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This study uses the autoregressive distributed lag model (ARDL) econometric approach to investigate empirically the effects of cryptocurrencies, the gold standard and traditional fiat money on global income inequality measured based on the Gini coefficient, and various ratios of income inequality distribution such as top 1 per cent, top 10 per cent, top 40 per cent and top 50 per cent.

The study uses the ARDL econometric approach.

The findings indicated that cryptocurrency and gold standard monetary systems contributed significantly to reducing global inequality of income and wealth distribution. Conversely, the traditional fiat money system contributes positively to global income and wealth inequality while also contributing significantly to their fluctuation.

This suggests that the fiat monetary system results in the coercive redistribution of income and wealth if governments pursue a social welfare policy. They must resolve this conflict between the current fiat monetary system and social policy by opting for an alternative monetary system such as cryptocurrency or gold standard. These alternative monetary systems offer the promise of resolving the income and wealth inequality associated with the traditional monetary system which are accompanied with the channels of inflation, lack of financial inclusion and debt creation, and to offer a more sustainable financial system.

The study recommends that monetary policy must be revisited to account for its direct effect on income and wealth redistribution to achieve social welfare goals.

Criminals have quickly discovered the advantage of crypto assets, with its pseudo-anonymity, untraceability and the ability to freely exchange crypto assets across borders, which makes it an ideal tool for money laundering activities. Switzerland has a technology-neutral framework, and crypto assets are regulated by the existing anti-money laundering (AML) legislation. The purpose of this paper is to gain insights into the industry adoption of measurements to prevent money laundering through crypto assets and if they are compliant with national and international AML regulations.

Semi-structured expert interviews were conducted with participants having expertise in compliance, AML and crypto assets with focus on Switzerland. The interviews were analyzed using the thematic analysis.

The experts have a general consensus that Switzerland is a pioneer when it comes to regulating crypto assets. It is perceived that legislations are released without industry consultation and that AML processes for fiat transactions also work for crypto assets, which is not the case. The results show that the industry wants a consortium to fight money laundering in crypto assets in Switzerland. The current measures to identify money laundering are not optimal, yet, it is the best solution and according to national and international regulations the businesses are perceived to be compliant.

This paper offers new insights on the challenges of AML regulations in crypto assets, given the limited information available. It also provides good practice examples for addressing these challenges, benefiting policymakers, regulators and practitioners in the crypto asset ecosystem.

The purpose of this paper is fourfold: first, to provide the first systematic study on the ethics of blockchain, mapping its main socio-technical challenges in technology and applications; second, to identify ethical issues of blockchain; third, to propose a conceptual framework of blockchain ethics study; fourth, to discuss ethical issues for stakeholders.

The paper employs literature research, research agenda and framework development.

Ethics of blockchain and its applications is essential for technology adoption. There is a void of research on blockchain ethics. The authors propose a first theoretical framework of blockchain ethics. Research agenda is proposed for future search. Finally, the authors recommend measures for stakeholders to facilitate the ethical adequacy of blockchain implementations and future Information Systems (IS) research directions. This research raises timely awareness and stimulates further debate on the ethics of blockchain in the IS community.

First, this work provides timely systematic research on blockchain ethics. Second, the authors propose the first research framework of blockchain ethics. Third, the authors identify key research questions of blockchain ethics. Fourth, this study contributes to the understanding of blockchain technology and its societal impacts.

The purpose of this paper is to illustrate the incentivised steps criminals take to launder cash while avoiding government’s anti-money laundering (AML) measures.

To illustrate how and when technology is most prominent in the money laundering process, this paper analyses the criminal’s methodological approach to “technology-enhanced money laundering” by examining several high-level examples. To strengthen the theoretical assessment and the overall validity of the findings, the author incorporates details from their own research and professional experience to maximise comprehension of the methodological process that organised criminals and money launderers alike look to undertake when placing illicitly derived cash in the money laundering cycle.

The AML model of “placement, layering and integration” is synonymous with presenting the process of money laundering – in the most basic or generic forms. This paper identifies that the placement stage is a primary stage through which technology is exploited to assist in the entire laundering process.

