scholarly journals Review of Some Existing Shariah-Compliant Cryptocurrency

2020 ◽  
Vol 6 (1) ◽  
pp. 23-44
Author(s):  
Ahmed Aliyu ◽  
Kamalrulnizam Abu Bakar ◽  
Gen Matsuda ◽  
Tasneem Darwish ◽  
Abdul Hanan Abdullah ◽  
...  
Keyword(s):  
Distributed Control ◽  
Regulatory Authority ◽  
Financial System ◽  
Digital Currency ◽  
Digital Asset ◽  
Two Phases

Cryptocurrency has emerged as the most promising digital asset, which serves as a medium of exchange with distributed control and highly secured financial system. This lead to an increase in stakeholders’ interest in digital currency investment. The cryptocurrencies majorly involve two phases including Initial Coin Offering (ICO) and blockchain creation. These phases have been challenged with criticisms in terms of the Islamic shariah injunctions. These criticisms are based on two fundamental issues including whether cryptocurrency is backed by asset and has a regulatory authority or not. These issues are related to uncertainty, volatility and high speculation of the cryptocurrencies. Although, several cryptocurrencies claimed to have considered the shariah requirements in their proposed cryptocurrency ecosystems. However, a strict analysis of some of the existing cryptocurrencies reveals otherwise. Therefore, this paper presents a review of some shariah-compliant cryptocurrencies focusing on their volatility and speculation. The operations of cryptocurrencies need to follow the Islamic shariah requirements. The proposed review provides an insight regarding the acclaimed shariah-compliant cryptocurrencies to assess whether they comply with the shariah requirements or not.

Currency Internationalization and Reforms in the Architecture of the Monetary System: the case of Digital Yuan

2021 ◽  
Vol 40 (1) ◽  
Author(s):  
Zhi Ji ◽  
George Abuselidze ◽  
Valeriia Lymar
Keyword(s):  
Financial System ◽  
The State ◽  
Chinese Government ◽  
Security Technology ◽  
Digital Currency ◽  
Negative Results ◽  
Monetary System ◽  
The Government ◽  
Financial Transactions ◽  
Global Financial System

In the paper, the authors prove that the application of the Chinese currency in the less developed regions reveals that the Chinese Yuan, despite its limited turnover, can replace the national currency. The following positive and negative results on the global financial system are highlighted promoting the internationalization of the digital Yuan: ensuring and unlimited transparency of the government and visibility of internal financial transactions; transparency of all offshore financial transactions within a country as well as of non-resident users; providing a framework for the global financial system and controlling the monetary policies of regional economies that have actively adopted the Yuan. The paper analyses that the strategy of the Yuan internationalization was implemented through the mechanism of the currency swap agreements with central banks of different countries, respectively, the growing international application of the Yuan gradually stimulated the creation of the „Yuan zone". It is proved that the Yuan internationalization has become a part of the state strategy of the Chinese government in transition to a new type of economic growth, so the digital Yuan should eventually replace cash and will become the main innovation in the global financial system since the appearance of digital currency. According to the conducted research, it is shown that the main technology of the state digital currency of China accommodates security technology, transaction technology, and reliable guarantee technology. The system of Digital Currency, Electronic Payment - DCEP includes a digital currency tracking method system and a digital currency management system based on certain conditions. Launch conditions include terms of economic conditions, interest rate terms of the loan, the terms of the subject flow, and time conditions.

Regulating FinTech Businesses

2021 ◽  
pp. 321-344
Author(s):  
Sherin Binti Kunhibava ◽  
Aishath Muneeza
Keyword(s):  
Consumer Protection ◽  
Peer To Peer ◽  
Customer Requirements ◽  
Management Framework ◽  
Finance Industry ◽  
Regulatory Authorities ◽  
Digital Currency ◽  
Equity Crowdfunding ◽  
Digital Asset ◽  
Financial Regulatory

The Malaysian finance industry is governed by Bank Negara Malaysia (BNM) and Securities Commission Malaysia (SC). BNM governs the banking and insurance industries and the SC regulates and develops its capital market. Both authorities have issued regulations to cater for the proliferation of fintech businesses. For example, BNM issued regulations on digital currency exchanges, electronic-know your customer requirements for fintech companies facilitating remittances, and a regulatory sandbox framework for fintech businesses. Similarly, the SC issued a digital investment management framework, another to facilitate equity crowdfunding, peer-to-peer lending, and digital asset exchanges, and the instrumental digital currency and digital token order. All were issued to encourage innovation in the industry, manage disruption, mitigate risks, and ensure consumer protection. This chapter will explain the steps taken by Malaysia's financial regulatory authorities in dealing with fintech-based companies, critically review the regulations, and recommend some ways forward.

