scholarly journals IS FUTURE A RULE OF DIGITAL CURRENCY???

2020 ◽  
Vol 8 (8) ◽  
pp. 96-106
Author(s):  
Hariharan Narayanan
Keyword(s):  
Descriptive Study ◽  
Central Banks ◽  
The Internet ◽  
Global Impact ◽  
Digital Currency ◽  
Physical Form ◽  
Digital Money ◽  
Payments Systems ◽  
Financial Consultants ◽  
Digital Or

Digital Currency (DC) is a form of currency that is available in digital or electronic form and not in physical form. Digitalization has remodeled money and payments systems. Although digital money itself is not new to modern economies, digital currencies now facilitate spontaneous peer-to-peer transfers of value in a way that was formerly impossible. Digital currency has already materialized in a variety of contexts. Digital Currency is an extent put away in a dispersed database on the Internet. This study is toted with the objective to highlight the concept of digital currency, its  various forms, evolution and growth, global impact, impact during COVID-19 and the future of digital currency. This is an historical descriptive study which flashes the opinions given by distinctive researchers and disparate financial consultants and central banks.

A Maturity Model for Understanding and Evaluating Digital Money

2019 ◽  
pp. 220-245
Author(s):  
Thomas Tribunella ◽  
Heidi R. Tribunella
Keyword(s):  
Risk Tolerance ◽  
Future Research ◽  
The Internet ◽  
Maturity Model ◽  
Fiat Money ◽  
Digital Currency ◽  
Risks And Benefits ◽  
Safety And Reliability ◽  
History Of ◽  
Digital Money

As the internet and e-commerce expands, individuals will seek ways to earn and spend currency in the digital economy. Furthermore, faith in the fiat money systems of some countries is eroding and investors are searching for alternative ways to invest and store their wealth. Digital currencies (DC) are filling the demand for an alternative to government-based currency. Currently there are over 1,500 DCs with a market capitalization of over 450 billion (in US dollars) that are traded in thousands of markets. This chapter reviews the literature and history of DCs. Then the authors explain the related risks and benefits. Next, they add to the literature by proposing a model for judging the maturity of a DC. The digital currency maturity model (DCMM) will help individuals and organizations evaluate the safety and reliability of DCs given the investor's risk tolerance. Finally, the authors summarize their findings and suggest future research.

A Maturity Model for Understanding and Evaluating Digital Money

2021 ◽  
pp. 385-405
Author(s):  
Thomas Tribunella ◽  
Heidi R. Tribunella
Keyword(s):  
Risk Tolerance ◽  
Future Research ◽  
The Internet ◽  
Maturity Model ◽  
Fiat Money ◽  
Digital Currency ◽  
Risks And Benefits ◽  
Safety And Reliability ◽  
History Of ◽  
Digital Money

As the internet and e-commerce expands, individuals will seek ways to earn and spend currency in the digital economy. Furthermore, faith in the fiat money systems of some countries is eroding and investors are searching for alternative ways to invest and store their wealth. Digital currencies (DC) are filling the demand for an alternative to government-based currency. Currently there are over 1,500 DCs with a market capitalization of over 450 billion (in US dollars) that are traded in thousands of markets. This chapter reviews the literature and history of DCs. Then the authors explain the related risks and benefits. Next, they add to the literature by proposing a model for judging the maturity of a DC. The digital currency maturity model (DCMM) will help individuals and organizations evaluate the safety and reliability of DCs given the investor's risk tolerance. Finally, the authors summarize their findings and suggest future research.

scholarly journals A Case Study on Digital Currency with a Special Reference to India

2021 ◽  
pp. 727-735
Author(s):  
Dr. Pradipta Mukhopadhyay
Keyword(s):  
Special Reference ◽  
Research Work ◽  
Current Status ◽  
Modern World ◽  
Goods And Services ◽  
Digital Devices ◽  
Digital Currency ◽  
Physical Form ◽  
Digital Money ◽  
Actual Meaning

Digital Currency means any currency that is mainly managed, stored and exchanged on digital devices like computer, smartphone, etc. Digital Currency is a type of currency that has no physical form and only exists in digital form and includes virtual money and crypto currency. Digital Currency is also known as digital money or cyber cash and can be used to purchase goods and services but can also be restricted to certain online communities such as gaming, or social networks. In this paper we will study the actual meaning of digital currencies in the modern world with a special reference to current status of digital currency in India. The current study has been casual, exploratory and empirical in nature and the data needed for research work has been collected by using both direct and indirect method of data collection.

