Search results

1 – 10 of over 3000
Book part
Publication date: 26 August 2019

Syed Fadhil Hanafi and Syed A Rahman

Regulation of digital currency is still at its infancy as authorities around the world grapple with its mechanics, and study its impact and the best method to regulate it…

Abstract

Regulation of digital currency is still at its infancy as authorities around the world grapple with its mechanics, and study its impact and the best method to regulate it. Significant increase in the use of digital cryptocurrency based on Blockchain technology post-Bitcoin phenomenon had challenged the conventional idea of central bank monopoly in currency issuance. This had also raised concern that digital currency being used as an instrumentality of crime given its anonymity feature that allows for the flow of funds without tracing and the fact that it is built on trustless system that provides security of transaction. This concern, plus other consideration including the prospect of issuing central bank digital currency, had driven some authorities around the world to adopt countermeasures either via an outright ban or a regulatory regime that suits the nature of digital currency, which is purely virtual and anonymous. However, in coming out with an appropriate legal regime, authorities faced multiple difficulties especially when the pace of legal development does not sync congruently with the rapid progress of technology. In addition, given the growing prominence of Islamic finance around the world, questions also arise pertaining to the legality of digital cryptocurrency from the Islamic perspective. Through a qualitative study of relevant literatures as well as legislations in different countries, this chapter discusses the various categories of digital currency, its position from the Islamic perspective, regulatory regimes of digital cryptocurrency in selected jurisdictions and challenges faced by authorities around the world in regulating this new medium of exchange.

Details

Emerging Issues in Islamic Finance Law and Practice in Malaysia
Type: Book
ISBN: 978-1-78973-546-8

Keywords

Article
Publication date: 25 April 2024

Gabriel A. Ogunmola and Ujjwal Das

This paper aims to comprehensively analyze the factors influencing the adoption intentions of the digital rupee, a digital currency, among users in India.

Abstract

Purpose

This paper aims to comprehensively analyze the factors influencing the adoption intentions of the digital rupee, a digital currency, among users in India.

Design/methodology/approach

Drawing upon the Technology Acceptance Model (TAM), the study examines the relationships between cognitive beliefs (perceived usefulness, perceived ease of use, perceived trust, perceived self-efficacy, perceived cost and awareness), affective belief (attitude) and adoption intention of the digital rupee. The study uses a structured questionnaire to collect primary data from 1,707 respondents, which are then analyzed using structural equation modeling.

Findings

The results indicate that perceived usefulness and perceived ease of use significantly impact users' attitudes toward the digital rupee, as well as their adoption intentions. The findings further reveal that perceived trust, perceived self-efficacy, and awareness positively influence attitude and adoption intention. On the other hand, perceived cost exhibits a negative effect on attitude and adoption intention. These results provide empirical evidence on the factors that shape users' attitudes and intentions toward adopting the digital rupee.

Research limitations/implications

The research methodology used in this study ensures rigorous data collection and analysis. The structured questionnaire enabled the collection of detailed information from a large sample of respondents, allowing for robust statistical analysis. The utilization of structural equation modeling facilitated the examination of complex relationships among variables, enhancing the reliability and validity of the findings.

Practical implications

The study's findings offer practical guidance for policymakers, financial institutions and researchers in shaping digital currency regulatory frameworks, tailored financial services and further exploration of adoption dynamics.

Social implications

The research has social implications by potentially influencing the way individuals and communities in India engage with digital currencies, impacting financial inclusion and digital economic participation.

Originality/value

This research contributes to the understanding of the adoption of digital currencies in India and provides valuable insights for policymakers, financial institutions and researchers in the field of digital finance and technology adoption.

Details

Digital Policy, Regulation and Governance, vol. 26 no. 4
Type: Research Article
ISSN: 2398-5038

Keywords

Article
Publication date: 20 September 2021

Christoph Wronka

The purpose of this paper is to discuss the effect of the issuance, adoption and use of digital currencies on economic sanctions with the focus being on the increasing risk of…

1210

Abstract

Purpose

The purpose of this paper is to discuss the effect of the issuance, adoption and use of digital currencies on economic sanctions with the focus being on the increasing risk of sanction evasion. The research sought to answer three key questions: What is the effect of digital currencies on economic sanctions? To what extent does the adoption and use of digital currencies increase the risk of sanction evasion? What remedial measures can be taken to enforce compliance with sanctions in the wake of increased adoption and use of digital currencies?

