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1 – 10 of over 2000Gary Low and Terence Tan
To address recent cases and the applicable legal principles relating to cryptocurrency, and to contribute to legal thought in this developing area of law.
Abstract
Purpose
To address recent cases and the applicable legal principles relating to cryptocurrency, and to contribute to legal thought in this developing area of law.
Design/methodology/approach
This article considers recent cryptocurrency related cases in Singapore, Canada and the United Kingdom, and then considers the implications of the developing law in relation to proper causes of action and issues of practical asset recovery relating to the enforcement of judgments.
Findings
The intangible and highly movable nature of cryptocurrency places a premium on decisive asset recovery. The cases also suggest that injunctions remain a useful and effective debt recovery tool, especially when coupled with quick investigative action to trace cryptocurrency payments. However, the law remains unsettled as to the most appropriate cause of action for a claim in cryptocurrency or how a debt in cryptocurrency can be subject to execution. These issues raise the fundamental question of the nature of cryptocurrency, whether it belongs to an existing category of property, or if it is sui generis.
Practical implications
Cryptocurrency remains relatively novel and usage is increasing but not widespread. Users of cryptocurrency and lawyers involved in transactions or disputes involving cryptocurrency would benefit from a broader understanding of the legal issues
Originality/value
This article provides expert analysis from experienced litigation lawyers familiar with the concepts behind cryptocurrency.
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Vadim Avdeychik and Justin Capozzi
This paper aims to provide an overview of recent US Securities and Exchange Commission (SEC) Division of Investment Management staff (“Staff”) guidance related to investment funds…
Abstract
Purpose
This paper aims to provide an overview of recent US Securities and Exchange Commission (SEC) Division of Investment Management staff (“Staff”) guidance related to investment funds registered under the Investment Company Act of 1940 that seeks to provide exposure to cryptocurrencies or cryptocurrency-related products.
Design/methodology/approach
This paper provides analysis regarding the Staff’s view on registered investment companies that intend to invest in cryptocurrencies or cryptocurrency-related products, including an overview of the questions posed by the Staff with respect to registered investment companies that seek to hold cryptocurrencies or cryptocurrency-related products, which are divided into five categories: valuation, liquidity, custody, arbitrage (for exchange-traded funds) and potential manipulation and other risks.
Findings
The Staff is asking for additional information from industry participants to fully analyze and evaluate registered investment companies that seek to invest in cryptocurrencies.
Practical implications
The industry should continue to provide information to the Staff with the short-term goal of fostering an open dialogue and with the long-term goal of launching a registered investment company that invests in cryptocurrencies or cryptocurrency-related products.
Originality/value
This paper provides practical guidance from experienced lawyers of the Investment Company Act and Securities Act.
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The purpose of the study is to analyze the hedging abilities of the cryptocurrencies vis-à-vis gold against macroeconomic shocks in four emerging economies, India, China, Brazil…
Abstract
Purpose
The purpose of the study is to analyze the hedging abilities of the cryptocurrencies vis-à-vis gold against macroeconomic shocks in four emerging economies, India, China, Brazil and Russia.
Design/methodology/approach
Using the monthly data from January 2013 to April 2023, the paper analyses the response of Cryptocurrencies vis-à-vis gold prices to three different macroeconomic shocks, namely, the economic policy uncertainty shock, the financial uncertainty shock and the inflation shock, within a VAR framework with the help of the Generalized Impulse Response Function.
Findings
Both gold and cryptocurrencies have limited hedging abilities against macroeconomic shocks across countries. In India, bitcoin has become the new digital gold, while in China, it is not bitcoin but rather gold that retains its hedging abilities. Neither bitcoin nor gold, Binance Coin or Cardano, are found to be the new digital gold in Brazil and Russia.
Originality/value
The paper compares the top nine cryptocurrencies with the traditional asset gold in terms of their hedging potential against macroeconomic shocks in emerging countries.
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Everton Anger Cavalheiro, Kelmara Mendes Vieira and Pascal Silas Thue
This study probes the psychological interplay between investor sentiment and the returns of cryptocurrencies Bitcoin and Ethereum. Employing the Granger causality test, the…
Abstract
Purpose
This study probes the psychological interplay between investor sentiment and the returns of cryptocurrencies Bitcoin and Ethereum. Employing the Granger causality test, the authors aim to gauge how extensively the Fear and Greed Index (FGI) can predict cryptocurrency return movements, exploring the intricate bond between investor emotions and market behavior.
