrency is balanced, while Indonesia has a partial status in cryptocurrency legality. The government’s protection of cryptocurrency investors is adequate in using cryptocurrency as a commodity traded on futures exchanges with a license from <em>Bappebti</em>. A progressive policy for establishing the Digital Asset Law by the government is important due to the resultant clarity in the regulatory status of cryptocurrency will allow the ecosystem to grow and promote innovation, thus harnessing the benefits of cryptocurrency while mitigating related risks.</p></td></tr></tbody></table></div>
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Maha Rani, Dewanti Arya, I. Nyoman Gede Sugiartha, and Ni Made Sukaryati Karma. "Uang Virtual (Cryptocurrency) Sebagai Sarana Tindak Pidana Pencucian Uang dalam Perdagangan Saham." Jurnal Konstruksi Hukum 2, no. 1 (March 1, 2021): 19–23. http://dx.doi.org/10.22225/jkh.2.1.2961.19-23.
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The continuation of the electronic media that is widely discussed today is virtual money, commonly known as cryptocurrency. Cryptocurrency can also be referred to as an unformed commercial object; actually in digital form which can be used in electronic transactions. This study aims to analyze the existence of virtual money (cryptocurrency) in stock trading in Indonesia and to find out the responsibilities of money laundering offenders who use virtual money (cryptocurrency) in stock trading. The research method used is normative legal research. The results show that the existence of virtual money (cryptocurrency) in stock trading in Indonesia when used as currency unification, transact, trade or as a means of payment with businesses in this case, especially stock trading in Indonesia can be said to be invalid in terms of Law Number 7. 2011 concerning Currency. Users of virtual money (cryptocurrency) in Indonesia are quite widely used in business, which can be seen in Indonesia itself that virtual money (cryptocurreny) such as Bitcoin and Centcoin are circulating. Then, the responsibility of the perpetrators of money laundering who use virtual money (Cryptocurrency) in stock trading, where this action has a very negative impact on the Indonesian State, especially in terms of business because people who have committed these crimes take advantage of technological advances unwise so that the perpetrators can be ensnared based on Law No. 8 of 2010 concerning the prevention and eradication of the crime of money laundering.
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Gill, Atif Ali, Babar Ali, and Khadija Rafia Kazmi. "BOON OR A BANE: A QUALITATIVE STUDY TO EXPLORE THE CRYPTOCURRENCY AFFECT THE TRADITIONAL FINANCIAL SYSTEM IN A DEVELOPING ECONOMY." Pakistan Journal of Social Research 04, no. 03 (September 30, 2022): 357–64. http://dx.doi.org/10.52567/pjsr.v4i03.724.
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Cryptocurrency is the top trend of the current era. It gained popularity quickly because of its advantages, such as cost-effectiveness, convenience, and secure medium of exchange. However, it suffers from the problem of money laundering, the mining process, and the outflow of the dollar. The current study aims to find cryptocurrency’s impact on the traditional financial system. For this purpose, the current research conducted interviews with ten different persons that know the use of cryptocurrency. After making different themes from transcribed data, NVivo software is used to analyze with the help of Word Tag Cloud, Word Tree Map, and Hierarchy Chart of the Word Tree. This study finds that cryptocurrency can be beneficial for the traditional financial system in case of its centralization under proper legislation to avoid money laundering and outflow of the dollar because it is more convenient, cost-effective, and secure than a traditional transaction system. Keywords: Cryptocurrency, medium of exchange, family food environment, family mealtimes, thematic analysis, Covid-19 pandemic, Pakistan
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Luhina, N. A., and I. V. Kybysh. "Prevention of criminal offenses related to the use of cryptocurrency." Analytical and Comparative Jurisprudence, no. 4 (November 27, 2022): 287–92. http://dx.doi.org/10.24144/2788-6018.2022.04.52.
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The importance of legal protection and ensuring the prevention of criminal offenses related to the use of cryptocurrency was noted. The history of legal regulation of the use of cryptocurrency in Ukraine is briefly analyzed. An analysis of the Law of Ukraine "On Virtual Assets" was carried out and some of its shortcomings were identified.
Cryptocurrency is proposed to be considered one of the types of virtual assets, namely digital currency (electronic funds), the emission and accounting of which is based on asymmetric encryption, the use of cryptographic protection methods.
It is indicated that activities to prevent crimes related to the use of cryptocurrency should be extremely diverse, taking into account the fact that violations of the circulation of cryptocurrency will eventually penetrate into all major spheres of public life, and will require adequate measures.
The concept and main types of general social principles for the prevention of offenses related to the use of cryptocurrency in Ukraine are defined. It is indicated that such preventive activity is a humane means of maintaining the country's security and law and order. These include verification of state regulation of the virtual assets market, control over the activities of participants in the virtual assets market, identification of criminogenic factors in legal entities where offenses related to the use of cryptocurrency are most often committed; development of rules for the use of cryptocurrency typical for all participants of the virtual assets market and others.
The implementation of general social principles for the prevention of offenses related to the use of cryptocurrency in Ukraine, along with the protection of society from these offenses, protects offenders from committing more serious offenses, and thus saves them from severe criminal punishment.
Special criminological measures to prevent crimes related to the use of cryptocurrency are analyzed. It is emphasized that such measures involve the creation of an optimal system for detecting the facts of these offenses and identifying persons who commit such actions. For this, it is necessary to reach a situation where the maximum possible number of sources of information regarding offenses related to the use of cryptocurrency will function.
Individual approaches to the prevention of offenses related to the use of cryptocurrency involve the work of authorized bodies with individual individuals. Forms of individual prevention include studying the identity of potential offenders, interviewing individuals, surveillance and other measures. An important measure of individual prevention of offenses related to the use of cryptocurrency is the creation of a data bank on persons who have committed offenses in the specified or related areas.
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GONAK, Igor. "ECONOMIC ASPECTS OF CRYPTOCURRENCY MINING." WORLD OF FINANCE, no. 2(71) (2022): 43–56. http://dx.doi.org/10.35774/sf2022.02.043.
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Introduction. Economic development of Ukraine in the third decade of the 21st century largely depends on the development of digital technologies, on which the cryptocurrency business directly depends. According to the Index proposed by chainalysis.com, Ukraine is one of the leaders in the world and the undisputed leader in Europe in the adoption of cryptocurrencies. This became possible thanks to the active development of financial and information technologies in Ukraine, and the financial, economic and military-political crises only give additional impetus to the development of the cryptocurrency business due to its global nature and full or indirect independence from attempts at state regulation. One of the areas of cryptocurrency business development is cryptocurrency mining. The purpose of the article is to reveal the algorithm of conducting business in the field of cryptocurrency mining and the economic efficiency of mining in Ukraine and the possibility of its impact on economic growth in the country. Results. Cryptocurrency mining is the process of creating cryptocurrency coins. It has been investigated that the cryptocurrency mining process is not a financial pyramid or some kind of virtual game, but is one of the newest types of business activity, which requires significant theoretical and practical economic and technical knowledge, is economically expedient both in the short and long term. When mining, you can use a variety of computer equipment, depending on the miner’s economic tasks and desired results. ASIC equipment has been developed for mining on an industrial scale. Cloud mining is used for investing. If there is no knowledge about mining and limited financial resources, you should use browser mining or mine on your own PC, laptop or smartphone. However, the most efficient and widespread mining takes place on video cards. It was found to be a by-product of mining. It is estimated that there is a slight correlation between the earnings of miners on the Ethermine mining pool and the daily mining profit. Conclusions. Although the history of cryptocurrency business is only one and a half decades, mining, as an object of business activity in Ukraine, is a significant economically effective type of business activity, which is noted in the world rating of the perception of cryptocurrencies, according to which Ukraine is one of the world leaders. Attempts to implement legal regulation of cryptocurrency mining both in Ukraine and in other countries, and its gradual implementation do not significantly harm the creation, distribution and use of cryptocurrency coins, however, will create transformed conditions for the economic attractiveness of cryptocurrency mining as business objects.
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Amany, Ashilla Nadiya, Francinita Putri, and Bima Cinintya Pratama. "Risks of Cryptocurrency Investment from the Perspective of Sharia Economic Law." Proceedings Series on Social Sciences & Humanities 7 (August 24, 2022): 1–8. http://dx.doi.org/10.30595/pssh.v7i.465.
