Private cryptocurrencies became an integral part of the financial market. Central banks expressed various positions with respect to cryptocurrency from strong denial to non-intervention. We found out a common and dominating trend in the central bank's policy to lead the further development of crypto-currency by restrictions, robust surveillance and licensing. The first section contains common information about central banks's approach to regulation cryprocurrencies. Next section summarizes the treatment of cryptocurrency by central bankers, also it cointains 2 tables devoted to typology of cryptocurrency legality by countries and recognition of cryptocurrency by countries. Section 3 is devoted to the impact of global crisis on the dissemination of digital cryptocurrencies and contains 5 tables with information about banknotes and coins in circulation and a tables with top-10 cryptocurrencies. Section 4 describes the typology of warning signals sent by central banks to general public, investors, and market players. Section 5 concludes the material.
Download Free PDF View PDF
International Scientific Conference „Business and Management“
In this article, we discuss the central banks’ attitude to cryptocurrencies and focus more on European Central Bank. First, based on the analysis of scientific literature, we show that cryptocurrency is money and performs all of the functions of money, such as the exchange medium, value storage, and accounts unit. We found a positive correlation between the level of economic development of a country and the level of regulation and the integration of crypto cryptocurrencies into the economic system. We discuss not only the approach of the ECB to cryptocurrencies, but also how it developed. According to the study data, the ECB only began to respond to cryptocurrency as an equivalent monetary instrument in 2021, established regulatory mechanisms, and developed the digital euro project.
Download Free PDF View PDF
International Journal of Science and Society
This research aims to determine the impact of Cryptocurrency on macroeconomics, especially in terms of inflation, exchange rates, and other relevant aspects. This article also analyzes the various regulatory approaches that governments around the world have implemented to address risks and manage the development of cryptocurrencies. The method used in this research is qualitative with a descriptive-analytic approach. The methods used in this research include collecting data from various sources, including historical cryptocurrency data, macroeconomic data, and cryptocurrency regulatory data. The results of the analysis show that cryptocurrencies can have a significant impact on macroeconomic stability, both positive and negative, depending on factors such as widespread use, price volatility, and role in the global financial system. Additionally, the different regulatory approaches reflect the diversity of global views on cryptocurrencies and the challenges of regulating technologica.
Download Free PDF View PDF
International Journal of Financial Studies, Economics and Management
The scope of direct transactions globally with almost zero transaction cost and keeping transactions anonymous without facing any centralized control has caused a huge demand for cryptocurrency worldwide whereas its excess volatility, no underlying backings, no centralized control, and anonymity behind transactions have contributed significant risk for the entire financial system. Unlike cryptocurrency, Central Bank Digital Currency, being a virtual currency backed by the central bank or the monetary authority of a country serves all the functions of money, such as a store of value, a unit of account, and a medium of exchange, facilitates the attainment of macroeconomic goals and financial stability. To ensure the safeguarding of the interest of the people, business enterprises, and the financial system of a country from a broader perspective, adequate regulatory measures regarding cryptocurrency are a must. There should be proper harmonization and coordination among the countries r.
Download Free PDF View PDF
This paper examines the Impact of Bitcoin on monetary systems. We take Bitcoin, as the most popular cryptocurrencies in the market and analyze the asymmetric causal relations of the leading financial assets: (Bitcoin price, dollar index (USDX), EUR/USD exchange, GBP/USD exchange, gold price, oil brent price, FTSE 100 index, S&P 500 index). Many of statistical analysis Methods were used for investigates the relations between financial assets such as Granger causality test and Multiple linear regression. This paper is important because it provides compelling evidence to investors, financial markets, and central banks about the relations between exchange rates on bitcoin and financial assets. The empirical findings show that Bitcoin price have causality relationship with many of leading financial assets.
Download Free PDF View PDF
Cryptocurrency Concepts, Technology, and Applications
The purpose of this paper is to present a discussion of central bank digital currency research and developments. The paper begins with the definition of CBDC. It highlights the similarities and differences between CBDC and cryptocurrency. It also reviews the recent CBDC research and developments, and draw implications for cryptocurrency. The review shows that although CBDC presents many benefits for society, a lot of challenges and risks still abound. Interest in information about CBDC is also growing among members of the public and many countries are interested in developing a CBDC. Central banks are presently building specific knowledge and expertise about CBDCs before issuing a CBDC. The emergence of CBDC presents many implications for cryptocurrency. It might lead to calls to regulate cryptocurrency and may lead to the acceptance of stablecoins even though the benefits of stablecoins do not outweigh the benefits of issuing a CBDC. Nevertheless, the general benefits of CBDC for society appear to outweigh the risks, thereby, making CBDC more attractive than cryptocurrency.