Design/methodology/approach
The authors used the Granger causality test to achieve research objectives. Going beyond conventional linear analysis, the authors applied Smooth Quantile Regression, scrutinizing weekly data from July 2022 to June 2023 for Bitcoin and Ethereum. The study focus was to determine if the FGI, an indicator of investor sentiment, predicts shifts in cryptocurrency returns.
Findings
The study findings underscore the profound psychological sway within cryptocurrency markets. The FGI notably predicts the returns of Bitcoin and Ethereum, underscoring the lasting connection between investor emotions and market behavior. An intriguing feedback loop between the FGI and cryptocurrency returns was identified, accentuating emotions' persistent role in shaping market dynamics. While associations between sentiment and returns were observed at specific lag periods, the nonlinear Granger causality test didn't statistically support nonlinear causality. This suggests linear interactions predominantly govern variable relationships. Cointegration tests highlighted a stable, enduring link between the returns of Bitcoin, Ethereum and the FGI over the long term.
Practical implications
Despite valuable insights, it's crucial to acknowledge our nonlinear analysis's sensitivity to methodological choices. Specifics of time series data and the chosen time frame may have influenced outcomes. Additionally, direct exploration of macroeconomic and geopolitical factors was absent, signaling opportunities for future research.
Originality/value
This study enriches theoretical understanding by illuminating causal dynamics between investor sentiment and cryptocurrency returns. Its significance lies in spotlighting the pivotal role of investor sentiment in shaping cryptocurrency market behavior. It emphasizes the importance of considering this factor when navigating investment decisions in a highly volatile, dynamic market environment.
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Devid Jegerson and Charilaos Mertzanis
In the evolving landscape of global remittances, this study systematically explores cryptocurrency's transformative impact on remittance services through a comprehensive…
Abstract
Purpose
In the evolving landscape of global remittances, this study systematically explores cryptocurrency's transformative impact on remittance services through a comprehensive literature review and bibliometric analysis.
Design/methodology/approach
Through meticulous PRISMA-guided analysis, the research identifies cryptocurrency technology as a pivotal force in enhancing remittance efficiency, reducing costs and broadening access contributing significantly to financial inclusion.
Findings
Findings revealed that cryptocurrency technology could significantly enhance remittance services, offering improved efficiency, reduced costs and increased accessibility. This suggests a transformative potential for financial inclusion, presenting a compelling case for broader adoption and regulatory support to leverage these benefits effectively.
Research limitations/implications
By integrating recent research, this work underlines the urgent need for broader adoption and regulatory support to leverage these benefits effectively. It offers novel insights for institutions and policymakers, highlighting the potential for technology adoption in remittances to enhance financial inclusivity.
Originality/value
More cryptocurrency studies are needed to concentrate on remittance markets. Thus, this investigation constitutes a unique addition to the field. Additional investigation in this domain presents significant possibilities for future exploration and progress.
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Faisal Al Reshaid, Petek Tosun and Merve Yanar Gürce
Cryptocurrencies are becoming increasingly attractive as alternatives to traditional currencies. Although many retailers accept cryptocurrencies as a means of payment in online…
Abstract
Purpose
Cryptocurrencies are becoming increasingly attractive as alternatives to traditional currencies. Although many retailers accept cryptocurrencies as a means of payment in online shopping, consumers’ cryptocurrency adoption intention in online shopping (CCAI) is still low. This study aims to investigate the influence of attitudes, subjective norms, consumer trust, financial literacy and fear of missing out (FOMO) on CCAI.
Design/methodology/approach
A quantitative research approach was followed using a consumer survey. Hypothesized relationships were tested through regression and mediation analyses.
Findings
The results revealed that consumers could accept cryptocurrencies as a means of payment in online shopping. Attitudes, subjective norms, consumer trust and financial literacy directly and positively influence CCAI, while they indirectly affect CCAI through the mediating impact of FOMO.
Practical implications
Marketing managers should improve consumers’ knowledge about cryptocurrencies and trust in online shopping to increase CCAI. Social media marketing can be appropriate, while the advertising content can address keeping up with others and staying connected.