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Money is a medium of exchange used to pay for goods or services. However, over time, the function of money evolved so that it could be used as a unit of account and a store of value. The development of the digital era provides economic convenience, resulting in a change in the use of money, one of which is the emergence of crypto or cryptocurrency investments that are used as digital currencies. Because there is no official permit from the government or state financial institutions, the existence of cryptocurrency investment in Indonesia is still questionable. So there is a high enough risk to invest there, such as if the investor loses money when the cryptocurrency's price falls. The methodology employed in this study is descriptive, with a qualitative approach. To evaluate the risk of cryptocurrency investment through the lens of Islamic economics.
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Faturahman, Adam, Vertika Agarwal, and Chandra Lukita. "Blockchain Technology - The Use Of Cryptocurrencies In Digital Revolution." IAIC Transactions on Sustainable Digital Innovation (ITSDI) 3, no. 1 (October 31, 2021): 53–59. http://dx.doi.org/10.34306/itsdi.v3i1.523.
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?Cryptocurrency is a blockchain-based technology that is often used as a digital currency. Digital money is different from conventional money, this type of money does not have a physical form but only a block of data bound by a hash as validation. The data is spread to every cryptocurrency user who is in the environment. So that when a user makes a transaction, data mining will be carried out. Cryptocurrencies have several advantages but also have disadvantages when used as currency, from a legal point of view there is still no law governing the circulation of currency in digital form (cryptocurrency). The government must recognize digital currency so that it can be accepted by the general public as a means of payment. For now, the government has not recognized digital money (cryptocurrency) as a currency, because Cryptocurrency is a new phenomenon by some people in Indonesia. The rapid development of technology in the 4.0 revolution era, in the next few years money in physical form will be replaced by digital money seeing the many conveniences provided by using digital money.
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M. Battalova, Linara, Rafael N. Enikeev, Nicholas A. Kokanov, Evgeny A. Semivelichenko, and Viktor S. Probichev. "LEGAL REGULATION OF VIRTUAL CURRENCY: INTERNATIONAL EXPERIENCE AND DEVELOPMENT TREND IN RUSSIA." Humanities & Social Sciences Reviews 7, no. 4 (October 5, 2019): 911–14. http://dx.doi.org/10.18510/hssr.2019.74122.
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Purpose: The development of the digital economy has become essential in the modern world. Entrepreneurs use digital technologies to carry out their activities, through which they enter into various civil-legal relations. One of the most pressing topics discussed in the legal community is the use of cryptocurrency in trading. Currently, there is no mechanism for the legislative regulation of the circulation and the use of the cryptocurrency. The main purpose of this study was to develop legal proposals and effectively regulate cryptocurrency.
Method: the development trend of cryptocurrency in the Russian Federation was analyzed, and the experiences of foreign countries (USA, Germany, France, China, and Japan) were studied.
Findings: This research analyzed the problem of the legal regulation of the cryptocurrency, which is a logical continuation of the development in digital technologies and digital economy. Finally, the authors offer a legal community with single matrix of the legal regulation of the cryptocurrency consisting of international, regional and domestic levels.
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Ter Ji-Xi, Joye, Yashar Salamzadeh, and Ai Ping Teoh. "Behavioral intention to use cryptocurrency in Malaysia: an empirical study." Bottom Line 34, no. 2 (August 28, 2021): 170–97. http://dx.doi.org/10.1108/bl-08-2020-0053.
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Purpose The purpose of this study is to empirically examine the factors influencing consumer behavioral intention (BI) to use cryptocurrency as a medium of transaction. Constructs from the unified theory of acceptance and use of technology model and an added variable, perceived risk (PR), are examined to predict BI. Age and gender as moderators are retained in this model. Design/methodology/approach An online survey was used to gather the respondents’ responses on a five-point Likert scale. G * Power was used to calculate the required minimum sample size. A non-probability sampling technique was used to gather data from the 290 respondents based in Malaysia. The final data set was analyzed using the statistical package for the social sciences and SmartPLS software using structural equation modeling. Findings The results show that three of the five proposed factors (performance expectancy, effort expectancy and facilitating condition) are significant predictors of BI to adopt cryptocurrency as a medium of transaction. Interestingly, PR is not a significant predictor even though prior research studies showed otherwise. Likewise, the relationship between BI and social influence became significant only when age is added as a moderator. Practical implications Malaysians are still wary of cryptocurrency, even though global tech firms such as Amazon and Microsoft are already accepting Bitcoin as a payment method. This study aims to provide relevant authorities and businesses (i.e. central bank, retail merchants and cryptocurrency exchangers) insights toward understanding the factors consumers focus on if they were to use cryptocurrency as a medium of transaction. Originality/value Most cryptocurrency research are done in developed countries (i.e. USA, UK and EU) perspective. This research addresses the lack of quantitative literature on significant factors influencing BI to use cryptocurrency in developing country context while taking a PR, age and gender into consideration.
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Labunska, S. V., T. M. Serikova, and M. V. Sobakar. "Approaches to and Methodological Basis of Accounting for Intangible Assets Generated in Cryptocurrency." PROBLEMS OF ECONOMY 2, no. 48 (2021): 225–35. http://dx.doi.org/10.32983/2222-0712-2021-2-225-235.
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The article aims at assessing cryptocurrency dynamics in global economy; studying the prospects and risks of its use in business activities; suggesting approaches to recognize, record and value cryptocurrency in the accounting system of domestic enterprises. The article considers the prospects and risks of using cryptocurrencies by domestic businesses and identifies the importance of developing digital assets at an enterprise. The urgency of developing such accounting and of the necessity to manage cryptocurrencies at an enterprise is substantiated. It is established that the attitude to cryptocurrency and the level of development of the regulatory field significantly vary from state to state, and thus international regulations govern neither the use of nor accounting for such assets. The article substantiates the compliance of cryptocurrency with the recognition criteria for enterprise assets, thus making it necessary and possible for an enterprise accounting system to recognize cryptocurrency. The authors substantiate the options for attributing cryptocurrency to various types of enterprise assets. Due to the lack of regulation of cryptocurrency accounting at the legislative level, guidelines are suggested for the cryptocurrency accounting process, which include options for classifying cryptocurrency depending on the purpose of its use, namely: classifying cryptocurrency as intangible enterprise assets, but distinguishing between current and non-current assets, and monetary and non-monetary ones. Each of these options is accompanied by the use of separate accounts and the order of recording the valuation, use and disposal of cryptocurrency. Necessity to revalue cryptocurrencies due to their high volatility is substantiated. It is suggested to conduct revaluation of cryptocurrency to ensure objective valuation of assets and that of the enterprise in the form of revaluation (increase/decrease in the value) and by determining exchange rate differences.
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Wiwoho, Jamal, Anugrah Muhtarom Pratama, Umi Khaerah Pati, and Kukuh Tejomurti. "Examining Cryptocurrency Use among Muslim Affiliated Terrorists: Case Typology and Regulatory Challenges in Southeast Asian Countries." AL-IHKAM: Jurnal Hukum & Pranata Sosial 18, no. 1 (June 3, 2023): 102–24. http://dx.doi.org/10.19105/al-lhkam.v18i1.7147.
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Many policymakers and scholars have discussed concerns regarding terrorist group use of cryptocurrency in recent years. While some argue that the threat is still limited, others argue that the current usage of cryptocurrency does not match the entirety of features that terrorist groups require and desire. In the end, it is still critical to recognize that the cryptocurrency used for terrorist financing frequently depends on several influencing factors. This study aims to (i) investigate the utilization of cryptocurrency by Moslem-affiliated terrorists in Southeast Asia; (ii) map the case typology of cryptocurrency use in Southeast Asian terrorist funding; (iii) describe the regulatory challenges raised in Southeast Asia. This research is a type of doctrinal legal one using the statute, case, and conceptual approaches. The results of this study acknowledge the limited but increasing risk of terrorist financing by cryptocurrency over the 2015-2022 timeframe in Southeast Asia. Furthermore, the existing typology of cases uses smurfing and structuring techniques with high and medium levels of risk. This research ends by recommending actions that Southeast Asian country stakeholders can take to reduce the potential of cryptocurrency usage in terrorist funding by harmonizing their counter-terrorist financing regulatory approaches and implementing investigative best practices.
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Li, Chunling, Nosherwan Khaliq, Leslie Chinove, Usama Khaliq, József Popp, and Judit Oláh. "Cryptocurrency Acceptance Model to Analyze Consumers’ Usage Intention: Evidence From Pakistan." SAGE Open 13, no. 1 (January 2023): 215824402311563. http://dx.doi.org/10.1177/21582440231156360.
