World monies or money-worlds: A new perspective on cryptocurrencies and their moneyness

This essay makes the case that current debates about the ‘moneyness’ of Bitcoin and other cryptocurrencies are occurring at the incorrect scale. Rather than being some form of trans-national digital money to be used alongside or compete with national fiat currencies, I argue that, instead, each cryptocurrency represents its own self-contained ‘money-world’. Put differently, a cryptocurrency is the uniquely specified unit of account and medium of exchange within the socio-technical bounds of its own blockchain. This new perspective can open new lines of intellectual dialogue and inform better policy choices for regulating cryptocurrencies.

World 2021: Pandemic and economic problems remain acute

The global economy continues to grow, albeit mainly due to large-scale support measures from governments and regulators. Moreover, the latter are not sure about the prospects for such development, since the economies do not demonstrate the potential for independent growth. As a result, in order to stimulate it, regulators are forced to expand the range of their tools, mechanisms, approaches, otherwise the risks to the stability of the global financial and economic system increase. All this is happening against the background of negative rates, which have become virtually ubiquitous and persist for a long time. New growth records are being set in the stock markets, and their gap from the real economy is growing. A number of sectors are beginning to dominate, forming distortions and bubbles in the markets. In such conditions, the importance of digital money, ecosystems, etc. increases. Moreover, the faster and more efficiently regulators can integrate into these formats, the more successful business, the population, and the economy as a whole will be.

Camera Obscura or the Way Things Appear: Some Remarks About Marx’s Economic Writings

I analyse the foundations of Marx’s analysis to examine the applicability of Marx’s theory of the capitalist economy to the study of current economic events. In this paper, I do not present critique the interpretations of Marx’s works made by contemporary economists; however, much of modern Marxian economics is invalid in terms of Marx’s own method and inappropriate for understanding modern capitalism. The paper is concerned with topics that have been the subject of contemporary debate and are central to Marx’s own economic writings. Here I present only textual evidence of the main tendencies in the development of capitalism discovered by Marx. There are limits to value (= time) as the sole criterion of economic expediency; the constant reproduction of a scarcity of jobs amid an abundance of goods; enlargement of material commercial relations on the other spheres of social life; development of monetary relations – the emergence of derivatives of money, i. e., ersatz money, digital money. The main conclusion that I came to is that some societies are gradually losing value and moral guidelines, threatening the very development and even the existence of other communities or peoples.

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

Technological 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.

The Influence of Digital Money on Economic Growth in Kenya

The growth of the economy is a concern to many because it has an influence on the progress of a country and its citizens. It is expected that an economy with a highly advanced digital money system should also experience high economic growth. However, statistics indicate that the economic growth rate in Kenya has been fluctuating and has failed to grow consistently despite numerous policy interventions. This study sought to establish the influence of digital money on Economic Growth in Kenya. The study incorporated a descriptive research technique and a time series approach to analyse the relationship between digital money and economic growth using Kenyan quarterly data from 2011 to 2020. Four variables were used as proxies to measure digital money: - the value of mobile money transactions, the value of cards money transactions, the value of internet banking (EFTs) transactions and agency banking. The findings revealed that all relationships that were tested were positive and significant each with p-Value that was less than 0.05. Further analysis showed F-Calculated (1, 38; α=0.05) was 32.909 (card transactions), 247.029 (EFT transactions), 297.118 (mobile transfer), and 571.417 (active agents). Therefore, the study recommended that there is need for an intensified campaign to sensitize the public on the importance of digital money owing to their flexibility and improved security as compared to carrying physical cash especially in the wake of the COVID-19 pandemic. To the policy makers, the findings suggest that there is need to solidify and enforce strong digital/ICT policy that promotes cashless payments.

