Blockchain and Payment Systems

2019 ◽  
pp. 259-274
Author(s):  
Agnieszka Janczuk-Gorywoda

Bitcoin—the first virtual currency based on blockchain technology—was born out of an anarcho-libertarian dream to create a monetary system that—by relying on ‘trustless trust’—would be completely independent of the state and established financial institutions. Today, there is no doubt that blockchain technology will transform payments, the financial industry, and many other areas. However, this chapter argues that in regard to payments, this transformation will be far from the libertarian ideal. Rather, blockchain (1) will enable the rise of new powerful intermediaries and (2) it will be embraced by established payment services providers, who will use blockchain to modernize their services. As a result, decentralized virtual currencies like Bitcoin will remain on the periphery of the mainstream payments landscape. Blockchain has focused too narrowly on providing a technological solution to the issue of scarcity and solving the double-spending problem. Yet, problems involved in monetary and payment systems are broader. In particular, payment systems provide for a broad range of mechanisms supporting circulation of money which, for the scale and complexity of a modern economy must be backed by the state. Money is a hybrid public–private institution and it seems naïve to think that technology alone could render the role of state institutions in monetary and payment systems obsolete.

2019 ◽  
Vol 7 ◽  
pp. 41
Author(s):  
Catherine Cumming

This paper intervenes in orthodox under-standings of Aotearoa New Zealand’s colonial history to elucidate another history that is not widely recognised. This is a financial history of colonisation which, while implicit in existing accounts, is peripheral and often incidental to the central narrative. Undertaking to reread Aotearoa New Zealand’s early colonial history from 1839 to 1850, this paper seeks to render finance, financial instruments, and financial institutions explicit in their capacity as central agents of colonisation. In doing so, it offers a response to the relative inattention paid to finance as compared with the state in material practices of colonisation. The counter-history that this paper begins to elicit contains important lessons for counter-futures. For, beyond its implications for knowledge, the persistent and violent role of finance in the colonisation of Aotearoa has concrete implications for decolonial and anti-capitalist politics today.  


2021 ◽  
Vol 1 (5) ◽  
pp. 112-117
Author(s):  
V. V. TADTAEVA ◽  
◽  
B. E. BAGAEV ◽  
A. A. BESAEVA ◽  
A. E. KALMANOVA ◽  
...  

Money is an integral part of the economic life of society. Payments are made both in cash and in non-cash form. During the COVID-19 epidemic, the use of electronic payment systems became the most profitable. The article examines the role of electronic money in the modern world in the context of a pandemic. Is given a rating of e-payment systems in Russia for 9 months. 2020.


Afrika Focus ◽  
2006 ◽  
Vol 19 (1-2) ◽  
pp. 43-67
Author(s):  
Kristof Titeca

Political patronage and political values: The developmental role of political patronage and its impact on shaping political values in rural Uganda. This article points out the importance of neo-patrimonial theories in understanding local socio-political dynamics. Through the analysis of a case study in Western Uganda, it is firstly shown how within 'formal' state institutions, there is an 'informal' logic of competing political camps. These political camps, and their subsidiary networks of political patronage, have adverse effects for development. Secondly, this system has a profound impact on how people perceive the service-delivery functions of the state: people on the ground do not expect the state to be there for everyone, but only for the people of their 'political camp' or network. Also the role of the state is seen as strongly personalised, as the 'big men' are perceived to have taken over the service provision activities of the state.


2018 ◽  
Vol 11 (4) ◽  
pp. 54-59
Author(s):  
M. N. Prokofiev ◽  
E. S. Borisova ◽  
A. V. Vorobyeva

The subject of research is the influence of virtual currencies on the socio- economic development. The purpose of research was to determine the specific features and development prospects of virtual innovation currencies as currencies of the future. The paper analyzes the virtual currency as a phenomenon of the modern payment system. The key characteristics of the crypto currency, their difference from the fiat money, the interrelation with the blockchain technology are indicated. The dynamics of the crypto currency market capitalization is demonstrated by a bitcoin example. The reasons for the attractiveness of the virtual currency for consumers and the growth of its popularity are revealed. The role of the new currency in the development of the world economy is described. The main advantages and disadvantages of the virtual currency as well as the main threats when using it are highlighted. Two opposing views on the future of the crypto currency are considered. As a result, the role of the virtual currency in the socio-economic development of the state is outlined, the prospects for using the currency in question are forecasted, and the factors contributing to its development are listed. It is concluded that virtual currencies established and distributed as a function of time and speed of introduction of scientific and technical achievements in the financial sphere are a technical and economic innovation of the present.