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Blockchain and cryptocurrencies are transformative fintech breakthroughs that infiltrate the financial sector; however, they have many drawbacks and limits. Consumers have shown an insufficient level of acceptance of these innovations. This paper elucidates the main reasons for the effective growth of a cryptocurrency from user behavior. The objective is to determine what factors influence consumers’ intentions to engage in blockchain-based cryptocurrency dealings. Considering the complexity of emerging technologies, this paper applied an integration model which assumes various external elements such as financial literacy, performance expectancy, facilitating conditions, effort expectancy, awareness, trust, design, and social influence. Smart PLS3 has been used. The most critical determinant of a cryptocurrency’s growth is “design.” On the other hand, “design” affects effort expectancy positively, and social influence affects trust. Awareness, performance expectancy, financial literacy, and effort expectancy significantly affect intentions to use cryptocurrency. It’s worth mentioning that it is the first research to examine Pakistani customers’ perceptions of Bitcoin and their ability to partake. As a result, it is intended to serve as a base for potential research in this area.
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Tkachenko, D. G. "SPECIAL ASPECTS OF THE QUALIFICATION OF MEDIATION IN BRIBERY AND COMMERCIAL PAYMENT WITH THE USE OF MODERN DIGITAL TECHNOLOGIES." Vestnik of Khabarovsk State University of Economics and Law, no. 1 (105) (March 3, 2021): 130–32. http://dx.doi.org/10.38161/2618-9526-2021-1-130-132.
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Cryptocurrency is a decentralized currency, which is characterized by independence from a shared transaction processing center. Currently, there is no concept of cryptocurrency in the legislation. At the same time, having the properties of a financial instrument for payments, cryptocurrency can be used as a tool of bribery
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T.A., Stas. "Use of Blockchain in the Banking System." KnE Social Sciences 3, no. 2 (February 15, 2018): 576. http://dx.doi.org/10.18502/kss.v3i2.1592.
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To date, blockchain technology is relevant in all areas and the banking system is not an exception. New technologies, such as blockchain technology should be introduced in the modern banking system, since they provide control over cryptocurrency that will help in counteracting money-laundering and financing of terrorism in the country and around the world. This article considers existing and new options of applying technology in practice and the problem of blockchain. Keywords: blockchain technology, cryptocurrency, micro-payments, a distributed registry.
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Kobylnik, Dmytro, and Anton Burchak. "Cryptocurrency as an object of tax law: practice of political application and legal regulation." Law and innovations, no. 2 (30) (June 2, 2020): 24–30. http://dx.doi.org/10.37772/2518-1718-2020-2(30)-3.
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Problem setting. The work is devoted to the study of the legal status of cryptocurrency as an object of taxation. The legal status of cryptocurrency in legal relations between tax authorities and individuals or legal entities is an urgent problem, since there is only a small number of works on this issue. Of particular note is the study of international experience in taxation of cryptocurrency transactions, as well as an analysis of the most relevant proposals for amending national legislation in order to establish the legal status of cryptocurrency and transactions related to cryptocurrency as an object of tax legal relations. Analysis of recent researches and publications. Despite the great relevance of this topic, in the modern science of tax law there are no fundamental scientific works and studies on the problems of taxation of cryptocurrency and cryptocurrency transactions. Target of research. The purpose of the scientific article is to conduct research on the legal nature of cryptocurrency, as well as the disclosure of theoretical, practical problems and features of legal regulation of cryptocurrency and operations related to the use of cryptocurrency in modern tax law. Article’s main body. The article deals with the legal nature of transactions connected with the use of the cryptocurrency as an object of tax relations. The issues of the possibility of attributing income, as well as profits from cryptocurrency transactions to the objects of taxation of personal income tax, profit tax, and value-added tax, are disclosed in accordance with the current tax legislation. The following conclusions have been drawn: it is impossible to impose the relevant taxes on income and profits from transactions with the cryptocurrency; there is a conflict in the current legislation, according to which the proceeds from transactions with cryptocurrency may be subject to the Law ‘On Prevention and Counteraction to Legalization (Laundering) of the Proceeds from Crime or Terrorism Financing, as Well as Financing Proliferation of Weapons of Mass Destruction’ In addition, foreign experience of legal regulation of transactions with cryptocurrency in tax legislation in such economically developed countries as the USA, Great Britain, Canada, Germany, Switzerland, etc. has been analyzed. It has been established that nowadays, in world practice, there is no unambiguous approach to the tax regulation and taxation of cryptocurrency transactions. So, in some countries, the income from operations with cryptocurrency is taxable, while in others cryptocurrency transactions do not belong to objects of taxation. Conclusions and prospects for the development. As a result, the author presents her own proposals on amending the tax legislation aimed at determining the legal status of cryptocurrency transactions in tax law. The article is devoted to the legal nature of transactions related to the use of cryptocurrency as an object of tax relations. Foreign experience of taxation of operations with the cryptocurrency is analyzed. The author considers current proposals for amending the tax legislation of Ukraine, who’s the purpose of which is to determine the legal status and control measures for compliance with tax legislation in the implementation of cryptocurrency transactions in tax law.
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Ganapathy, Apoorva, Md Redwanuzzaman, Md Mahbubur Rahaman, and Wahiduzzaman Khan. "Artificial Intelligence Driven Crypto Currencies." Global Disclosure of Economics and Business 9, no. 2 (December 31, 2020): 107–18. http://dx.doi.org/10.18034/gdeb.v9i2.557.
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Artificial intelligence-driven cryptocurrencies are cryptocurrencies created by Artificial intelligence using the traditional human cryptocurrency development framework without human intervention. An AI explores the data from each different stream and arriving at the framework which can host these cryptocurrencies following the standards of legality. Cryptography is the encryption of specific data to conceal it and keep it a secret from unwanted third parties. Cryptocurrencies are encrypted currencies with unique keys as developed by developers. Artificial intelligence is an advanced machine programmed to simulate and emulate human intelligence by carrying tasks and reaching conclusions with little or no human intervention. This work considered the use of AI through machine learning and deep learning in the development of cryptocurrencies. The AI machine will set all the parameters and structure of the cryptocurrency. This will include how data is added, removed, and verified on the stream. Blockchain is an open ledger of a cryptocurrency's transactions. It stores files in the system, arranged in blocks, and connected on a list called chains. The article considers how AI-driven cryptocurrency will run using the blockchain network and its impact on it. Artificial intelligence and cryptocurrency are technological very essential technological development currently. The effect of the combination of both technologies would be enormous in the future as both technologies will develop each other remarkably.
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Muharni, Delva, and Rita Rahayu. "Faktor – Faktor yang Mempengaruhi Niat Investasi Cryptocurrency dengan Literasi Keuangan dan Literasi Keuangan Digital sebagai Variabel Moderasi." Syntax Literate ; Jurnal Ilmiah Indonesia 8, no. 6 (July 6, 2023): 4681–93. http://dx.doi.org/10.36418/syntax-literate.v8i6.12704.
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This research will discuss what factors influence the intention to use cryptocurrency as an investment option. In addition, this study also examines the moderating effect of financial literacy and digital financial literacy on factors that influence the intention to use cryptocurrency as an investment option. This research was conducted because cryptocurrency which is a form of technological development has been recognized as a commodity asset in Indonesia and has made people start to choose it as an investment option. Research on this topic needs to be continued in Indonesia because research on cryptocurrency digital currency is still rarely done in developing countries. Millennials and Generation Z in Indonesia are the population in this study because technological developments are widely accepted in these generations. The research data was obtained from a survey using a questionnaire which was then processed using SmartPLS 4.0. The results of this study prove that performance expectations, effort expectations, social influence and facilitating condition significantly influence intentions to use cryptocurrencies as an investment option. In addition, this study also found that there is no moderating effect of financial literacy and digital financial literacy on factors that influence the intention to use cryptocurrency as an investment option. Thus the Indonesian government needs to develop a strategy for the public regarding the benefits of cryptocurrency in order to increase the use of cryptocurrency as an alternative investment.
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Vidal-Tomás, David. "Which cryptocurrency data sources should scholars use?" International Review of Financial Analysis 81 (May 2022): 102061. http://dx.doi.org/10.1016/j.irfa.2022.102061.
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Demieva, A. G. "CRYPTOCURRENCY LEGAL REGULATION: DEVELOPMENT TRENDS." Ex jure, no. 1 (2018): 18–29. http://dx.doi.org/10.17072/2619-0648-2018-1-18-29.