Enhancing the Speed of Response in Digital Money Transactions using Distributed Blockchain System

Waiting for anything is undesirable by most of the human beings. Especially in the case of digital money transactions, most of the people may have doubtful thoughts on their mind about the success rate of their transactions while taking a longer processing time. The Unified Payment Interface (UPI) system was developed in India for minimizing the typographic works during the digital money transaction process. The UPI system has a separate UPI identification number of each individual consisting of their name, bank name, branch name, and account number. Therefore, sharing of account information has become easier and it reduces the chances of typographic errors in digital transaction applications. Sharing of UPI details are also made easy and secure with Quick Response (QR) code scanning methods. However, a digital transaction like UPI requires a lot of servers to be operated for a single transaction same as in National Electronic Fund Transfer (NEFT) and Immediate Payment Services (IMPS) in India. This increases the waiting time of digital transactions due to poor server communication and higher volume of payment requests on a particular server. The motive of the proposed work is to minimize the server communications by employing a distributed blockchain system. The performance is verified with a simulation experiment on BlockSim simulator in terms of transaction success rate and processing time over the traditional systems.

NUMERAL FINANCE IN ISLAMIC JURISPRUDENCE ‎

The purposes of Islamic Shari are to bring utilities and ‎benefits and also to avoid depravation.This sharia is very ‎suitable for human instinct ; it is valid for every place and ‎time.‎ Our respectable jurists said that non of difficulties hasn't a ‎rule in our god's book so we have to be aware of the rules ‎and judgments' of those troubles and what is expected to ‎happen.‎ In this research, in God's willing, we declare the jurisprudent ‎regionalization (adaptation) of electronic digital money ‎‎(system of transferring electronic money) and what is related ‎to this system of jurisprudent restrains because the electronic ‎money is people's needs which contributes in accomplish their ‎finance dealings by great quickness to transfer their money ‎with reducing its expenses that the finance dealing is ‎considered as a practical life nerve that pours in individual's ‎controlled benefits which doesn't contradict with Islamic ‎sharia goals and principles.‎ So, it is important to know the jurisprudent terms and to ‎evaluate economic and banking work that is included in ‎principles of Islamic sharia, according to jurisprudent rules ‎connected with Islamic banks work‎. Keywords: The purposes of Islamic Shari, Islamic jurisprudence, Numeral Finance.

Escalation of Online Zakat in New Normal

Now adays, the world is still struggling in dealing with Covid-19 and all the effects it causes. This condition has many impacts, including on the socio-economic sector and can be overcome by increasing zakat income. Given the extremely dangerous nature of the transmission of the corona virus, WHO recommends the use of digital money. This also applies to the payment of zakat through e-zakat (online payment of zakat). This study aims to determine the factors that influence Muzakki's decision to pay zakat online.This study uses a younger generation as a sample because of its role as the largest internet users who are able to easily learn the latest technology. This research contributes to providing new insights regarding the factors that influence consumers in using e-zakat. This research has implications for amil zakat institutions to innovate through e-zakat services and improve their services so that more consumers can serve so that the number of users will increase. Research instrument used to obtain data was a likert scale questionnaire. The research model used is the Structural Equation Model (SEM) and analyzed using PLS to test the measurement model and the structural model simultaneously. Based on the results of hypothesis testing, e-wom and religiosity have a positive effect on the decision to pay zakat. Meanwhile, the intention variable proved insignificant in moderating the relationship between e-wom and religiosity towards the decision to pay zakat online. Keywords: e-wom, religiosity, intention, decision

Cryptocurrency and its Impacts

The development of information and communication technologies has undergone rapid changes because of which many activities are integrated online and have become more pliable and effectual. With the tremendous growth of online user’s, the concept of virtual word has been activated and have generated a new business occurrence to assist the monetary activities such as purchasing, trading and selling of cryptocurrency. Cryptocurrency constitutes precious and impalpable items that are to be electronically used in various implementations and system such as digital social system and digital worlds. This paper enlightens the readers on how cryptocurrency is functioned. It also lets the readers gain confidence in dealing with cryptocurrency by informing them that the use of such kind of digital money is not entirely authorized. Anyway, this paper aims in guiding the readers about the escalation of cryptocurrency to view it more vividly and practically. This paper also analyses ways of regulations & legislations towards cryptocurrencies and other things like merits, demerits, and criticisms attached to it so that a clear picture can be developed of its impact on various laws to regulate.