EVOLUTION OF DIGITAL CURRENCIES OF CENTRAL BANKS OF THE FUTURE OR THE NEW BRETTON WOODS 2.0

2021 ◽  
Vol 3 (10) ◽  
pp. 27-35
Author(s):  
E. V. Zenkina ◽  
◽  
A. S. Kharlanov ◽  
Keyword(s):  
Central Bank ◽  
Practical Importance ◽  
Central Banks ◽  
Bretton Woods ◽  
Digital Currency ◽  
Digital World ◽  
Payment Instruments ◽  
The Future ◽  
Digital Money ◽  
The Moment

The relevance and importance of the article is due to the increasing practical importance of the evolution of the digital currencies of the central banks of the future due to the fact that globalization requires new payment instruments. We analyzed the understanding of the essence of money and its future, the reasons for the appearance, features and risks of the digital currency of the central bank. Recommendations are proposed to change the functions of national banks, in the field of the need to make digital money of central banks anonymous and facilitate payment by them. It was concluded that at present the digital currency of the central bank is a fashionable answer to the transition to the new digital world, but at the moment it is losing competition to cryptocurrencies.

scholarly journals Central Bank Digital Currency (CBDC) Sebagai Alat Pembayaran di Indonesia

2021 ◽  
Vol 4 (6) ◽  
pp. 2243
Author(s):  
Claudia Saymindo Emanuella
Keyword(s):  
Central Bank ◽  
Cyber Security ◽  
Legal Framework ◽  
Central Banks ◽  
Security Sector ◽  
Digital Currency ◽  
Payment Instruments ◽  
Digital Money ◽  
The Right

AbstractTechnological developments encourage innovation in various sectors, including banking. The widespread use of digital currencies is an impetus for central banks to create an alternative to replace ungoverned digital currencies. Central Bank Digital Currency (CBDC) is the alternative chosen by various central banks in the world. Various countries have conducted research related to the implementation in terms of design and risk in the financial, operational, and legal fields. Bank Indonesia plans to develop a CBDC as part of national economy and finance digitalization. Indonesia does not yet have a strong legal framework to underlie the implementation of CBDC, especially in the cyber security sector, The role of the central bank becomes very important in CBDC’s issuance and implementation as the only party that has the right to determine, issue, and regulate legal payment instruments in Indonesia.Keywords: Central Bank Digital Currency; Digital Money; Central Bank; Cybersecurity.AbstrakPerkembangan teknologi mendorong inovasi dalam berbagai sektor, termasuk perbankan. Maraknya penggunaan digital currency menjadi dorongan bagi bank sentral untuk menciptakan mata uang digital yang dapat menggantikan digital currency tanpa pihak berwenang. Central Bank Digital Currency (CBDC) menjadi alternatif yang dipilih oleh berbagai bank sentral di dunia, dan berbagai negara telah melakukan riset terkait penerapan CBDC dari sisi desain dan risiko di bidang finansial, operasional, dan legal. Bank Indonesia berencana untuk mengembangkan CBDC di Indonesia sebagai bagian dari digitalisasi ekonomi dan keuangan nasional. Indonesia belum memiliki kerangka hukum yang kuat untuk mendasari penerapan CBDC, terutama dalam bidang keamanan siber, mengingat banyaknya ancaman keamanan siber canggih yang terus berkembang. Peran bank sentral menjadi sangat penting dalam penerbitan dan penerapannya sebagai satu-satunya pihak yang berhak menentukan, menetapkan, menerbitkan, dan meregulasi alat pembayaran sah di Indonesia.Kata Kunci: Central Bank Digital Currency; Uang Digital; Bank Sentral; Cybersecurity.

scholarly journals Crypto-currencies, Speculation and the Evolution of Monetary Systems

2018 ◽  
Author(s):  
Andres Solimano
Keyword(s):  
Mobile Phones ◽  
Digital Technologies ◽  
Peer To Peer ◽  
Rapid Expansion ◽  
Electronic Payments ◽  
Digital Currency ◽  
Distributed Ledger ◽  
Monetary Systems ◽  
Digital Money ◽  
Payments Systems

The development of new digital technologies in the areas of cryptography, distributed ledgers and mobile phones is affecting the way money is used for economic transactions. Electronic payments systems are rapidly replacing the use of cash. New powerful distributed ledger technologies, operated on a peer-to-peer decentralized basis is leading to the rapid expansion of digital  money, with bitcoin being the most prominent digital currency (although there are more than one-thousand different crypto-currencies).