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the development of digital economics has taken on vital importance nowadays. Entrepreneurs in their business actively use digital technologies by which they enter into civil law relationships of different nature. Cryptocurrency usage in commerce is one of the most topical issues discussed in a legal community. The article analyzes an issue of legal regulation of cryptocurrency which logically follows digital technologies and digital economics development. Presently there are no legislative mechanisms of cryptocurrency turnover and usage regulation. The main aim of the article is to develop legal suggestions for cryptocurrency effective regulation. With this aim the author has analyzed cryptocurrency development trend in the Russian Federation, studied experience of foreign countries (USA, Germany, France, China and Japan). In his article the author offers for the legal community a single matrix of the cryptocurrency legal regulation which comprises three levels: international, regional and national.
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Yeong, Yoon-Chow. "What drives cryptocurrency acceptance in Malaysia?" Science Proceedings Series 1, no. 2 (April 24, 2019): 47–50. http://dx.doi.org/10.31580/sps.v1i2.625.
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Despite cryptocurrency is deemed as a core evolution to the field of financial technologies, its legal status remains debatable over the globe. While the Malaysian government has launched cryptocurrency regulations in 2019, it is expected cryptocurrency will still be around in the near future. However, there is a lack of cryptocurrency acceptance study in Malaysia context. The primary goal of this study is to propose a research model that combines cryptocurrency variables with the constructs embedded in the Unified Theory of Acceptance and Use of Technology2 (UTAUT2) to investigate the influencing factors of cryptocurrency acceptance in a developing country context.
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PYLYPENKO, Viktoriia, Mykhailo HALAI, and Ihor KOSIAK. "Cryptocurrency as a payment agent." Economics. Finances. Law 11/3, no. - (November 26, 2021): 20–24. http://dx.doi.org/10.37634/efp.2021.11(3).5.
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The paper examines the essence of cryptocurrency as a method of payment has been investigated and identifies its key features (exchange for goods or services; exchange for classic currency; payment for goods and services; minimum level of possibility of abduction; payments, fast and direct transactions; investment asset; business development in cryptocurrency). Different approaches to determining the legal nature of cryptocurrency are analyzed (cryptocurrency as a method of payment; cryptocurrency as a foreign currency; cryptocurrency as a financial asset; cryptocurrency as a financial pyramid). The conclusions of the EU court, the courts of the national system on the use of cryptocurrency as a means of payment are analyzed. The legal nature of cryptocurrency is determined through the prism of world practices of its use. The possibility of using cryptocurrencies in terms of their ability to perform the basic functions of money is analyzed. The paper examines two attempts of legislators to regulate the issues of taxation, legal nature and legal regulation of cryptocurrency in 2019 and 2020. Attention is also paid to the relevant institutions where you can pay with cryptocurrencies, namely: “Spendabit”, “CoinATMRadar”, exchange office in online networks – WebMoney. According to the National Bank of Ukraine, the danger of cryptocurrency transactions is indicated. Examples of the main risks associated with the purchase, sale, exchange and conversion of cryptocurrencies are given (possibility of loss of funds due to theft, possibility of fraud, lack of infrastructure, significant price fluctuations of cryptocurrencies, lack of guarantees for return of invested funds in cryptocurrencies). In conclusion, attention is drawn to the need for legislative regulation of the essence of cryptocurrency for further effective evolution.
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Tipanov, V., A. Drachov, S. Tkalenko, T. Mirzodaieva, and L. Syerova. "FINANCIAL AND LEGAL REGULATION OF BLOCKCHANE TECHNOLOGY: STATUS AND PROSPECTS OF CRYPTOVOLUTE USE." Financial and credit activity: problems of theory and practice 2, no. 37 (April 30, 2021): 72–83. http://dx.doi.org/10.18371/fcaptp.v2i37.229698.
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Abstract. The essence of cryptocurrencies is considered and the definition of their legal status is offered. The experience of some jurisdictions regarding the opportunities and threats of using and regulating cryptocurrencies has been studied. The authors analyzed the cryptocurrency market. The factors that led to the widespread use of cryptocurrency, which include financial instability, significant currency fluctuations, limiting capital flows and inflation of the currency in the country. The problem of information protection using blockchain technology, which is solved by a combination of block design and cryptographic protection, is considered. The capitalization of TOP cryptocurrencies for the last three years is analyzed, among which the leading ones are Bitcoin (VTS), Ethereum (ETH), Tether (USDT) and others. Identified issues that need to be addressed in the field of finance and legal regulation. In the process of analyzing the experience of regulating cryptocurrency, we have found similar and distinctive features in some jurisdictions. First, each country, in view of the great potential of the blockchain technology, is trying in one way or another to create a favorable climate for its development. Secondly, the use of cryptocurrency goods is rapidly developing, and their impact on economic processes, both at the international and national levels is increasing, while states are faced with the problem of adapting their tax legislation to the current challenges of the digital economy, since the definition of the status of cryptocurrency does not directly lead to lack of funds to the state budget from operations with these assets. Thirdly, today there are more than 2,000 cryptocurrencies is traded through various trading platforms — stock exchanges and can be used to launder proceeds from crime. Thus, it is necessary to develop common standards for the regulation of cryptocurrency and the requirements for such crypto exchange counterparts, through the licensing of operations with cryptocurrencies. At the same time, the important question is what government bodies should exercise such control. Keywords: technology blockchain, cryptocurrency, virtual currency, legal regulation of cryptocurrencies, state functions, cryptocurrencies taxation. JEL classіfіcatіon F01, F20, K33, K34 Formulas: 0; fig.: 0; tabl.: 1; bibl.: 23.
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Namahoot, Kanokkarn Snae, and Vichayanan Rattanawiboonsom. "Integration of TAM Model of Consumers’ Intention to Adopt Cryptocurrency Platform in Thailand: The Mediating Role of Attitude and Perceived Risk." Human Behavior and Emerging Technologies 2022 (August 31, 2022): 1–12. http://dx.doi.org/10.1155/2022/9642998.
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The purpose of this paper was to propose a model that examined a study adopting the technology acceptance model with additional constructs (i.e., innovativeness) and the mediating role of attitude and perceived risk to use the cryptocurrency platform in Thailand. The data were collected through a questionnaire-based survey (456 usable responses) from consumers in Thailand. A two-step SEM approach (i.e., a measurement model and a structural model) was used to analyze the data. The findings showed a significant positive influence of perceived usefulness, perceived ease of use, innovativeness, attitude, perceived risk, and cryptocurrency platform adoption. Moreover, attitude mediated the relationship between perceived usefulness, perceived ease of use, innovativeness, and cryptocurrency platform adoption. Overall, our results showed that the model of perceived usefulness, perceived ease of use, and innovativeness explained 62.9% of the variance in the intention to use the cryptocurrency platform in Thailand. Our study has contributed to the technology acceptance model and highlighted its effectiveness in explaining the adoption of the cryptocurrency platform in Thailand.
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Shabri Abd. Majid, M., Marliyah Marliyah, Rita Handayani, Fuadi Fuadi, and Afrizal Afrizal. "A STUDY OF LITERATURE: CRYPTOCURRENCY OF SYARIAH PERSPECTIVE." International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) 2, no. 1 (February 26, 2022): 93–102. http://dx.doi.org/10.54443/ijebas.v2i1.174.
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Cryptocurrency is a digital or virtual currency, which does not have a physical form like fiat money. This crypto currency can only be used through devices such as PCs, laptops, smartphones and other devices that are connected to the internet. There are several advantages in a crypto system that uses blockchain system, such as transaction security, convenience, speed and can be used across countries and continents, however cryptocurrency which is currently circulating also still have weaknesses, including there is no supervisory authority, even many countries have disagreements over the legality of this cryptocurrency. The debate about the pros and cons regarding to the use of cryptocurrency becomes dynamics among the experts including the scholars who have study from Islamic point of view. This research aims to examine the dynamics of using cryptocurrency from ushul fiqh point of view, where the methods which used in this research are al-qur'an, al-Hadith, Qiyas and Sad-Adzariyah. Basically the use of cryptocurrency is allowed to meet cetain conditions that is by removing batil elements as in Quran surah An-Nisa verse 29, those batil elements are gharar and mayshir. Moreover, cryptocurrency must also have clear legality in a country for security in their use.
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Abd. Majid, M. Shabri, Marliyah Marliyah, Rita Handayani, Fuadi Fuadi, and Afrizal Afrizal. "A STUDY OF LITERATURE: CRYPTOCURRENCY OF SYARIAH PERSPECTIVE." International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) 1, no. 2 (December 24, 2021): 417–28. http://dx.doi.org/10.54443/ijebas.v1i2.113.