Design/methodology/approach

The research relied on secondary sources of data, using secondary research to collect archival data in the form of documents. Content and thematic analyses were used to synthesise the collected data.

Findings

It was found that digital currencies have significantly increased the risk of sanction evasion. This is because they facilitate the anonymous or pseudonymous conduct of international commercial transactions, which are hard or impossible to detect and track.

Originality/value

This research is the first to explore the different ways in which digital currencies as whole – and not just cryptocurrencies – affect compliance with economic sanctions.

Details

Journal of Financial Crime, vol. 29 no. 4
Type: Research Article
ISSN: 1359-0790

Keywords

Book part
Publication date: 28 September 2022

Chi Lo

Abstract

Details

The Digital Renminbi’s Disruption
Type: Book
ISBN: 978-1-80455-330-5

Article
Publication date: 30 April 2024

Hirusheekesan Selvanesan and Navodana Rodrigo

Despite the unique features and potential applications in various industries, widespread blockchain adoption is hindered for several reasons. One of them is the lack of government…

Abstract

Purpose

Despite the unique features and potential applications in various industries, widespread blockchain adoption is hindered for several reasons. One of them is the lack of government regulations regarding blockchain and cryptocurrencies. However, a deliberate preliminary analysis of the policy initiatives by various jurisdictions proved otherwise, and a lack of sound academic literature on the policy initiatives on blockchain worldwide was evident. Addressing this gap, this study aims to summarize the policy initiatives of jurisdictions around the world, assessing if governments do not enact many regulations.

Design/methodology/approach

A systematic literature review was adopted in this study, in which the authors shortlisted a set of research papers and policy reports using several selection criteria and a screening process.

Findings

It was found that numerous policy initiatives have been enacted by governments worldwide, and blockchain applications are also being piloted or practiced successfully in several nations. It was also evident that governments are reluctant to accept cryptocurrencies as legal tender while embracing their underlying technology, blockchain.

Originality/value

To the best of the authors’ knowledge, this paper appears to be one of the first attempts to summarize the blockchain policy initiatives contributing to the body of knowledge on blockchain adoption.

Details

Journal of Science and Technology Policy Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2053-4620

Keywords

Case study
Publication date: 24 April 2024

George (Yiorgos) Allayannis, Paul Tudor Jones and Aaron Fernstrom

The case describes a hypothetical hedge fund manager who is examining whether to invest in bitcoin. The case discusses potential risks and rewards of investing in bitcoin, the…

Abstract

The case describes a hypothetical hedge fund manager who is examining whether to invest in bitcoin. The case discusses potential risks and rewards of investing in bitcoin, the role of bitcoin and digital currencies more broadly, and financial innovation in the space, such as ICOs. It can be taught as part of a second-year MBA elective course in investments, financial institutions/capital markets, or fintech.

Details

Darden Business Publishing Cases, vol. no.
Type: Case Study
ISSN: 2474-7890
Published by: University of Virginia Darden School Foundation

Keywords

Article
Publication date: 2 May 2023

Norliza Katuk, Norazlina Abd Wahab and Nur Syaedah Kamis

This paper aims to collect evidence on the issues and challenges in cryptocurrency estate planning and the possible approaches or methods to address them. Then, this paper also…

Abstract

Purpose

This paper aims to collect evidence on the issues and challenges in cryptocurrency estate planning and the possible approaches or methods to address them. Then, this paper also aims to understand Malaysia’s situation compared to global situations and determine how the country could address those challenges.

Design/methodology/approach

This study adapted a standard systematic review protocol named preferred reporting items for systematic reviews and meta-analyses, guided by three research questions: what are the challenges of cryptocurrency estate planning, how do researchers and practitioners address the issues or challenges and how could Malaysians move towards sustainable cryptocurrency estate planning? Relevant documents reported on cryptocurrency estate planning were analysed using thematic analysis.

Findings

The results of this review suggested that the issues and challenges in cryptocurrency estate planning can be described from six aspects: awareness, financial aspects, law, process, security and taxation. On the other hand, the approaches or methods to address these challenges may be categorised into laws, processes and technology. Further, a framework for cryptocurrency estate planning in Malaysia is proposed as an initial step towards a sustainable economy and society in Malaysia.

