scholarly journals The Challenge of Cryptocurrency in the Era of the Digital Revolution: A Review of Systematic Literature

2020 ◽  
Vol 2 (2) ◽  
pp. 153-159
Author(s):  
Izwan Amsyar ◽  
Ethan Christopher ◽  
Arusyi Dithi ◽  
Amar Najiv Khan ◽  
Sabda Maulana
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
Third Party ◽  
Virtual Currency ◽  
Digital Revolution ◽  
Human Needs ◽  
Advantages And Disadvantages ◽  
Digital Currency ◽  
Blockchain Technology ◽  
Physical Form

Money is clearly a primary need of every human being that cannot be avoided, human needs can be realized by using money. Seeing from the lack of systematic literature review papers discussing cryptocurrency, this is a challenge as well as the main purpose of this paper. Along with the development of modernization and globalization which has now entered the industrial era 4.0 revolution there is a blockchain based technology, Cryptocurrency. Cryptocurrency is one of the developments of the blockchain that is often used as a decentralized digital currency. The word Cryptocurrency means a virtual currency that has no physical form, and Cryptocurrency also means that the transaction currency cannot be seen and is safe. This digital currency has many types such as Bitcoin, Ethereum, Litecoin, Monero, and many other types. Although it has no physical form, this currency functions the same as conventional currencies in general and has an exchange rate. Exchange rates on Cryptocurrency fluctuate which means unexpected, this is often exploited by traders. Cryptocurrency transactions in the form of forwarding from one individual to another individual online, therefore they deal directly without a third party. Every technology has advantages and disadvantages aside from efficiency and convenience, Cryptocurrency has the disadvantage of not having the authority responsible for dealing with all problems that occur in all transactions, and money laundering crimes also often occur, this is a challenge for how to utilize Cryptocurrency and blockchain technology in the current era of globalization. 

Prospects of Using Virtual Currencies for the Socio-Economic Development of the Country

2018 ◽  
Vol 11 (4) ◽  
pp. 54-59
Author(s):  
M. N. Prokofiev ◽  
E. S. Borisova ◽  
A. V. Vorobyeva
Keyword(s):  
Economic Development ◽  
Virtual Currency ◽  
Fiat Money ◽  
Advantages And Disadvantages ◽  
Blockchain Technology ◽  
Key Characteristics ◽  
Crypto Currency ◽  
Socio Economic Development ◽  
The Future

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.

Research of Current Situation and Risk of Bitcoin

2014 ◽  
Vol 989-994 ◽  
pp. 5066-5069
Author(s):  
Yi Qing Lu
Keyword(s):  
National Policy ◽  
Current Situation ◽  
Third Party ◽  
Electronic Money ◽  
Virtual Currency ◽  
Trusted Third Party ◽  
Digital Currency ◽  
Policy Risk

Bitcoin is a pure electronic money based on cryptographic proof instead of trust. The principle of Bitcoin can allow any two willing parties to transact directly with each other without the need for a trusted third party. Bitcoin can represent a totally new anarchy virtual currency and an innovation of digital currency. But its development also needs to face to the security of national policy risk, technology risk and trading risks.

scholarly journals National Digital Currency as a Factor of the Russia’s Economic Revival

2019 ◽  
Vol 12 (1) ◽  
pp. 30-36 ◽  
Author(s):  
V. V. Grigoriev
Keyword(s):  
Legal Framework ◽  
Domestic Economy ◽  
Goods And Services ◽  
Paper Money ◽  
Advantages And Disadvantages ◽  
Digital Currency ◽  
Blockchain Technology ◽  
Current State ◽  
The Government ◽  
Definition Of

The past decade has highlighted the increasing role of virtual electronic digital currency in the financial sphere. This currency is now performing the functions of investment, storage and accumulation rather than solely the function of measuring the value of goods and services. Thus, the virtual digital currency has come to implement all basic functions of paper money.The purpose of the paperwas to put forward the thesis of the feasibility of introduction in Russia of a new virtual national digital currency operating on the basis of the blockchain technology, which will significantly revitalize the domestic economy. The paper provides the definition of the virtual digital currency and its types, discusses its advantages and disadvantages, gives a brief overview of the experience of using this currency in Russia and abroad, shows the current state of cost capitalization of the virtual digital currency and describes the legal framework for the virtual digital currency application. The paperconcludesthat rather than forbidding the crypto currency, there are all the reasons to arrange the issue and circulation of an officially accepted type of a virtual national digital currency that would give a powerful impetus to the development of all spheres of the country’s economy. Special attention is paid to the mechanism of the national digital currency operation with the government participation. Every citizen will be able to get a salary in a few seconds, buy everything he wants, invest in any project. Records of transactions in the user’s personal digital electronic purse will completely relieve him of paperwork. It is important to note that blockchain protocols do not allow transaction canceling or compulsory change of ledger entries. This means that all transactions will become safe and anonymous, and anonymity cannot be violated if only by illegal operations. This will suit all law-abiding citizens of the country. The advantages of the national digital currency will ensure its wide circulation in the country and lead to significant shrinking of the “gray” and “dark” cryptocurrency markets and revival of the domestic economy.