Using money laundering case studies, this paper identifies that existing AML/countering terrorism financing international perceptions/practices and typological studies are not adequate for presenting an accurate assessment of the process used to undertake money laundering.

This paper provides an examination of the practicalities behind the prevention of money laundering from a compliance and investigative perspective. The paper is of interest to those involved in policy, compliance and investigations associated with money laundering.

The study provides a comprehensive understanding of the issues and illegal activities related to cryptocurrencies and their negative repercussions. This study aims to identify and classify cryptocurrency downsides using grounded theory and in-depth interviews. The study also analysed investors’ reluctance to invest in cryptocurrency. This pioneering qualitative study illuminates a deep and multifaceted criminal aspect of cryptocurrency.

The study conducted in-depth interviews with respondents who have experience and knowledge of cryptocurrency investments. The interviews were recorded and transcribed. The analysis was performed using the NVivo 14 software in the study.

The study specified two major types of cryptocurrency’s negative aspects: barriers and illegal usage. Barriers to cryptocurrency investment include technological, security, trust, market-related and regulatory reasons. Terrorist funding, money laundering, fraud and ransom payments are all examples of illegal usage. The results of the word cloud analysis are consistent with the overall findings of the survey, which highlighted illegal usage as a prominent negative element of cryptocurrencies. It is a key reason why cryptocurrency is not included in investing portfolios by investors.

The study’s findings provide useful insights for policymakers to develop better methods for successfully mitigating risks and ensuring responsible and sustainable usage of cryptocurrencies. In addition, the study could serve as a stepping stone for more cryptocurrency-related studies, contributing to the development of a more complete and nuanced comprehension of this emergent technology and its societal effects.

This study examines the prediction power of investor sentiment on Bitcoin return.

We construct a Financial and Economic Attitudes Revealed by Search (FEARS) index using search volume from Google's search engine to reveal household-level (“bankruptcy”, “unemployment”, “job search”, etc.) and market-level sentiment (“bankruptcy”, “unemployment”, “job search”, etc.).

Using a variety of quantitative methodologies such as the transfer entropy model as well as threshold regression and OLS, GLS and 2SLS estimations, we find that (1) investor sentiment has strong predictive power on Bitcoin, (2) household-level sentiment has larger effects than market-level sentiment and (3) the impact of sentiment is greater in low sentiment regimes than in high sentiment regimes. Based on these information, we build a hypothetical trading strategy that outperforms a simple buy-and-hold strategy both on an absolute and risk-adjusted basis. The results are consistent across cryptocurrencies and regions.

The findings contribute to the ongoing debate in the literature on the efficiency of cryptocurrency markets. The results reveal that the Bitcoin market is not efficient in the sense of the efficient market hypothesis – asset prices do not fully reflect all available information and we were able to “beat the market”. In addition, it sheds further light on the debate whether Bitcoin can be considered a medium of exchange, i.e. a currency or an investment product. Because investors are reallocating their Bitcoin holdings during times of increased market sentiment due to liquidity needs, they obviously consider bitcoin an investment product rather than a currency.

This study is the first to examine the impact of investor sentiment measured by FEARS on Bitcoin return.

The purpose of this paper is to examine users’ decision-making mechanism of speculative investment behavior and its sequential consequences in the Bitcoin context from a dual-systems perspective.

Original data were collected via a survey of 334 participants with experience in Bitcoin speculative investment. The partial least squares method was used to test the proposed model.

Speculative investment behavior in the Bitcoin context is driven by strong impulse and weak self-control, leading to negative consequences. The extent of the imbalance between the two cognitive systems is greater with the subjective norm than without it, thus facilitating speculative investment behavior. Noteworthy differences in the impulse and self-control effects on Bitcoin speculative investment are found with differences in Bitcoin objective and subjective knowledge.

This study is the first attempt to empirically investigate users’ decision-making mechanism used when speculating in Bitcoin.

To reason whether the interest‐based fiat monetary system is compatible with the objectives of the Islamic law or the Shariah.

This is a theoretical paper that uses the quantity theory of money and the objectives or maqasid al‐Shariah as expounded by scholars as basis for logical deductions therefrom.