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Cryptocurrency is a digital or virtual currency, which does not have a physical form like fiat money. This crypto currency can only be used through devices such as PCs, laptops, smartphones and other devices that are connected to the internet. There are several advantages in a crypto system that uses blockchain system, such as transaction security, convenience, speed and can be used across countries and continents, however cryptocurrency which is currently circulating also still have weaknesses, including there is no supervisory authority, even many countries have disagreements over the legality of this cryptocurrency. The debate about the pros and cons regarding to the use of cryptocurrency becomes dynamics among the experts including the scholars who have study from Islamic point of view. This research aims to examine the dynamics of using cryptocurrency from ushul fiqh point of view, where the methods which used in this research are al-qur'an, al-Hadith, Qiyas and Sad-Adzariyah. Basically the use of cryptocurrency is allowed to meet cetain conditions that is by removing batil elements as in Quran surah An-Nisa verse 29, those batil elements are gharar and mayshir. Moreover, cryptocurrency must also have clear legality in a country for security in their use.
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Fuadi, Fuadi, Afrizal Afrizal, M. Shabri Abd. Majid, Marliyah Marliyah, and Rita Handayani. "A STUDY OF LITERATURE: CRYPTOCURRENCY OF SYARIAH PERSPECTIVE." International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) 2, no. 1 (January 24, 2022): 1–8. http://dx.doi.org/10.54443/ijebas.v2i1.135.
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Cryptocurrency is a digital or virtual currency, which does not have a physical form like fiat money. This crypto currency can only be used through devices such as PCs, laptops, smartphones and other devices that are connected to the internet. There are several advantages in a crypto system that uses blockchain system, such as transaction security, convenience, speed and can be used across countries and continents, however cryptocurrency which is currently circulating also still have weaknesses, including there is no supervisory authority, even many countries have disagreements over the legality of this cryptocurrency. The debate about the pros and cons regarding to the use of cryptocurrency becomes dynamics among the experts including the scholars who have study from Islamic point of view. This research aims to examine the dynamics of using cryptocurrency from ushul fiqh point of view, where the methods which used in this research are al-qur'an, al-Hadith, Qiyas and Sad-Adzariyah. Basically the use of cryptocurrency is allowed to meet cetain conditions that is by removing batil elements as in Quran surah An-Nisa verse 29, those batil elements are gharar and mayshir. Moreover, cryptocurrency must also have clear legality in a country for security in their use.
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Shabri Abd. Majid, M., Marliyah Marliyah, Rita Handayani, Fuadi Fuadi, and Afrizal Afrizal. "A STUDY OF LITERATURE: CRYPTOCURRENCY OF SYARIAH PERSPECTIVE." International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) 2, no. 3 (June 30, 2022): 299–308. http://dx.doi.org/10.54443/ijebas.v2i3.255.
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Cryptocurrency is a digital or virtual currency, which does not have a physical form like fiat money. This crypto currency can only be used through devices such as PCs, laptops, smartphones and other devices that are connected to the internet. There are several advantages in a crypto system that uses blockchain system, such as transaction security, convenience, speed and can be used across countries and continents, however cryptocurrency which is currently circulating also still have weaknesses, including there is no supervisory authority, even many countries have disagreements over the legality of this cryptocurrency. The debate about the pros and cons regarding to the use of cryptocurrency becomes dynamics among the experts including the scholars who have study from Islamic point of view. This research aims to examine the dynamics of using cryptocurrency from ushul fiqh point of view, where the methods which used in this research are al-qur'an, al-Hadith, Qiyas and Sad-Adzariyah. Basically the use of cryptocurrency is allowed to meet cetain conditions that is by removing batil elements as in Quran surah An-Nisa verse 29, those batil elements are gharar and mayshir. Moreover, cryptocurrency must also have clear legality in a country for security in their use.
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Malyushev, A. V., and V. G. Sinelnikova. "Cryptocurrency as a New Phenomenon: Criminal Law Aspect." Sociology and Law, no. 1 (April 2, 2021): 119–25. http://dx.doi.org/10.35854/2219-6242-2021-1-119-125.
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The article discusses such new financial instrument as cryptocurrency. The authors present the characteristic features of cryptocurrency, advantages and risks of its use. The analysis is aimed at studying cryptocurrency as a legal phenomenon. The article attempts to determine the legal nature of cryptocurrency in accordance with modern foreign and Russian regulations. The authors consider the question of whether cryptocurrency can be the subject of crimes. The result of the analysis is the conclusion about the multidimensionality of the phenomenon and the need for detailed legislative regulation.
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Yoo, Soonduck. "How to Design Cryptocurrency Value and How to Secure Its Sustainability in the Market." Journal of Risk and Financial Management 14, no. 5 (May 6, 2021): 210. http://dx.doi.org/10.3390/jrfm14050210.
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The purpose of this study is to analyze the contents of cryptocurrency value design based on adaptability to the current market. It is also intended to provide a method of issuing cryptocurrency before its creation, and an operation method afterwards. Activities before the creation of cryptocurrency must determine desirable behaviors and rewards to create value, and suggest countermeasures to prevent participants from engaging in undesirable behaviors. After the creation of a cryptocurrency, it is necessary to propose a method to induce scarcity and increase demand so that the value of the generated cryptocurrency can be sustained. To observe this, we looked at the contents of the value design of the eight types of cryptocurrencies currently in use in the market. Some cryptocurrencies, such as Bitcoin, are choosing mining as a reward, to secure scarcity for maintaining the value of cryptocurrency, limiting the amount of issuance, and burning the already issued cryptocurrency in the market. Also, increasing demand helps maintain the value of cryptocurrency. This study can contribute to supporting the growth of a healthy cryptocurrency market through cryptocurrency-related research.
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Subačienė, Rasa, and Natalija Kurauskienė. "Evaluation of alternatives of cryptocurrency accounting." Buhalterinės apskaitos teorija ir praktika 22 (December 11, 2020): 4. http://dx.doi.org/10.15388/batp.2020.26.
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The emergence and popularity of the cryptocurrency has caused a great deal of controversy in the scientific community over market development opportunities, further use of virtual money, and its integration into traditional accounting systems. The global financial market creates many opportunities to use electronic and virtual money for various types of transactions, and the question of how to record cryptocurrency and related transactions in accounting remains relevant. The aim of the research is to evaluate the alternatives of cryptocurrency accounting. For the research methods of scientific literature analysis, comparison, interpretation, information systematization, generalization were used. Although various authors, national and international accounting standards regulators provide their insights and recommendations on cryptocurrency accounting, a unified system has not been formed yet. Currently are analysed such alternatives of cryptocurrency accounting as financial asset, intangible asset or inventory.
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T Gabor, Gideon. "Uncharted waters: an exegetical exploration of Ghana’s regulatory framework in relation to cryptocurrency." University of Cape Coast Law Journal 1, no. 1 (June 1, 2021): 37–56. http://dx.doi.org/10.47963/ucclj.v1i1.223.
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The historical evolution of money has taken many forms such as precious metals, cowries, banknotes and coins, with the latest stage of this evolving continuum being digital currency. This evolution has been characterised by the gradual movement to a more cashlite aware society. The transition is being facilitated by constant improvement in financial technologies and services. Ghana is no exception to this development. The emergence of credit and debit cards as well as mobile banking is digitising Ghana’s currency whilst extending financial services across the country. Mobile money payment facilitated by the telecommunication companies in partnership with the traditional banks is also fast-tracking Ghana’s progress towards a cashlite economy. In 2009, a new cash-like electronic instrument known as Bitcoin emerged. Bitcoin is touted as offering anonymous, fast and irreversible peer to peer transactions, across borders with little or no transactional cost. The introduction of Bitcoin has birthed the cryptocurrency era. The anonymous nature of cryptocurrency transactions is an attraction to criminals and terrorist organisations who use cryptocurrency to facilitate unlawful activities. Despite the enormous financial, social and economic, and even political risk in cryptocurrency use, this financial instrument is largely unregulated in most countries. The potential use of cryptocurrency for purposes outside the law justifies the need for regulation to make cryptocurrency use less attractive for unlawful activities. This article draws on the legal approaches to regulating cryptocurrency by adopting a desk research to theoretically examine and interpret primary and secondary sources of data in order to determine the possible existence of an existing Ghanaian legal framework regulating cryptocurrency in Ghana
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Ugarte, Dominic Arjuna, and Sean Young. "Attitudes About Cryptocurrency Incentives for Research Participation." Artificial Intelligence Advances 5, no. 1 (March 31, 2023): 1–7. http://dx.doi.org/10.30564/aia.v5i1.5395.