Cryptocurrency As An Alternative Currency In Malaysia: Issues and Challenges

ICR Journal ◽  
2020 ◽  
Vol 9 (1) ◽  
pp. 48-65
Author(s):  
Sheila Ainon Yussof ◽  
Abdullah Masoud Humaid Al-Harthy
Keyword(s):  
Tax Evasion ◽  
Financial Services ◽  
Third Party ◽  
Future Research ◽  
Global Trends ◽  
Fiat Money ◽  
Digital Currency ◽  
Blockchain Technology ◽  
Terrorism Financing ◽  
The Government

Fintech (or financial technology) is the current driving force behind innovations in the financial services industry. One of the most debated innovations is cryptocurrency, or digital currency, which uses blockchain technology to make a direct electronic payment between two people possible, without going through a third party (like a bank) or expensive intermediaries in order to save costs. This future money is pressurising central banks to manage the looming threat of redundancy as it overshadows fiat currency in a world of infinite fintech possibilities. Bitcoin, being the first decentralised cryptocurrency, will be the focus of this research. This digital currency is not produced by minting money in an unlimited supply, but through a virtual mining process designed to control the supply of money and make it more valuable. The increasing pace in financial innovation is pushing regulators to make a change in the way they define money and what money can be. Traditionally money is used to serve as a medium of exchange, legal tender for repayment of debt, standard of value, unit of accounting measure and a means to save or store purchasing power. Bitcoin may not fulfill all the functions of money but its scarcity value, anonymity (or pseudonymity), transparency, and autonomy from the government, make it attractive to users who are speculators, traders, merchants, consumers and netizens disenchanted with fiat money. Despite the alluring features of Bitcoin, it is not spared from potential abuses such as webcrimes, tax evasion, fraud, online black markets, money laundering and terrorism financing. In this paper, a forensic examination of Bitcoins benefits and risks will help regulators decide whether to adopt cryptocurrency and provide an appropriate framework to regulate it based on other jurisdictions approach. This paper recommends that Malaysia should fully embrace cryptocurrency due to global trends - the Islamic Development Bank is developing Shariah compliant contracts using blockchain technology; China is leading the drive to develop its own national cryptocurrency to complement fiat money; and a Shariah-compliant cryptocurrency has already entered the market backed by gold (Onegram). Financial and regulatory architectures in Malaysia should accommodate these changes to remain relevant. In addition, future research is recommended focusing on developing a Shariah compliant national cryptocurrency that is unique to Malaysia.

National Digital Currency: a Look into the Future

2020 ◽  
Vol 144 ◽  
pp. 68-73
Author(s):  
Vladimir V. Grigor’ev ◽  
Keyword(s):  
Legal Framework ◽  
Domestic Economy ◽  
Advantages And Disadvantages ◽  
Digital Currency ◽  
Blockchain Technology ◽  
The Future

The author argues on advisability of introducing in our country a new virtual national digital currency that operates on the basis of blockchain technology, which will significantly develop the domestic economy. The article provides a definition and identifies certain types of virtual digital currency, shows its advantages and disadvantages, gives a description of the legal framework for the use of virtual digital currency, briefly highlights the experience of its application in our country and abroad, shows its cost capitalization at present. Particular attention is paid to the mechanism of the national digital currency functioning in our country with participation of government bodies.

Implementation Of Zakat Payment Platform For Cryptocurrencies

2021 ◽  
pp. 17-31
Author(s):  
Mohd Faizal Yusof ◽  
Lisasari Ab. Rasid ◽  
Ridzuan Masri
Keyword(s):  
Investment Decisions ◽  
Academic Development ◽  
Third Party ◽  
Digital Currency ◽  
Blockchain Technology ◽  
Network Concept ◽  
Alternative Approach ◽  
The World ◽  
Digital Asset ◽  
Start Ups

Bitcoin spearheaded the rise of cryptocurrencies since it was first launched in 2009. The concept of bitcoin as digital currency was first published publicly in the 2008 well-known whitepaper by pseudonymous Satoshi Nakamoto. The whitepaper outlined a self-serving peer-to-peer transaction network concept based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party such as financial institutions. Since then, thousands of cryptocurrencies have been launched mostly through token offerings as an alternative approach of raising funds for blockchain, technology projects, and start-ups. People are holding cryptocurrencies mostly as digital asset investments. Some individuals made huge profits from buying cryptocurrencies at their initial offerings and sold later when the prices increased. Some crypto millionaires were born from such trades. However, many people lost their investment as well due to many factors. Some were due to bad investment decisions, and some fall into scams and investment programs run by dishonest peoplewith promises of highly lucrative returns. As trading and owning cryptocurrencies are becoming common, governments and policymakers around the world are coming up with proper and comprehensive regulations for cryptocurrencies. In the context of Malaysia, in which zakat collections and distributions are of state matters, this paper discusses the implementation of zakat payment platform for cryptocurrencies at zakat institutions. This paper seeks to contribute to the academic development, blockchain technology, and zakat management.