VoIP Based Tele-medicine Call Center–Issues, Challenges and Proposed Solution

2015 ◽  
Vol 74 (1) ◽  
Author(s):  
Ishtiak Al Mamoon ◽  
A. K. M Muzahidul Islam ◽  
Sabariah Baharun
Keyword(s):  
Call Center ◽  
Regulatory Authority ◽  
Pilot Project ◽  
Regulatory Body ◽  
Test Bed ◽  
Ip Telephony ◽  
Telecommunication Sector ◽  
Regulatory Bodies ◽  
Two Phases ◽  
The Voice

In recent years, medical call centers have started using IP telephony services to minimize the overhead telecom expenses. However, the advent of Voice-Over-IP (VoIP) technology has also created a major discontinuity in telecommunication sector due to illegal VoIP or gray calls, causing a great impact on the voice market. This brought few challenges to the countries’ regulatory bodies. In this paper, we spell out one of the key challenges: in order to mitigate illegal VoIP calls, whether the regulatory body should allow IP telephony to be practiced for both domestic and international voice driven tele-medical consultation  center operation combined or separately. We propose architecture and schemes for a medical call center. We also propose some guidelines and/or policies for both call center operator and the telecom regulatory authority. The proposed architecture and schemes are implemented in a pilot project basis in two phases and the test bed result is presented in this article.

Swarm Coordination Under Conflict and Use of Enhanced Lyapunov Based Controller

2009 ◽  
Author(s):  
Daniel A. Sierra ◽  
Paul McCullough ◽  
Nejat Olgac ◽  
Eldridge Adams
Keyword(s):  
Stability Analysis ◽  
Distributed Control ◽  
Complex Nature ◽  
Control Logic ◽  
Group Pursuit ◽  
Dissipative Control ◽  
Multi Agent ◽  
Two Phases ◽  
The Stability ◽  
Approach Phase

We consider hostile conflicts between two multi-agent swarms. First, we investigate the complex nature of a single pursuer attempting to intercept a single evader (1P-1E), and establish some rudimentary rules of engagement. We elaborate on the stability repercussions of these rules. Second, we extend the modelling and stability analysis between multi-agent swarms of pursuers and evaders. The present document considers only swarms with equal membership strengths for simplicity. This effort is based on a set of suggested momenta deployed on individual agents. Due to the strong nonlinearities, Lyapunov-based stability analysis is used. The control of a group pursuit is divided into two phases: the approach phase during which the two swarms act like individuals in the 1P-1E interaction; and the assigned pursuit phase where each pursuer is assigned to an evader. A dissipative control momentum was suggested in an earlier publication, which caused undesirable control chatter. This study introduces a distributed control logic which ameliorates the chatter problems considerably.

scholarly journals Impact of Twitter Sentiment Related to Bitcoin on Stock Price Returns

2020 ◽  
Vol 26 (6) ◽  
pp. 60-71
Author(s):  
Feda Hassan Jahjah ◽  
Muhanad Rajab
Keyword(s):  
Exchange Rate ◽  
Financial Markets ◽  
Stock Price ◽  
Second Phase ◽  
Digital Currency ◽  
Two Phases ◽  
Negative Sentiment ◽  
The Impact ◽  
Deep Learning Model ◽  
Positive Effect

Twitter is becoming an increasingly popular platform used by financial analysts to monitor and forecast financial markets. In this paper we investigate the impact of the sentiments expressed in Twitter on the subsequent market movement, specifically the bitcoin exchange rate. This study is divided into two phases, the first phase is sentiment analysis, and the second phase is correlation and regression. We analyzed tweets associated with the Bitcoin in order to determine if the user’s sentiment contained within those tweets reflects the exchange rate of the currency. The sentiment of users over a 2-month period is classified as having a positive or negative sentiment of the digital currency using the proposed CNN-LSTM deep learning model. By applying Pearson's correlation, we found that the sentiment of the day (d) had a positive effect on the future Bitcoin returns on the next day (d+1). The prediction accuracy of the linear regression model for the next day's revenue was 78%.

IMPLEMENTATION OF A SECURED DIGITAL CURRENCY INTO THE COUNTRY’S FINANCIAL SYSTEM

2021 ◽  
Vol 4 (2) ◽  
pp. 82-88
Author(s):  
Nikolay Igorevich Fetisov ◽  
Alexey Vitalevich Lebedev ◽  
Elena Alexsandrovna Razumovskaya ◽  
Alexey Pavlovich Sokolov
Keyword(s):  
Financial System ◽  
Digital Currency

scholarly journals Digital Currency of Central Banks

2021 ◽  
Vol 19 (2) ◽  
pp. 151-165
Author(s):  
E. Sidorenko
Keyword(s):  
Financial Services ◽  
Financial System ◽  
Developed Countries ◽  
Central Banks ◽  
Technological Parameters ◽  
Financial Instrument ◽  
Systematic Analysis ◽  
Digital Currency ◽  
Development Scenarios ◽  
Economic Bloc