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It is essential to continually assess and find new ways to recruit and retain participants for research studies. Cryptocurrency is growing in popularity and may be a novel way to incentivize research participants. 100 participants, 50 of whom already had a cryptocurrency wallet and 50 of whom did not have a cryptocurrency wallet, were recruited through Facebook ads and completed a survey that asked about their experience with cryptocurrency and non-fungible tokens (NFTs) and potential interest in use of it for compensating research participants. The majority of respondents (79%) had some experience with cryptocurrency and 85% said they were comfortable trading cryptocurrency. Many participants had exchanged cryptocurrency within the past month (62%) and over their lifetime (70%). Respondents, however, were less familiar with NFTs, with only half having some experience with them. 18% of those without a cryptocurrency wallet and 42% of those with a cryptocurrency wallet chose to be compensated by cryptocurrency and NFT. Results suggest that, although cash and gift card incentives are preferred, there is an interest in cryptocurrency and NFTs. More studies will need to be done on a larger sample size and some of the challenges discussed (like cryptocurrency volatility) need to be addressed.
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Василенко, Артур Анатолійович. "CRYPTOCURRENCY PHENOMENON IN THE INTERNATIONAL MONETARY SYSTEM." ЕКОНОМІКА І РЕГІОН Науковий вісник, no. 3(64) (June 7, 2017): 95–100. http://dx.doi.org/10.26906/eir.2017.3(64).882.
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UDC 336.74
Vasylenko Artur, post-graduate student. Mariupol State University. Cryptocurrency Phenomenon in the International Monetary System. The main prerequisites of cryptocurrency emergence in the international monetary system in terms of regionalization of the world economy are defined in the article. Determination of «cryptocurrency» category was analysed from the point of two main approaches to its treatment: on the one hand cryptocurrency is admitted to be the currency equally to the sovereign currency, and on the other hand it is considered as an unrecognized virtual asset.
The main consequences which arise in case of widespread use of crypto currency for the country and for the parties that agreed to use cryptocurrency were analysed and systematized.
On the basis of the research, given the current trends in the world economy, the author put forward and substantiated the hypothesis to classify the phenomenon of cryptocurrency as the effects of a famous philosophical «Negation of negation law» formulated by G. Hegel at the beginning of the XIX century.
Keywords: cryptocurrency, material money, electronic money, digital currency, regional currency integration, blockchain, mining, capitalization, «Negation of negation law».
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Shmyreva, A. I., and S. I. Samokhvalov. "Some aspects of the functioning of the cryptocurrency market." Vestnik NSUEM, no. 1 (May 11, 2022): 116–26. http://dx.doi.org/10.34020/2073-6495-2022-1-116-126.
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The article considers the main factors that have a positive effect on the quantity demanded for cryptocurrency, and information is the primary one. The authors separately consider the use of Bitcoin throughout 2020 as the leading cryptocurrency on the market. The position of the direct dependence of the value of other cryptocurrencies on the behavior of Bitcoin is given. The study shows that in the modern world, cryptocurrency is not only an investment tool but also a payment instrument which gathers momentum. This is evidenced by the annual expansion of the use of cryptocurrency in the market for goods, works and services. Despite the increasing demand for cryptocurrencies, the problem of infrastructure formation remains open. In modern times, cryptocurrency exchanges appear to be a key element of the infrastructure of the cryptocurrency market, their functioning cannot be stabilized in individual states, which leads to the formation of a shadow cryptocurrency market. A significant aspect of the functioning of cryptocurrencies is the difference in the key factors affecting the cryptocurrency market and the securities market. For the first market such a factor is information, for the second – financial position of the issuer of the securities. It shows investors the difference between these segments of the financial market. In the future, with the participation of all elements of the cryptocurrency market, it is possible to form a balanced system that will function steadily under the influence of external factors.
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Almeida, José, and Tiago Cruz Gonçalves. "A Decade of Cryptocurrency Investment Literature: A Cluster-Based Systematic Analysis." International Journal of Financial Studies 11, no. 2 (May 25, 2023): 71. http://dx.doi.org/10.3390/ijfs11020071.
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This study aims to systematically analyze and synthesize the literature produced thus far on cryptocurrency investment. We use a systematic review process supported by VOSviewer bibliographic coupling to review 482 papers published in the ABS 2021 journal list, considering all different areas of knowledge. This paper contributes an in-depth systematic analysis on the unconsolidated topic of cryptocurrency investment through the use of a cluster-based approach grounded in a bibliographic coupling analysis, revealing complex network associations within each cluster. Four literature clusters emerge from the cryptocurrency investment literature, namely, investigating investor behavior, portfolio diversification, cryptocurrency market microstructure, and risk management in cryptocurrency investment. Additionally, the study delivers a qualitative analysis that reveals the main conclusions and future research venues by cluster. The findings provide researchers with cluster-based information and structured networking for research outlets and literature strands.
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Mohamad Indra Nata Wijaya and Tengku Ezni Balqiah. "The Intent Behind the Usage of Cryptocurrency: An Analysis Based on the Theory of Acceptance and Use of Technology Modification Model." Proceedings of International Conference on Economics Business and Government Challenges 1, no. 1 (September 14, 2022): 193–200. http://dx.doi.org/10.33005/ic-ebgc.v1i1.44.
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Introduced in 2008, blockchain technology has experienced rapid development, in its development many digital assets have been created in the form of cryptocurrencies (cryptocurrency). For some people, crypto assets are the most modern solution and alternative for carrying out transactions on the blockchain. This study aims to determine how Behavioral Intention in Conducting Cryptocurrency Transactions. The model used is Structural Equation Modeling (SEM) with 228 data respondents spread throughout Indonesia. The results of this study indicate that the Facilitating Condition, Perceived Risk and Trust variables have a significant direct influence on the Behavioral Intention in Conducting Cryptocurrency Transaction variables while the Effort Expectancy, Hedonic Motivation, Performance Expectancy, Price Value, and Social Influence does not have a significant direct effect on the Behavioral Intention in Conducting Cryptocurrency Transaction variables and for the Performance Expectancy and Price Value variables it is not able to provide a stimulus to Effort Expectancy, Hedonic Motivation, Performance Expectancy, and Perceived Risk on the Behavioral Intention in Conducting Cryptocurrency Transaction variables.
Keywords: Crypto Assets; Intentions; Investments; Platform X; Transactions
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Rohman, Moh Holilur. "The Analisis Analysis of Cryptocurrency Evaluation Transactions Perspective of DSN-MUI Fatwa and Law No. 7 of 2011." Istinbath : Jurnal Hukum 20, no. 01 (July 1, 2023): 38. http://dx.doi.org/10.32332/istinbath.v20i01.5688.
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A growing economy creates cryptocurrency virtual money residing in cyberspace. Cryptocurrency Is an online payment tool that uses an open source peer-to-peer payment network. There are many problems faced by users, where Cryptocurrencies are said to include money or a commodity. This phenomenon really makes users feel uncomfortable, feel at a loss, therefore the government must immediately provide an evaluation of the use of Cryptocurrency as a means of obtaining transactions. more attention, especially from the government so that the community gets their rights and obligations in muamalah. This paper aims to discuss how to use Cryptocurrency transactions from the Perspective of the DSN-MUI Fatwa and Law No. 7 of 2011. This research is classified as normative research, using a statutory approach and a conceptual approach. The results of the discussion show that Cryptocurrency is linked in the DSN MUI fatwa No.28/DSN-MUI/III/2002 regarding al-sharf that in the provisions of the fatwa the conditions for exchanging Cryptocurrency digital money are prohibited because of the element of speculation. In Article 2 paragraph (1) of Law Number 7 of 2011 concerning Cryptocurrency, it does not meet the requirements as a type of currency in Indonesia. Judging from the six criteria of money, Cryptocurrency only meets the criteria of portability and visibility.
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Dwicaksana, Haruli, and Pujiyono. "AKIBAT HUKUM YANG DITIMBULKAN MENGENAI CRYPTOCURRENCY SEBAGAI ALAT PEMBAYARAN DI INDONESIA." Jurnal Privat Law 8, no. 2 (December 2, 2020): 187. http://dx.doi.org/10.20961/privat.v8i2.48407.