The socio‐economic implications of fiat monetary system imply that the maqasid al‐Shariah cannot be attained. Indeed, the system is likely to cause a move away from the maqasid.

The paper is based primarily on theoretical deductions. Further empirical investigation would shed further light.

Practical implications are numerous. The definition of what is money is then crucial to address the socio‐economic implications caused by the fiat monetary system. For Islamic economics, this would imply that the process of Islamization of knowledge/disciplines is futile without addressing this issue first. Accordingly, the establishment of Islamic economics, banking and finance warrants a serious look into the current definition of money and monetary systems.

It calls for a definition of Shariah‐compatible money. This is beneficial to the researchers, proponents and practitioners of Islamic economics, banking and finance.

This paper aims to discuss the opinions of current Shariah scholars on the concept of debt money in the present-day fiat money system.

Research design of this paper is a quantitative investigation of Shariah experts by distributing a questionnaire to them. As majority of Shariah scholars are also Shariah advisory of the current banking system, it is important to find out their level of knowledge on the issue of debt money created by the commercial banking system through the fractional-reserve banking (FRB) system.

Based on this investigation, most Shariah scholars are unaware of and confused about the mechanics underpinning the creation of money, especially with respect to FRB as it is practiced by the conventional and Islamic banking systems.

Based on this research, it is recommended that these scholars should improve their understanding of the operation of the fiat money system and its consequences. It is recommended that, in future, Shariah scholars should think “outside of the box” by creating Islamic financial instruments that do not resemble those of the conventional system.

The paper explores the precarious balance between modernizing monetary systems by means of digital currencies (either issued by the central bank itself or independently) and safeguarding financial stability as also ensured by tangible payment (and saving) instruments like paper money.

Which aspects of modern payment systems could contribute to improve the way of functioning of today's globalized economy? And, which might even threaten the above-mentioned instable equilibrium? This survey paper aims, precisely, at giving some preliminary answers to a complex – therefore, ongoing – debate at scientific as well as banking and political levels.

The coexistence of State's money (i.e. “legal tender”) and cryptocurrencies can have a disciplining effect on central banks. Nevertheless, there are still high risks connected to the introduction of central bank digital currency, which should be by far not considered to be a perfect substitute of current cash. At the same time, cryptocurrencies issued by central banks might be exposed to the drawbacks of cryptocurrencies without benefiting from correspondingly strong advantages. A well-governed two-tier system to be achieved through innovation in payment infrastructures might be, in turn, more preferable. Regulated competition by new players combined with “traditional” deposits and central bank elements remains essential, although central banks should embrace the technologies underlying cryptocurrencies, because risk payment service providers could move to other currency areas considered to be more appealing for buyers and sellers.

We do not see specific limitations besides the fact that the following is for sure a broad field of scientific research to be covered, which is at the same time at the origin of ongoing developments and findings. Originality and implications of the paper are, instead, not only represented by its conclusions (which highlight the role of traditional payment instruments and stress why the concept of “money” still has to have specific features) but also by its approach of recent literature's review combined with equally strong logical-analytical insights.

In the light of these considerations, even the role of traditional payment systems like paper money is by far not outdated or cannot be – at this point, at least – replaced by central bank digital currencies (whose features based on dematerialization despite being issued and guaranteed by a public authority are very different).

No matter which form it might assume is what differentiates economic from barter transactions. This conclusion is by far not tautological or self-evident since the notion of money has historically been a great object of scientific discussion. In the light of increasingly modern payment instruments, there is no question that money and the effectiveness of related monetary policies have to be also explored from a social perspective according to different monetary scenarios, ranging from central bank digital currencies to private currencies and cash restrictions/abolition.

The originality/value of the following article is represented by the fact that it (1) refers to some of the most relevant and recent contributions to this research field, (2) moves from payment systems in general to their newest trends like cryptocurrencies, cash restrictions (or, even, abolition proposals) and monetary policy while (3) combining all elements to reach a common picture. The paper aims at being a comprehensive contribution dealing with "money" in its broadest but also newest sense.