Download Free PDF View PDF
New Trends and Issues Proceedings on Humanities and Social Sciences
The existence of cryptocurrency a decade ago is an inescapable reality that at the moment generates a high financial influence at global level, the fact that obliges us to know and to study them. Our questions are essentially at three levels: their acceptance, or not, by the States in the face of the paper-money issued by their Central Banks and how the Private Banks react to this virtual currency created in particular; what actions have Tax Administrations at the global level faced with the wealth they generate and the financial values that move in the real economy. Our study is based on the doctrine that already exists, but mainly financial reports produced by central banks and private banking as well as by tax administrations. Finally, we present our conclusions on the current state of analysis and financial studies of the banking system and tax administrations and, of course, our opinion.
Download Free PDF View PDF
Economia e Sociedade
This paper analyses the impacts of the innovation known as distributed ledger technology (DLT) on the monetary system and on financial activities. Private cryptocurrencies, such as Bitcoin, are permissionless means of payment, based on blockchain, a form of DLT. Evaluations suggested that these private cryptocurrencies could compete with the banks payment systems and even supplant state currency. The development of these technologies has the potential to modify profoundly monetary and financial practices, but there are no indications that they may threaten the centrality of state money and the banking system in the contemporary monetary order. Major international banks have developed cryptocurrencies for settlement systems and for interbank transactions, including the so-called stablecoins, issued by highly technological companies with on par conversion into state money. Some central banks are studying the launch of state cryptocurrencies that could coexist with their fiduciary stat.
Download Free PDF View PDF
The dissertation aims at performing an analysis of latest trends concerning Central Bank Digital Currencies. To put this in concrete terms, it is questioned whether the public would welcome such an initiative and which risks it would entail. To date, privately issued cryptocurrencies feature high volatility and uncertainty on future developments due to the low scalability. Furthermore, privacy and anonymity features favour illegal usages of such currencies. The paper will also analyse the possible implications of a new sovereign digital currency, which is available to the public, on the current monetary policy instruments, with reference to the latest paper currency’s demand trends in developed countries. Moreover, as far as such new CBDC can be interest bearing, perhaps could address the zero lower bound issue. From a banking policy perspective, it is understood that in case of a banking crisis a bank run would be somewhat more probable. The paper will also focus on the role of trust in environments characterized by information asymmetries such as the financial market. However, it is worth recalling that the lending role of commercial banks should be taken into proper consideration, assuming central banks would not want to involve in such area, especially in the scenario whereby central banks would directly compete with private banks collecting deposits from private agents.
Download Free PDF View PDF
Cryptocurrencies have become popular. Economic agents use cryptocurrency such as bitcoins to make payments and it pose a threat to fiat currency. Central banks have begun to respond to this threat. They realize that they need to join the race to offer a digital currency and dominate the digital currency landscape which can lead to the collapse of most private digital currencies that are not issued by a central bank or a monetary authority. In this paper, I show how the issuance of a central bank digital currency can lead to the collapse of private digital currencies such as bitcoin. I argue that central banks will leverage on their monetary powers, and the trust that citizens have in government-backed money. This may give central banks strong incentives to issue a central bank digital currency. The issuance of a central bank digital currency can erode trust in cryptocurrencies, and lead to lack of trust in cryptocurrency, thereby leading to the collapse of cryptocurrencies although not immediately.
Download Free PDF View PDF
See Full PDFSorry, preview is currently unavailable. You can download the paper by clicking the button above.
Download Free PDF View PDF
International Journal of Finance & Banking Studies (2147-4486)
Download Free PDF View PDF
Download Free PDF View PDF
Download Free PDF View PDF
Download Free PDF View PDF
Download Free PDF View PDF
Download Free PDF View PDF
Download Free PDF View PDF
SHS Web of Conferences
Download Free PDF View PDF
Download Free PDF View PDF
Download Free PDF View PDF
INTERNATIONAL JOURNAL OF eBUSINESS AND eGOVERNMENT STUDIES
Download Free PDF View PDF
Review of applied socio-economic research
Download Free PDF View PDF
Journal of International Technology and Information Management
Download Free PDF View PDF
CRYPTOCURRENCY: ECONOMIC ESSENCE AND FEATURES OF ACCOUNTING
Download Free PDF View PDF
International journal of scientific and research publications
Download Free PDF View PDF
Download Free PDF View PDF
Download Free PDF View PDF
Download Free PDF View PDF
Bankarstvo, Volume 50, Number 3, pp. 109-139
Download Free PDF View PDF
International Journal of Academic Research in Business and Social Sciences
Download Free PDF View PDF