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<p>Abstract<br />This article aims to know the use of cryptocurrency can replace conventional money as a means of payment in Indonesia. This article belongs to the type of normative legal research that is prescriptive to produce a new concept in resolving the problems faced by supported by a legal approach and a case approach. The data used is secondary data with primary binding and fundamental material. Data collection techniques using library studies. The data analysis technique used by the authors is a silogism analysis. The results showed that cryptocurrencies are difficult to substitute for conventional currency use as a means of payment in Indonesia because there is no centralized authority governing as well as the value of a relatively unstable cryptocurrency from Conventional currency that has been circulating in Indonesia is the rupiah, it is difficult to use cryptocurrency as a means of payment at the least level of Use daily.<br />Keywords: Payment Tools; Paymeny Systems; Conventional Currency; Cryptocurrency.</p><p>Abstrak<br />Artikel ini bertujuan untuk mengetahui penggunaan cryptocurrency dapat menggantikan uang konvensional sebagai alat pembayaran di Indonesia. Artikel ini termasuk ke dalam jenis penelitian hukum normatif yang bersifat preskriptif untuk menghasilkan konsep baru dalam menyelesaikan permasalahan yang dihadapi, didukung dengan pendekatan undang-undang dan pendekatan kasus. Data yang digunakan merupakan data sekunder dengan bahan hukum primer yang sifatnya mengikat dan mendasar. Teknik pengumpulan data menggunakan studi kepustakaan. Teknik analisis data yang digunakan penulis merupakan analisis silogisme. Hasil penelitian menunjukkan bahwa cryptocurrency sulit untuk menggantikan kegunaan mata uang konvensional sebagai alat pembayaran di Indonesia karena tidak ada otoritas terpusat yang mengatur serta nilai dari cryptocurrency yang relatif tidak stabil dari mata uang konvensional yang sudah beredar di Indonesia yaitu rupiah, maka sulit untuk menggunakan cryptocurrency sebagai alat pembayaran di tingkat paling kecil yaitu penggunaan sehari-hari.<br />Kata Kunci: Alat Pembayaran; Sistem Pembayaran; Uang Konvensional; Cryptocurrency.</p>
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Bondarenko, Olena, Oksana Kichuk, and Andrii Antonov. "THE POSSIBILITIES OF USING INVESTMENT TOOLS BASED ON CRYPTOCURRENCY IN THE DEVELOPMENT OF THE NATIONAL ECONOMY." Baltic Journal of Economic Studies 5, no. 2 (May 13, 2019): 10. http://dx.doi.org/10.30525/2256-0742/2019-5-2-10-17.
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The international experience of various countries of the world in the implementation, usage, and economic and legal status of cryptocurrency is compared in this research. The advantages and disadvantages of using cryptocurrency at the present stage of economic and scientific-technical development of Ukraine are considered. The results of the research of the awareness of market participants regarding the advantages and disadvantages of cryptocurrency and the presence of interest in the usage of cryptocurrency are given. The aim of this article is to study the possibilities of using cryptocurrency for economic development. The object of the research is the process of using cryptocurrency in the market in Ukraine, taking into account world experience. Practical implications. The results of a study of the demand for cryptocurrency in Ukraine. The research was conducted with the help of a questionnaire, as a result of which it was found out: the level of awareness of cryptocurrency; subjective perception of cryptocurrency; sources of awareness of cryptocurrency; the presence of the potential interest of Ukrainians in the acquisition of cryptocurrency. It was found what exactly Ukrainians consider the main advantages and disadvantages of cryptocurrency. Value/originality. Cryptocurrency as a means of payment and a type of electronic money is found in the most countries of the world in the “grey” zone, and regulators, if not prohibit, then at least do not recommend citizens to invest in such assets. However, the state of science and technology development of blockchain technologies, which are the basis of cryptocurrency, and the state of demand for cryptocurrency in the Ukrainian market are ready to use cryptocurrency. For the effective implementation of cryptocurrency, Ukraine lacks only the normative framework. Developing a regulatory framework in this area will help to bring cryptocurrency markets to stability. The introduction of international experience in the usage of cryptocurrency in Ukraine, the creation of own model of behaviour will be the first step towards building a transparent and understandable cryptocurrency market, which will lead to the development of the economy as a whole.
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Avşar, İlker İbrahim, and Zehra Vildan Serin. "Bibliometric analysis of scientific production on international trade and cryptocurrency." International Journal of ADVANCED AND APPLIED SCIENCES 8, no. 8 (August 2021): 42–51. http://dx.doi.org/10.21833/ijaas.2021.08.006.
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There has been a remarkable increase in the number of publications on international trade and cryptocurrency in recent years. This paper aims to analyze the literature on international trade and cryptocurrency in the Web of Science database. This study uses the bibliometric method and mapping analysis. The cluster analysis is conducted based on the keyword analysis. These publications are reviewed from different aspects such as type of publication, language, and book title. This study found that 767 articles which are related to cryptocurrency and international trade. Among the countries in which these studies are conducted, China ranks the first, followed by the USA and UK, respectively. Various organizations in different countries support studies on this topic. In conclusion, cryptocurrency technologies draw the attention of academia, and the use of cryptocurrency in international trade will determine the future trade structure. The innovative features of cryptocurrency can develop new business models, which may be the reason for the academic interest in this matter. It will be useful for businesses and governments to follow this potential carefully to benefit from the advantages of innovative business models.
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Bantorina, T., and O. Livandovska. "Cryptocurrency as the Сurrency of the Future Financial System." Modern Economics 24, no. 1 (December 16, 2020): 27–32. http://dx.doi.org/10.31521/modecon.v24(2020)-04.
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Annotation. Introduction. At the present stage of development of the world is the rapid functioning of all spheres of society. Based on this, today society seeks to be progressive, modern, and therefore the world introduces us to a new type of money that is gaining popularity – cryptocurrency. Currently, humanity is aimed at finding a more progressive way of realization of any financial transactions with minimal risk. Now, the cryptocurrency is in the same city, where was the first paper money during the popularization of the concept of “printing money”. That is why, after a certain period of time cryptocurrency calculations become commonplace. Purpose. The purpose of the study is to consider cryptocurrency as the currency of the future financial system and possible prospects for its future development in Ukraine and the world. Results. The article discusses the theoretical aspects and history of cryptocurrency as currency future financial system. The main types of cryptocurrencies, the process of their creation, which is based on the solution of computers to complex mathematical problems and their entry into the market, are identified. The advantages and disadvantages of using cryptocurrencies are studied, as well as its feature as decentralization, which distinguishes it from other currencies. It is emphasized that in the world, so far, there is no consensus on the further strategy for the development of cryptocurrency in the world, its legalization and legality of use, thus analyzing the legal status of cryptocurrency in different countries and prospects for use. The legal regulation of cryptocurrencies in Ukraine in accordance with the norms of Ukrainian legislation is considered. The peculiarities of the functioning of virtual currencies in Ukraine are highlighted. Conclusions. Cryptocurrency inevitably and actively popularized worldwide in furthering decade. In some areas, such as online gaming business, this kind of currency has found its application in full. In Ukraine, there is everything necessary for legal operations with cryptocurrencies, but it is at the legislative level that there is a problem that prevents the active distribution and use of such currencies. The situation when cryptocurrency is not banned, but also not allowed, is an additional reason for fraudulent schemes. Legal entities and individuals who want or are able to use cryptocurrency is not protected. Similarly, the state can not get taxes from prospective activities. That is why the need for a clear establishment of the concept of “Cryptocurrency” by the law of Ukraine and the creation of mechanisms for regulating any activity with cryptocurrencies at the legislative level, are the priority state tasks at present. Keywords: cryptocurrency; currency; bitcoin; mining; digital currency; the legal status.
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P. A., Verzhevsky. "Issues of Regulation of the Use of Cryptocurrency in the Russian Federation." KnE Social Sciences 3, no. 2 (February 15, 2018): 267. http://dx.doi.org/10.18502/kss.v3i2.1553.
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The paper is devoted to the analysis of issues of regulation of use of cryptocurrency in the Russian Federation and offers the possible measures to solve them. The conclusion is made that the ideal desired result would be the creation of such a controlled financial and economic mechanism based on blockchain technology that would become more attractive for its potential participants than the "usual" cryptocurrencies and smart contract systems. Key words: cryptocurrency, legal regulation, financial system, transactions, financial risks, financial mechanism.
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Tri, Nguyen Tran Minh, and Le Ngoc Dien. "Cryptocurrency Management in Vietnam." East African Scholars Journal of Economics, Business and Management 5, no. 8 (September 2, 2022): 206–14. http://dx.doi.org/10.36349/easjebm.2022.v05i08.002.
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Decentralized cryptocurrency has captured the attention of both individual and institutional investors. Cryptocurrency regulation in Vietnam is attracting great public attention and is a decisive factor in the development of this new financial market. The article assesses the current status of cryptocurrency mining and its use in Vietnam, thereby drawing policy implications for the management of this particular asset class in the coming period.