Research limitations/implications

The state and the use of cryptocurrency are still considered new in most countries globally. Hence, people are yet to be aware of the issues that may arise from it. Nevertheless, cryptocurrency estate planning will soon become an area of interest in which this study could enhance the literature and contribute knowledge to understanding the situation.

Originality/value

This study collected evidence on the issues and the approaches to address cryptocurrency estate planning. This study then focused on the Malaysian perspective by proposing a framework that was not covered by existing studies.

Details

Digital Policy, Regulation and Governance, vol. 25 no. 4
Type: Research Article
ISSN: 2398-5038

Keywords

Article
Publication date: 21 March 2024

Milind Tiwari, Cayle Lupton, Ausma Bernot and Khaled Halteh

This paper aims to investigate technological innovations within the crypto space that have engendered novel financial crime risks and their potential utilization amidst…

Abstract

Purpose

This paper aims to investigate technological innovations within the crypto space that have engendered novel financial crime risks and their potential utilization amidst geopolitical conflicts.

Design/methodology/approach

The theoretical paper uses an analysis of recent geopolitical events, with a key focus on using cryptocurrencies to undertake illicit activities.

Findings

The study found that cryptocurrencies and the innovations made within the crypto domain are used for both legitimate and illicit purposes, including money laundering, terrorism financing and sanction evasion.

Originality/value

This research contributes to understanding the critical role cryptocurrencies play amidst geopolitical conflicts and emphasizes the need for regulatory considerations to prevent their misuse. To the best of the authors’ knowledge, this paper is the first scholarly contribution that considers the evolving mechanisms afforded by cryptocurrencies amidst geopolitical conflicts in undertaking illicit activities.

Details

Journal of Financial Crime, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1359-0790

Keywords

Abstract

Details

Emerging Issues in Islamic Finance Law and Practice in Malaysia
Type: Book
ISBN: 978-1-78973-546-8

Article
Publication date: 9 November 2020

Arief Rijanto

This paper aims to explore patterns of business financing and adoption of blockchain technology in the agricultural industry. The adoption of blockchain technology in terms of…

1434

Abstract

Purpose

This paper aims to explore patterns of business financing and adoption of blockchain technology in the agricultural industry. The adoption of blockchain technology in terms of recording, storing, validating and securing data can solve a variety of agricultural problems such as agricultural business financing. If the banking and insurance industries are connected in real-time to activity data in the agricultural industry, they can create better credit ratings and profile models. So, finally, all parties in the agricultural industry have a greater chance to get business financing from banks.

Design/methodology/approach

This paper uses a case study research approach with a framework of analysis of the theory of adoption of technology, organization and environment (TOE) and the theory of “mindfulness of adoption”. The case study method has advantages when verification is still questioned or the application of certain theories in practice as phenomena and contexts that occur in the field in accordance with the application of blockchain technology into a relatively new business, both technically and practically in the field.

Findings

The findings indicate that there are no barriers to the availability of blockchain technology for technology adoption. The characteristics of this technology are very suitable for solving financing and supply chain business problems in the agricultural industry. However, the adoption of blockchain technology in agriculture shows that there is complexity in the organizational context involving internal and external organizations. The number of organizations and small parties involved in the agricultural process challenges the adoption of blockchain technology as new technology. Then, the external environment of technology, especially government regulations in developing countries, is still an obstacle to the adoption of blockchain technology.

Research limitations/implications

This study faces several limitations, namely, the limited case of implementation of the blockchain technology due to the novelty of technology and government regulation. So that further research related to the adoption of blockchain technology needs to be done using field data such as surveys. Research related to the connectivity of the banking industry and other financial institutions also needs to be explored further, especially in creating a data-based credit risk model of the blockchain system.

Originality/value

On the practical side, case studies of technology adoption and its relationship with the financing of agricultural business are still little explored so this study contributes to exploring the application of blockchain technology in the agricultural industry. The adoption of blockchain technology has an impact not only on farmers but also on all parties involved in the supply chain including banks, insurance and other financial institutions. In addition, the distributed data exchange business model using blockchain technology is a new business model in the agriculture industry.

Details

Journal of Science and Technology Policy Management, vol. 12 no. 2
Type: Research Article
ISSN: 2053-4620

Keywords

1 – 10 of over 3000