Originality/value
This study addresses a critical gap in the literature by empirically examining the antecedents of CCAI within an original conceptual model based on the theoretical framework provided by the theory of planned behavior. Attitudes, subjective norms, trust and financial literacy influence CCAI, where FOMO plays a significant role as a mediator.
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Miklesh Prasad Yadav, Atul Kumar and Vidhi Tyagi
Design/Methodology/Approach: This chapter applies tests associated with the adaptive market hypothesis (AMH) and Johansen cointegration test. AMH acknowledges the views of the…
Abstract
Design/Methodology/Approach: This chapter applies tests associated with the adaptive market hypothesis (AMH) and Johansen cointegration test. AMH acknowledges the views of the efficient market hypothesis and behavioural finance approach.
Purpose: Cryptocurrencies are considered a new asset class by multiasset portfolio managers. Hence, we examine the AMH and cointegration in the cryptocurrency market to know whether select cryptocurrencies can be diversified.
Findings: We find that cryptocurrencies are efficient and there is a long-run relationship among constituent series, and there is no short-run causality derived from bitcoin, Ethereum and litecoin to bitcoin, while stellar and Dogecoin have short-run causality to bitcoin.
Originality/Value: This chapter is different from the existing one as this is the first study in which the AMH and Johansen cointegration test are applied to check the efficiency and relationship of Bitcoin, Ethereum, and Monero, Stellar, litecoin and Dogecoin.
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This study aims to examine the cryptocurrency adoption (CA) level among Indian retail investors who use cryptocurrency as an investment and mode of transaction.
Abstract
Purpose
This study aims to examine the cryptocurrency adoption (CA) level among Indian retail investors who use cryptocurrency as an investment and mode of transaction.
Design/methodology/approach
Through self-administered survey questionnaires, data is collected from 397 retail investors of Haryana (India). This study adopted a quantitative method using partial least squares structural equation modeling (PLS-SEM).
Findings
This paper offered a robust model with a high explanatory value for CA in which four of the five proposed factors of diffusion of innovation theory (trialability, compatibility, complexity and observability) and one of the two proposed factors of consumer behavioral theory (perceived value) significantly influences CA. More specifically, the absence of regulatory support is a barrier to the broad adoption of cryptocurrencies, as its regulations are necessary to mitigate or minimize uncertain outcomes.
Research limitations/implications
This research primarily focuses on CA in India. Thus, it can be extended to cover diverse other countries for more precise results.
Practical implications
The results provide insights to the government to design the policies, better regulate and make investment strategies that can ultimately enhance CA. In addition, the study’s results also inform financial educators, policymakers, employers and academicians about the significance of several variables affecting CA in India.
Social implications
From a social standpoint, this study is an advance that directs central banks and governments to develop, regulate and manage digital currencies and implement a digital currency ecosystem. Moreover, the results assist in understanding investors’ perceptions and decision-making perspectives toward cryptocurrencies through the country’s digitalization.
Originality/value
This paper fills the study gap to assist policymakers and cryptocurrency experts in broadening their knowledge base and recognizing prioritized intentions. Additionally, this study provides a theoretical model with the latent variable for a present and pertinent matter.
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Adriana Tiron-Tudor, Stefania Mierlita and Francesca Manes Rossi
The objective of this study is to systematically review the current body of literature in order to gain insights into the progress of research in accounting and auditing of…
Abstract
Purpose
The objective of this study is to systematically review the current body of literature in order to gain insights into the progress of research in accounting and auditing of cryptocurrencies, while also highlighting the associated risks and identifying gaps for future exploration.
Design/methodology/approach
To achieve this, a structured literature review was carried out, presenting a thorough and critical assessment of the available studies focused on cryptocurrencies within the accounting and auditing domain.
Findings
The analysis reveals that the majority of the research has concentrated on the reporting and measurement aspects of cryptocurrencies, neglecting the auditing aspect. Regarding the methodology, future investigations should incorporate both theoretical and empirical manners to address this gap. Various spheres require further exploration, as they have the potential to significantly impact practitioners and academics.
Originality/value
The significance of this paper lies in its comprehensive examination of the existing literature, synthesizing and organizing information pertaining to accounting and auditing considerations of crypto transactions. Moreover, it provides valuable insights into best practices and prompts identifying avenues for further research in this field.
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