scholarly journals Cryptojacking Malware Detection using the Bayesian Consensus Clustering with Large Iterative Multi-Tier Ensemble in the Cryptocurrency in the Cloud

2019 ◽  
Vol 8 (3) ◽  
pp. 4256-4264
Keyword(s):  
Malware Detection ◽  
Smart Phones ◽  
Consensus Clustering ◽  
Online Data ◽  
Virtual Currency ◽  
Malicious Software ◽  
Security Breaches ◽  
Major Threat ◽  
Digital Currency ◽  
Blockchain Technology

Virtual Currencies and cryptocurrency are a trending digital currency method which uses the Blockchain technology. Cryptocurrency is a digital method designed to exchange the asset between the users based on a powerful cryptography which ensures the transaction are safe and controllable. We have various legal areas identified while using the cryptocurrency, as being the virtual currency, the amount of assets used by the users increases rapidly. With the increase in the asset the security breaches are one of the key vulnerable areas to focus. Cryptocurrency mining malware or Cryptojacking remains a trending terminology which identifies the malicious software or malware developed to use the data from the smart phones and computers. The major threat of the Cryptojacking is cryptocurrency mining without user’s approval. This article implemented based on our CCEC Framework method published for Malware detection in SMS’s for the Smartphone users. The article explains about how the Malware detected using the CCEC Framework. Malwares created in various format so identifying the Malware takes time before which user assets remains vulnerable. So, the proposed method ensures we have a reduction in time by using various online data sources to identify the Cryptojacking malware.

scholarly journals The Determinants of Musharaka Financing in Indonesia

2021 ◽  
Vol 22 (1) ◽  
pp. 37-47
Author(s):  
Ayif Fathurrahman ◽  
Abriani Sita Devi
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
Commercial Banks ◽  
Quantitative Data ◽  
Linear Regression Analysis ◽  
Secondary Data ◽  
Multiple Linear Regression Analysis ◽  
Third Party ◽  
Return On Assets ◽  
Independent Variables

The purpose of this study is to determine the determinants of Musharaka Financing in Islamic commercial banks in Indonesia, which was carried out using secondary data or quantitative data from the period of January 2015 to August 2019. The model used to analyze the results of this regression was the Multiple Linear The dependent variable used in the object of this study was musharaka financing, while the independent variables used in this study consisted of inflation, exchange rates (exchange rates), Return on Assets (RoA), and third-party funds. From the results of the multiple linear regression analysis that has been processed, it can be explained that simultaneously the inflation, exchange rates (exchange rates), RoA, and TPF have a significant effect on Musharaka Financing. However, partially the exchange rate (exchange rate), RoA and TPF have a positive and significant effect on Musharaka financing, while inflation has a positive and insignificant effect on musharaka financing at Islamic Commercial Banks in Indonesia

scholarly journals ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI KREDIT KONSUMSI PADA BANK PERSERO DI INDONESIA

2019 ◽  
Vol 2 (1) ◽  
pp. 160-166
Author(s):  
Nur Faricha
Keyword(s):  
Exchange Rate ◽  
Linear Regression ◽  
Exchange Rates ◽  
Consumer Credit ◽  
Secondary Data ◽  
Capital Adequacy ◽  
Third Party ◽  
Analysis Technique ◽  
Capital Adequacy Ratio ◽  
Independent Variable

This study aims to determine the effect of Third Party Funds, Inflation, Exchange Rates, and Capital Adequacy Ratio on consumer credit at Bank Persero in Indonesia. While this study uses secondary data. The analysis technique used is multiple linear regression with the results of the Independent variable test showing that Third Party Funds, inflation, and the Capital Adequacy Ratio have a positive and significant effect on consumer credit at Bank Persero in Indonesia. While the exchange rate has no significant effect on consumer credit at Bank Persero in Indonesia.

Fear of Free Floating or Forced Exchange Rate Fixing

2004 ◽  
pp. 112-122
Author(s):  
O. Osipova
Keyword(s):  
Exchange Rate ◽  
Financial Crisis ◽  
Exchange Rates ◽  
Inflation Targeting ◽  
Exchange Rate Policy ◽  
Float Exchange Rate ◽  
Floating Exchange Rate ◽  
Rate Policy ◽  
Exchange Rate Arrangements ◽  
Pass Through

After the financial crisis at the end of the 1990 s many countries rejected fixed exchange rate policy. However actually they failed to proceed to announced "independent float" exchange rate arrangement. This might be due to the "fear of floating" or an irreversible result of inflation targeting central bank policy. In the article advantages and drawbacks of fixed and floating exchange rate arrangements are systematized. Features of new returning to exchange rates stabilization and possible risks of such policy for Russia are considered. Special attention is paid to the issue of choice of a "target" currency composite which can minimize external inflation pass-through.

Sign in / Sign up

Export Citation Format

Share Document