The article analyzes the macrohistorical perspective of the study of sovereignty in the framework of political theory represented by a world-system analysis, the war-taxation theory of the state and political Marxism. The relevance of the approach proposed by macro-political theories for studying the current state of sovereignty is considered. The theoretical prerequisites for the formation of these theories are investigated, which were caused by the search for fundamentally new approaches in the 1970s. in analysis of modern political and state institutions, attention is focused on the influence of the creative heritage of M. Weber in the process of conceptualization of macrohistorical political theories. The basic theoretical approaches of world-system analysis (I. Wallerstein, J. Arrigi), the war-taxation theory of the state (Ch. Tilly, W. McNeill, M. Mann) and political Marxism (R. Brenner, P. Anderson, B. Teschke) to the process of formation and development of states during the Modern era are analyzed. In this article the problem of sovereignty is examined through an analysis of the prerequisites for the formation of basic state institutions in a historical perspective, which is the main approach of macrohistorical political theories. It is revealed that, despite the differences in approaches, the world-system analysis and the war-taxation theory of the state can be compared as the external and internal contours of the sovereignty problems in the historical process of the formation and development of European states during the Modern era, special attention is paid to the role of economically determined social transformations of Modern era in the framework of the theoretical approach that is offered by political Marxism. The similarities are noted in the approaches of the analyzed theories to the process of formation of modern type of states, which are specified in the following positions: modern type of states as a unique phenomenon in Western Europe, the special role of capitalism in the process of socio-political and economic transformations of Modern era, a successful configuration of factors in the historical process that led to the emergence nation state, achieving a balance between the interests of diverse groups, structural socio-political and economic changes as a response to external and internal challenges, the interdisciplinary nature of theories.


Author(s):  
Ch. Yarmaki ◽  
V. Yarmaki

It is provided the concept and features of police supervision; its correlation with administrative supervision is considered; the supervision of the behavior of previously convicted persons and legal acts regulating its implementation are analyzed. Given the central role of supervision in shaping police agency outcomes, the purpose of this paper is to understand ratings of supervisor performance overall and on several distinct dimensions. The description of the police as the strong arm of the State oversight reflects their authorization to enforce laws and policies defined by State institutions. It is concluded that there is a necessity to amend the Law of Ukraine "On the Administrative Supervision of Releases from Prison", other legal acts regulating the issue of supervision and probation.


