Understanding the Intention to Use Virtual Currency in a Gamified E-Commerce Context

Gamification is all about using game features in a serious context to encourage people to use products or services. E-commerce has used gamification for marketing determinations to strengthen intent to use. Technology Acceptance Model is employed in the current study to investigate the intention to use gamified virtual currency in the Indian context. A survey was used to accumulate records from a random sample of relevant virtual currency users in an e-commerce context using a quantitative approach. Structural equation modeling (SEM) is expended for data analysis in this research. This empirical research shows the incremental impact of the users' perceptions of the ease of use and usefulness on intention to use virtual currency. The variable attitude seems to be not mediating significantly. There are also discussions, restrictions, and future research directions mentioned in this study

A STUDY OF LITERATURE: CRYPTOCURRENCY OF SYARIAH PERSPECTIVE

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.

Prosecutorial Discretion in Tackling the Cryptocurrency Crime in Indonesia

Data, reports, and information show that cryptocurrency has supported certain parties as a convenience, whereas the purpose of cryptocurrency is to minimize the weaknesses of conventional money systems in international relations in the current era of globalization. Countries that cannot represent or apply autonomous law in facing cryptocurrency challenges, because it is feared it is increasingly difficult to overcome global cryptocurrency crime. It is precisely in eradicating cryptocurrency crime, law enforcement authorities, priorities of prosecutors who have the highest supremacy in the field of prosecution and other discretion in law enforcement must be dynamic in law enforcement against facilitators from responses to social needs and aspirations, in accordance with legal considerations must acknowledge the wishes of the community and agree in achieving substantive justice. Considering that virtual currency has been banned in Indonesia but crypto-asset trading on the futures exchange has been in force, responsive discretionary prosecutions are needed in combating cryptocurrency crime in Indonesia. Liability that exceeds liability based on faults, namely strict liability, vicarious liability, and secondary liability to any parties that cause cryptocurrency crime can be applied to the mechanism of "follow the money" and "trace the information and communication technologies (ICTs) footprint". It is hoped that prosecution discretion by the prosecutor can reach to the monitoring of suspicious "nodes" and monitoring the registration of ICTs that are vulnerable to cryptocurrency crimes, such as laptops, cellphones, computers, and SIM cards, in providing a deterrent effect to the perpetrators of cryptocurrency crime.

ACCOUNTING ASPECTS OF CRYPTOCURRENCY OPERATIONS MANAGEMENT

The information technology development results in the origin of new types of cryptocurrency. Main advantages of the cryptocurrency use are decentralization and freedom of transactions. Cryptocurrency acts worldwide as the inexpensive technological means of payment as well as special form of investment. Nowadays, there is no shared idea as for the interpretation of the “cryptocurrency” concept. On the one hand, it is considered as the “virtual currency” and called both a special payment network and a new type of monetary means. On the other hand, it is called a “digital asset”, which can be exchanged for other assets. Cryptocurrency is characterized by a free market rate formed on the demand-supply basis.

Functions of Currency before and after COVID-19: Is Bitcoin Sustainable for Tourism?

The specific purposes of this study are (1) to analyze whether there is a difference in the recognition of tourists in the functions of currency according to the type of currency spent by tourists before and after COVID-19; (2) to identify why tourists employ Bitcoin among the functions of currency; and (3) to identify tourists’ intentions to continue to using Bitcoin according to the degree of recognition of the function of virtual currency in Korea. Both quantitative and qualitative methods, including a one-way analysis of variance, a paired t-test, a simple regression analysis, and an in-depth interview, were employed. One of the conclusions implies that tourists in a tourism destination still prefer paying with cash rather than paying with card or virtual currency. Moreover, the study discovered that tourists count more on virtual currency and prepare for a future with virtual currency when a factor that has an unstable impact on social economy, such as COVID-19, happens. As to the functions of Bitcoin, tourists appeared to place a great importance on its storage, value, satisfaction, convenience, and investment. Additionally, the study showed that tourists intend to continue using Bitcoin due to the same satisfaction, convenience, and investment attributed to Bitcoin. More discussion and implications were provided.

Opodatkowanie kryptowalut w wybranych krajach świata

Like any innovation, a virtual currency raises the question whether national tax systems are prepared for it. As a part of this study, the current areas of research that academics deal with in the context of the cryptocurrency market in Poland and in the world are presented. In addition, the issues of taxation of cryptocurrency transactions in developed countries, such as Germany, the United States and Japan according to the legal status for the fiscal year 2021, are discussed. The article also presents a summary of the most important solutions in force from 2019 regarding the taxation of cryptocurrencies in the field of income tax in Poland. The study is based on current literature and tax acts.

Could Virtual Currencies Replace Classic Money and Influence the Activities Of Banks?