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Prytula, Anatolii, Vasyl Lutsyk, Aryna Sviatoshniuk, Olena Тkalia, and Kateryna Kalachenkova. "Cryptocurrency in transnational offenses: criminal and civil legal aspects." Revista Amazonia Investiga 10, no. 46 (October 25, 2021): 209–16. http://dx.doi.org/10.34069/ai/2021.46.10.21.
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The emergence of digital technologies contributed to the emergence and rapid development of digital commerce, and at the same time, the number of electronic payments, the use of digital and virtual currencies increased. The article presents an analysis of the legal nature of such a financial instrument as cryptocurrency, characterizes the distinctive features, highlights the advantages and disadvantages. The purpose of the work is to consider the regulatory legal position of cryptocurrency in the modern world, to highlight the legal practice in cases of the circulation of cryptocurrency, to study the role of cryptocurrency in transnational offenses, to explore possible options for combating cybercrime, which is carried out using the use of cryptocurrency. The methodology of the work is represented by a set of methods and techniques, operations that are used to study the topic and achieve the set goal, namely: hermeneutic, historical, extrapolation, comparative-legal, comparison and generalization, analysis, synthesis, deduction. Results of the work: in today's reality there is no unified international legal regulation of cryptocurrency, which complicates the prevention and fight against transnational offenses, the means or subject of which are cryptocurrencies and mining.
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Bratspies, Rebecca. "Cryptocurrency and the Myth of the Trustless Transaction." Michigan Technology Law Review, no. 25.1 (2018): 1. http://dx.doi.org/10.36645/mtlr.25.1.cryptocurrency.
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This article interrogates the claim that trust can be replaced with blockchain technology. Part I begins with an introduction that provides an overview of the trust issues surrounding cryptocurrency. Part II then outlines the role that trust plays in a financial market more generally, focusing specifically on the trust embedded in what cryptocurrency supporters derogate as a ‘fiat’ currency. Part III introduces the blockchain, as well as Bitcoin and cryptocurrency more generally. Part IV then tests the claims that Bitcoin eliminates the need for trust against real-world experiences of Bitcoin holders and markets. This section disaggregates the blockchain technology itself from how actual people typically use Bitcoin or any of the follow-on cryptocurrencies. It documents the many points at which cryptocurrencies shifts the locus of embedded trust, rather than eliminating the need for such trust. Finally, Part V concludes that rather than replacing trust, cryptocurrencies instead require users to repose their trust in less transparent, less reliable and less accountable parties. The ultimate message is that caveat emptor should be a consumer watchword and that users should understand that many legal protections they take for granted may not apply when purchasing cryptocurrency.
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Ante, Lennart, Florian Fiedler, Fred Steinmetz, and Ingo Fiedler. "Profiling Turkish Cryptocurrency Owners: Payment Users, Crypto Investors and Crypto Traders." Journal of Risk and Financial Management 16, no. 4 (April 12, 2023): 239. http://dx.doi.org/10.3390/jrfm16040239.
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With ownership estimates of up to 25%, Turkey is at the forefront of cryptocurrency adoption, rendering it an interesting example to study the proclaimed use cases of cryptocurrencies. Using exploratory factor analysis based on a sample of 715 Turkish cryptocurrency owners, we identified 3 different owner groups and their underlying motives. The first group (payment users) looks at cryptocurrency as an option for payments, thereby disregarding its speculative element, while the second group (crypto investors) can best be described as experienced investors holding cryptocurrency as part of their investment strategy. The third group (crypto traders) consists of risk-tolerant traders. Further analyses show that groups not only differentiate by demographics, income and education, but also by factors such as ideology, purchase intention and the use of domestic or foreign exchanges. The results contribute to the understanding of Turkish cryptocurrency owners, their intrinsic and extrinsic motivations and can be incorporated into the pending regulatory processes in the country. The findings suggest that cryptocurrencies have outgrown the use case of mere speculation in Turkey. Those in the group of Turkish payment users are identified as potential lead users whose current needs may represent common needs for crypto users in similar markets in the future. These findings motivate further research on the diffusion and usage patterns of cryptocurrency in emerging markets and innovation in general in the context of lead markets.
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Шмырева, Александра, Aleksandra Shmyreva, Павел Баранов, Pavel Baranov, Сергей Самохвалов, and Sergey Samohvalov. "The evaluation of cryptocurrency." Auditor 5, no. 7 (August 7, 2019): 51–56. http://dx.doi.org/10.12737/article_5d3984b69e9df5.62802502.
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The article estimate some aspects of the functioning of cryptocurrency, as a relatively new financial market instrument, the main participants in this market segment, cryptocurrency exchanges, taking into account key criteria: accessibility, mobility, operational efficiency. The aspects of regulation at the world and national levels are investigated.
The authors give an assessment of the mechanism for regulating cryptocurrencies in separate countries ,which recognize this instrument and actively regulate it (Ar-gentina, Canada, Japan, Malazia, Switzerland),as well as countries, which reject (Vi-etnam) or just tolerate cryptocurrency, but do not have the regulatory framework for it use.
Obviously, cryptocurrency is a relatively new instrument of the financial market, but its value not depend with amount of labour invested, as it is traditionally charac-teristic for conventional goods and services.
The research shows that bitcoin still remains the most widespread type between other different kinds of cryptocurrencies.
A significant aspect of cryptocurrencies functioning is their regulation. In our country there is no legislative certainty yet, but some steps have been made in this di-rection.
In the long term, cryptocurrencies will be regulated at the international level, and the emphasis will be on preventing the use of their illegal financial transactions and for money laundering.
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Schaupp, Ludwig Christian, Mackenzie Festa, Kevin G. Knotts, and Elizabeth A. Vitullo. "Regulation as a pathway to individual adoption of cryptocurrency." Digital Policy, Regulation and Governance 24, no. 2 (March 18, 2022): 199–219. http://dx.doi.org/10.1108/dprg-08-2021-0101.
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Purpose The purpose of this paper is to investigate the antecedents of individuals’ behavioral intention to transact in blockchain cryptocurrency through the theoretical lens of the expanded theory of planned behavior (TPB). Design/methodology/approach This study investigated the antecedents of a blockchain cryptocurrency adoption framework by adapting well-established items from the information systems (IS) and psychology literature to produce a survey instrument to measure individuals’ intention to engage in blockchain cryptocurrency transactions. The survey was administered to 492 individuals through Amazon Mechanical Turk. Findings This study resulted in a research model of an individual’s intention to transact with a blockchain cryptocurrency. Results indicated that the expanded TPB model explains 63.5% of the variance in intention to adopt cryptocurrency for transactional usage. In this study, all paths leading to behavioral intention were found to be significant in the hypothesized directions. In addition, all paths leading to attitude, subjective norms and perceived behavioral control were found to be significant in the hypothesized directions. Originality/value This study furthers prior literature by empirically validating the expanded TPB in the context of individuals’ intention to use cryptocurrency for transactional purposes. This study can better inform practitioners on individual attitudes and behaviors toward transactional cryptocurrency use. The findings provide regulators meaningful insights toward the development of a regulatory framework which encourages innovation while safeguarding the interests of individual citizens.
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Dickson, Pastory, and Desderius A. Mahwera. "Financial Institutions Readiness Towards Cryptocurrency Adoption: A Case of Banks in Tanzania." Journal of Business and Management Review 3, no. 10 (October 31, 2022): 740–53. http://dx.doi.org/10.47153/jbmr310.4672022.
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This study assessed readiness of Tanzania’s financial institutions towards adoption of cryptocurrency. Specific objectives included assessing the attitudes of bank staff on cryptocurrency, determining current readiness level of Tanzania’s banks towards adoption of cryptocurrency and examining the relationship between staff attitude and adoption readiness. The study used a mixed-method research design. Purposive and simple random sampling strategies were deployed for selecting 195 participants from both public and private banks located in Dar es Salaam. Data were collected by using structured questionnaires and semi-structured interviews and analyzed through descriptive statistics and content analysis techniques. Findings of the study revealed that staff had negative and positive attitude on perceived usefulness and perceived ease of use of cryptocurrency, respectively. Moreover, overall cryptocurrency adoption readiness was found at low level and, a weak positive significant correlation was found between attitude and adoption readiness. It was concluded in this study that a bank sector is not ready to adopt cryptocurrency. From the findings it was recommended among others that Tanzania’s banks should start to provide trainings on cryptocurrency to staff and, policy and regulations should be formulated to support cryptocurrency usage in the country.