The study provides a systematic analysis of central banks digital currencies (CBDC) as a new financial instrument. The main goal of the study was to review the CBDC economic development scenarios both domestically and internationally based on the assessment of the main features, advantages and risks of introducing this financial instrument into the modern monetary policy. The study considers the following three main characteristics of CBDC: a tool for domestic settlements, a single unit of account for the economic bloc of countries and a universal international digital currency. Each of these models was considered by the author in terms of the motivation of market participants, degree of readiness of the project and its compatibility with the existing financial system. Differentiation of models, depending on the payment architecture, the technological parameters and the implementation scale, allowed to conclude that currently there is no common understanding of the CBDC nature and economic advantages neither for individual countries nor for the international community as a whole. Noting the technological advantages of digitalization of the financial system, states are yet to answer the question of the CBDC implementation scale. Will it replace cash domestically or will it become a single international payment instrument? And are states ready today to consider such a possibility? The author concludes the study by substantiating the idea that in the next 3-5 years interest in the digital financial services sector will grow mainly in developing countries looking for a qualitative leap in the development of the digital financial services. As for the developed countries, those are neither objectively nor subjectively ready to change the already built and well-proven financial system, and therefore, given their weak interest in paradigm shifts, digital currency in the next 10 years will not be able to provide an alternative to the US dollar as a unit of international settlements. At the same time, there is a high probability of the CBDC development as a means of payment within the economic bloc of countries provided the unity of purpose of its participants.

scholarly journals Digital currency: features of regulation in the Russian Federation

2021 ◽  
Vol 5 (1) ◽  
pp. 58-67
Author(s):  
T. E. Rozhdestvenskaya ◽  
A. G. Guznov
Keyword(s):  
Civil Rights ◽  
Russian Federation ◽  
Financial System ◽  
Legal Regulation ◽  
The State ◽  
Financial Assets ◽  
Digital Rights ◽  
Digital Currency ◽  
The Russian Federation ◽  
The Impact

The subject of research, relevance. The development of digital technologies has an impact on almost all areas of society, including the financial sphere. This is the reason for a serious controversy to develop recently and to continue both at the international and national levels in terms of approaches to their legal regulation. This discussion affects both public law and private law. The emergence of such a phenomenon as digital currencies raises the question of their legalization for legislators of various states. The answer to such a question cannot be found without studying the legal consequences of making such a decision for both individuals and the financial system of the state. The purpose. The article puts forward and substantiates a hypothesis that the choice of legal methods for regulating virtual assets is a matter of legal policy, and not just matter of research in the field of defining virtual assets as objects of law or type of property. As a result, when choosing methods of legal regulation of virtual (digital) assets, not only the impact of these legal entities on legal economic turnover (including such issues as the possibility of using excess generated electricity or taxation issues) should be assessed, but also the risk of stimulating illegal "economic" turnover (turnover of things and services in the Darknet, limited turnover of things, for example, drugs), as well as the impact on the financial system. The methodological basis. Various scientific methods of cognition were used to write the article, including system-structural, formal-logical, comparative-legal and dialectical. The research is based on the principles of interdependence and interconnectedness of social processes. The main results, scope of application. The article examines the main approaches to the regulation of digital currencies, studies the phenomenon of digital currency itself, assesses the circumstances that aroused massive interest and enthusiasm for cryptocurrencies. An analysis of current positive legal material is presented, in particular, the approach to the regulation of digital currency contained in the Russian Federal Law of July 31, 2020 No. 259- FZ "On digital financial assets, digital currency and on amendments to certain legislative acts of the Russian Federation". The main differences between digital currencies and such a legal phenomenon as digital rights (including utilitarian digital rights and digital financial assets) are noted. It is noted that in most Russian scientific works in the field of law devoted to digital currencies, attention is paid to the definition of digital currency as an object of civil rights, the foreign experience of attempts of legal regulation of cryptocurrency is considered, emphasis is placed on the positive aspects of the legalization of cryptocurrency for individuals, the risks of legalization of cryptocurrency for individuals, as well as the tasks of regulators in the digital economy are investigated. In addition, some scientific works are devoted to issues related to the digitalization of the economy and digital security. However, little attention is paid to the consequences of the legalization of digital currencies for the monetary system of the state and the potential risks for the stability of monetary systems. Conclusions. Interest in digital currencies may decrease in following situations. Firstly, if the services provided by payment systems are more efficient, reliable, affordable and cheap for the consumer. Secondly, during the implementation of the central bank digital currency project (in Russian case - the digital ruble), since digital currencies issued by central banks have the advantages of private digital currencies, but are devoid of their disadvantages.

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