Author(s):  
Ali Muhayatsyah ◽  
Ali Muhayatsyah

Al-Ghazali's views on economy and business are not limited to philosophical plains, but are a combination of real conditions that occur in society with philosophical values, accompanied by logical arguments. Al-Ghazali in his thoughts about business economics is based on the Sufism approach which he wrote in his book Ihya 'Ulum al-Din. As a matter of fact, there are still many practices of tadlis (unknown to one party), namely violating the principle of “an taraddin minkum”. The practice of tadlis occurs because of four things, namely quantity reduction of the scale; quality, namely the concealment of object defects; price engineering takes advantage of market price ignorance; uncertainty of delivery time, namely the seller does not know for sure the goods will be delivered to the buyer. In addition, we often encounter market engineering practices. Al-Ghazali paid considerable attention to economic and business activities in society, including the utility hierarchy and its characteristics in the corridor of social obligations to social welfare (maslahah). In addition, al-Ghazali views the ultimate goal is salvation. Work is part of worship is evidence of the work ethic created through extrarelgious efforts. That the intention of someone's behavior in accordance with Divine rules in every economic activity can be of worship value. Al-Ghazali has a view of market ethics that emphasizes truth and honesty, which can be applied to market evolution and the role of money based on the ethics and morals of the perpetrators. Al-Ghazali argued that the state must create security conditions to enhance prosperity and economic development. The existence of state institutions, to monitor adverse market practices. Al-Ghazali stated that trade activities are essential to the functionalization of the economy, the need for secure and safe trade routes, and the state should provide protection so that markets can expand and the economy can grow.   Keywords: Islamic Business Ethics, Maslahah, Work Ethics.     Abstrak Pandangan al-Ghazali mengenai ekonomi dan bisnis tidak terbatas pada dataran filosofis, melainkan perpaduan antara kondisi riil yang terjadi dalam masyarakat dengan nilai-nilai filosofis, disertai argumen yang logis. Al-Ghazali dalam pemikirannya seputar ekonomi bisnis didasarkan pada pendekatan tasawuf yang beliau tuangkan dalam karyanya kitab Ihya ’Ulum al-Din. Sebagaimana fakta yang terjadi praktek bisnis masih banyak terjadi praktek tadlis (unknown to one party) yaitu melanggar prinsip “an taraddin minkum”. Praktek tadlis terjadi karena empat hal, kuantitas yaitu pengurangan timbangan; kualitas yaitu penyembunyian kecacatan obyek; rekayasa harga memanfaatkan ketidaktahuan harga pasar; ketidakpastian waktu penyerahan yaitu penjual tidak mengetahui secara pasti barang akan diserahkan kepada pembeli. Selain itu juga sering kita jumpai praktek rekayasa pasar. Al-Ghazali memberikan perhatian yang cukup besar terhadap aktivitas ekonomi dan bisnis dalam masyarakat, termasuk hierarki utilitas dan karakteristiknya dalam koridor kewajiban sosial terhadap kesejahteraan sosial (maslahah). Selain itu al-Ghazali memandang tujuan akhir adalah keselamatan. Bekerja merupakan bagian dari ibadah merupakan bukti etos kerja yang diciptakan melalui upaya ekstrarelgius. Bahwa niat perilaku seseorang yang sesuai dengan aturan Ilahi dalam setiap aktivitas ekonomi dapat bernilai Ibadah. Al-Ghazali mempunyai pandangan tentang etika pasar yang menitikberatkan pada kebenaran dan kejujuran, yang dapat diaplikasikan pada evolusi pasar dan peranan uang berdasarkan etika dan moral para pelakunya. Al-Ghazali berpendapat negara harus menciptakan kondisi keamanan untuk meningkatkan kemakmuran dan pembangunan ekonomi. Eksistensi kelembagaan negara, untuk mengawasi praktek-praktek pasar yang merugikan. Al-Ghazali menyatakan bahwa kegiatan perdagangan merupakan hal yang esensial terhadap fungsionalisasi perekonomian, perlunya rute perdagangan yang terjamin dan aman, serta negara seharusnya memberikan perlindungan, sehingga pasar dapat meluas dan ekonomi dapat tumbuh.   Kata kunci: Etika Bisnis Islam, Maslahah, Etos Kerja.


2021 ◽  
Vol 50 ◽  
pp. 1-19
Author(s):  
Marek Górka ◽  

The cybersecurity issue discussed in the paper is seen from the perspective of political science with the indication that the subject under discussion concerns the multifaceted nature of the state’s actions, which consists of political, economic, social, and cultural factors. At the same time, the work also intends to prove that cybersecurity is not only a domain of technology because it is the mentioned aspects that shape the conditions of stable development of the state and its citizens in a space dominated by cyber technology in a much more decisive way. Given the growing role of cybertechnology in almost all areas of human life, its importance also forces and inspires political science to question the shape and model of modern policy, which is significantly evolving under the influence of new technologies. On the one hand, emerging cyber threats reveal the weakness of the state and the dependence of state institutions on cybertechnologies, but on the other hand, existing cyber incidents may also motivate many governments to take action to increase the level of cybersecurity.


Author(s):  
Elena Ivanovna Vorobyova

The monetary policy of the Central Bank of Russia is an integral part of the economic policy of the state, that is, the Bank of Russia, together with the government, determines the main parameters of the monetary system. However, the role of monetary policy in the socio-economic development of the state has not been sufficiently disclosed. The use of methods of monetary regulation can be effective only in combination with sound economic measures implemented by the government. The relevance of this topic lies in the fact that it is necessary to determine what methods of monetary regulation can ensure sustainable economic growth, as well as how monetary policy should be combined with national economic policy. For the purpose of research, various scientific methods and approaches were used, in particular, methods of theoretical analysis, economic and statistical methods, methods of comparison, analogy, historical analysis. As a result of the research, it was found that monetary policy is not consistent with the economic policy of the state. The use of the formed budget funds is not always expedient, which leads to such negative consequences as inflation, excessive polarization of the population’s income, and low rates of GDP development. The studies carried out made it possible to determine the main directions of monetary policy and a set of economic measures that can stop the fall of the national currency (devaluation), ensure financial stability and a gradual growth of GDP.


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