A STUDY OF LITERATURE: CRYPTOCURRENCY OF SYARIAH PERSPECTIVE

2021 ◽  
Vol 1 (2) ◽  
pp. 417-428
Author(s):  
M. Shabri Abd. Majid ◽  
Marliyah Marliyah ◽  
Rita Handayani ◽  
Fuadi Fuadi ◽  
Afrizal Afrizal
Keyword(s):  
Point Of View ◽  
The Internet ◽  
Virtual Currency ◽  
Supervisory Authority ◽  
Fiat Money ◽  
Physical Form ◽  
Crypto Currency ◽  
Pros And Cons ◽  
Transaction Security ◽  
Digital Or

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.

Cryptographic Applications

2017 ◽  
Author(s):  
Keith M. Martin
Keyword(s):  
Case Studies ◽  
Security Requirements ◽  
The Internet ◽  
Anonymous Communication ◽  
Mobile Telecommunications ◽  
Payment Card ◽  
Video Broadcasting ◽  
Digital Currency ◽  
Identity Cards

This chapter considers eight applications of cryptography. These essentially act as case studies relating to all the previous material. For each application, we identify the security requirements, the application constraints, the choice of cryptography used, and the ways that the keys are managed. We begin with the SSL/TLS protocols used to secure Internet communications. We then examine the cryptography used in W-Fi networks, showing that early cryptographic design mistakes have subsequently been corrected. We then examine the evolving cryptography used to secure mobile telecommunications. This is followed by a discussion of the cryptography that underpins the security of payment card transactions. We look at the cryptography of video broadcasting and identity cards. We then examine the cryptography behind the Tor project, which use cryptography to support anonymous communication on the Internet. Finally, we examine the clever cryptographic design of Bitcoin, showing how use of cryptography can facilitate digital currency.

scholarly journals From Bitcoin to Central Bank Digital Currencies: Making Sense of the Digital Money Revolution

2021 ◽  
Vol 13 (7) ◽  
pp. 165
Author(s):  
Paulo Rupino Cunha ◽  
Paulo Melo ◽  
Helder Sebastião
Keyword(s):  
Central Bank ◽  
Practical Implication ◽  
Grey Literature ◽  
Central Banks ◽  
Decision Makers ◽  
Making Sense ◽  
Extensive Search ◽  
Trade Offs ◽  
Digital Money ◽  
Open Issues

We analyze the path from cryptocurrencies to official Central Bank Digital Currencies (CBDCs), to shed some light on the ultimate dematerialization of money. To that end, we made an extensive search that resulted in a review of more than 100 academic and grey literature references, including official positions from central banks. We present and discuss the characteristics of the different CBDC variants being considered—namely, wholesale, retail, and, for the latter, the account-based, and token-based—as well as ongoing pilots, scenarios of interoperability, and open issues. Our contribution enables decision-makers and society at large to understand the potential advantages and risks of introducing CBDCs, and how these vary according to many technical and economic design choices. The practical implication is that a debate becomes possible about the trade-offs that the stakeholders are willing to accept.

Privatizing Cash: Currency and Public Goods in Sweden

2021 ◽  
Vol 0 (0) ◽  
Author(s):  
Gustav Peebles
Keyword(s):  
Public Goods ◽  
Central Banks ◽  
Digital Currency ◽  
National Currencies ◽  
The World ◽  
Near Future

Abstract Across the world, national currencies—public goods that emerged out of a previous era of currency proliferation—are now competing with private alternatives. As paper and coins fall into disuse, the seigniorage that helps to fund the circulation and regulation of currency diminishes, while their capacity to bind together states and citizens decreases in equal measure. The Swedish central bank’s response to these threats, which includes issuing the world’s first national digital currency, charts a course that all central banks must consider in the near future.

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