This article analyses the concept of virtual currencies by examining the origin and evolution of money in its’ classical form, identifies why classic money needs to evolve and why virtual currencies could represent the next step in their evolution (Vlasov, 2017). With the emergence of Bitcoin, terms as ‘blockchain technology’ and ‘virtual currencies’ have gained great notoriety. One of the reasons virtual currencies became so popular is that people believe that they could be very promising and could be capable to replace money in their traditional form. This being considered, the article tries to achieve the following objectives: to provide an overview on the evolution of money; make a comparison between virtual currencies and classic money; analyse the potential of virtual currency to replace fiat money (Jumde & Cho, 2020). The focus of this article was to gain a holistic insight into the new technology and its power to revolutionise the financial system. The study was performed by comparing various sources and examining existing studies, official reports issued by the EU institutions, opinions of various experts and financial journals articles, in order to create knowledge on the topic, as well as the author’s interpretation of the research material.

TAX EVASION AND MONEY LAUNDERING AS A SET OF CRIMINAL OFFENCES

Article is the author's cooperation project after the coauthor's successful master's defence, by supplementing the study with new knowledge. Based on the assessment of the “MONEYVAL” Committee on the Prevention of Money Laundering and Terrorism Financing of the Council of Europe, Latvia faces and continues to face the risks of money laundering and terrorist financing. In order to alleviate these risks, various measures are being taken in the State, including by making amendments to the laws and regulations and directly in the Criminal Law and the Law on the Prevention of Money Laundering and Terrorism and Prohibition Financing. Tax evasion is a predicative offence laid down in article 218 of the Criminal Law, committing and legalizing funds, thus committing a criminal offence in article 195 of the Criminal Law – money laundering. In view of the fact that tax collection provides revenue in the national budget, the risks of tax evasion are considered to be a significant encroachment on public and public interest. The consequences of tax evasion affect the entire company, in the interest of which it is expected that the State budget receives all the payments due to it. In protecting the public budget and public welfare, the legislature established criminal liability for offences in the field of taxation. The object of the Master's work is the settlement of criminal relations in the field of taxation and the economy. The subject of the Master's work is the criminal legal norms of criminal offences such as tax evasion and money laundering, law doctrine and jurisprudence. The work analysed the provisions of criminal law, compiled legal literature findings and case law. In addition, there is a view of the problem of the problem of criminal law in connection with the confiscation of virtual currency, as well as the risks of tax evasion, identified problems, gaps and offered solutions.

Display of cryptocurrency in accounting

The purpose of the research to determine the main features of the use of cryptocurrency and its identification as an object in the account. A comparative description of cryptocurrencies, electronic money and paper money is given. It has been established that there are no grounds to classify various types of cryptocurrencies in the accounting system as ordinary currencies or assets in a given period of time because they: are not regulated by any jurisdictions; it is not possible to identify the issuer or the specific organization responsible for its issuance; cryptocurrency exists only in the virtual Internet environment. Methods. General scientific methods and approaches, systematic approach, general research methods (analysis, synthesis, generalization, comparison), statistical methods. Results. The list of stages for reflection of activity of the business entity with use of cryptocurrency is offered and considered. The mining process is analysed and the list of cost items for the extraction of new digital coins is highlighted. The variant on reflection in the account of operations with cryptocurrency on accounts of accounting is offered. There are options for reflection in the accounting of cryptocurrency depending on its recognition: virtual goods, intangible assets, financial investments, digital money. To calculate the cost of cryptocurrency obtained by self-extraction, it is necessary to consider the main costs that need to be identified and reflected in the account. In addition to cryptocurrency, you can extract altcoins, lightcoins or convert cryptocurrencies into stablecoins, which cannot be extracted, but can only be purchased. The article presents the main aspects of calculating the cost, which include: the cost of electricity for individuals and legal entities in the country; the cost of the necessary equipment, its depreciation and maintenance, depreciation; residual value at which you can sell old mining equipment; hash – the speed of solving mathematical problems with one or another equipment; network load and production complexity; monetary value or exchange rate of a particular cryptocurrency or digital assets. Practical meaning. Despite all the scientific developments, the issue of accounting for cryptocurrency from the point of view of IFRS is quite debatable. On the one hand, most propose to account for it as a specific intangible asset. Virtual currency is a huge amount of computing power and digital assets. At this stage of technological development of mankind, cryptocurrency is gaining a stable position in the international market. Prospects for further research. Rapid development is causing further capacity growth and interest, but may eventually lead to collapse. However, if the price stability of the cryptocurrency is achieved, it can be used in international transactions, not just for speculative gain. However, this issue will be directly related to the legalization of the new currency and its recognition by central banks as a means of exchange or storage of money. There is a need for further research to understand the basic conditions for the use of digital currency in the payments market.