IS FUTURE A RULE OF DIGITAL CURRENCY???

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International journal of contemporary business and entrepreneurship, 2022

In the new digital age, with the rapid development of electronic devices and the Internet, the transformation of money is also inevitable. Cash and credit card payments are beginning to be replaced by mobile, online payment methods. Advances in technology have hastened the spread of cryptocurrencies and created digital currencies. However, this development and the emergence of cryptocurrencies began decades ago. Although decentralized finance does not seem to be a substitute for the traditional financial system, it is unlikely that it will become an official currency in the future, but emerging digital currencies could play this role. The aim of this study is to present the background to the emergence of digital currencies and to seek answers to the challenges it will face in the future to become a full-fledged currency.

INTERNATIONAL JOURNAL OF ADANCED RESEARCH, 2019

Money serves as a medium for which goods and services are exchanged. Anything that can be generally accepted for settling of debts and used for performing financial transactions is being referred to as money in the olden days. Many countries in the world have a generally acceptable and commonly used currency among their citizenry. The 21st century application and usage of money has transcended the notion and belief of the existence of money in the form of regular bank notes and coins. Nowadays, digital currency, electronic money or electronic currency is being in use with quite an appreciable number of people inclining their insight towards its effective usage and more countries adopting it for financial transactions as against the conventional forms of money. This paper surveys a number of related literatures to give a clearer and broader explanation of the concept of digital currency, the various forms in which digital currency exists. A comparison of the degree of acceptability of different digital currencies was discussed with the mode of operation of digital currency. However, prospects and challenges for the adoption of digital currency as a tool for national development were also highlighted.

Financial Law Review, 2021

The present article deals with one of the phenomena of the Industrial (Digital) revolution 4.0, which is digital currency in broader sense, respectively virtual currencies, as some authors refer to them. Despite the fact that this phenomenon is not such a novelty in society, it has demanded the focus of legal science only in recent years and the discussion has not subsided, it can be stated that it is only in the beginning. Along with digital currency in broader sense, there are several issues, such as the correctness of their naming, their legal status and, as far as the area of tax law is concerned, these are also questions of the manner and possibilities of taxing transactions with them. Authors set as a goal of this article to verify the following hypotheses: - the naming of digital currency in broader sense as a currency is incorrect given the existing knowledge of financial law science. - the legal regulation of digital currency in broader sense in selected Member States of th...

2018

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.

In the article, we will discuss the crypto currencies, the basis of which is the growing demand for the future. The purpose of the work is to demonstrate the digital currency correlation with economic factors, such as the level of liquidity, the level of globalization and the quality of international relations, the needs of customers, and the requirements for the monetary system. As a result of the analysis of money evolution, the article provides a chart of money evolution. At the end of the thesis, there is a matrix of money, based on the basis of the use of digital currents and the possibility of using crypto currencies in real economy. Modern Monetary System  From the very beginning of humanity, the need for a product is to produce products or services to be transferred to other products or services needed for it. In response to this need, the first manifestation of economic relations at the level of human development was the Barter Economy. There were also appropriate forms. The first economic relations were fulfilled through this system. However, the growth of the society has led to increased demand, which in turn demanded changes in the system of barter. In response to new needs, new forms of settlement emerged in economic relations and started to use the basic values in transactions. The basic values were those things that everyone needed and they were easy to change at any time (Mongols-tea cones, the Madura Islands-salt pieces, etc.). Liquidity of key values was much higher than those used in barter relationships, as demand for them was high. This was the result of their success. In the seventh century, the first metal coin was cut in Lydia. Since gold was rich in gold, the first coins were gold. After the creation of metal coins, the key moment in the history of money was about the beginning of 10 century, creating the first paper money in China. This was the first type of paper money. This paper money was backed up by other precious metals (like gold and metal standard) and the state was its warrant. Its holder could at any time be able to change its so-called "hard" currency. This money kept all the properties of metal coins, Lali Chagelishvili-Agladze,

ABANT 1st INTERNATIONAL CONFERENCE ON SCIENTIFIC RESEARCHES, 2022

In today's world, in addition to the ethical questions of money, serious questions about its evolution have begun to be asked all over the world; because in this period, which is called the digital age, from the lifestyle of individuals to the organization; It is seen that many elements from education to money, from state administration to international relations have changed their shell. In such an environment, questions arise, especially regarding the type and structure of money. Digital information technologies, which have changed the way of communication in the last 30 years, have paved the way for a new phenomenon that will change the definition and structure of money. In the last decade, there has been a wave of the digital revolution in financial fields and tools supported by developments in technology and informatics. The forerunner of this digital innovation has undoubtedly been the emergence of crypto assets such as Bitcoin, designed to be used as a medium of exchange. In the digital age we live in, the importance of cryptocurrencies in terms of cross-border transactions is increasing day by day, although its effects at the global level are not yet very decisive. In the current situation, although Cryptocurrencies cannot completely replace traditional money and national currencies, they have changed the way internet-connected global markets and digital transfer parties interact and exchange with each other. This situation has begun to have serious effects on the structure of international trade and finance, as well as affecting the economic and political structures of states. In this study, the issue of crypto money, which is one of the important issues of the digital age we are in, is discussed and the effects of the developments in this field on international relations are examined. Key Words: Money, Digital Age, International Relations, Cryptocurrencies, Future of Money, Virtual Money, Digitalization, and Money, Blockchain Technology

The Palgrave Handbook of Technological Finance, 2021

BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The papers are on subjects of topical interest and are technical in character. The views expressed in them are those of their authors and not necessarily the views of the BIS. This publication is available on the BIS website (www.bis.org).

Cryptocurrencies, 2019

Crypto currencies have over the past few years gained a lot of momentum in the digital world. A number of enterprising investors, traders and institutions are constantly exploring all scopes of digital currencies so as to maximise on arbitrage opportunities. Governments have however raised eyebrows on the impact of the digital currencies on monetary policies, accountability and transparency. This has been fuelled by the anonymity maintained in the block chain technology that inhibits tracking and disclosure of transactions in the distributed ledger. However these currencies have become acceptable as mediums of exchange at the cost of actual money despite them inhibiting some degrees of inconsistency in steward's opinion. Whilst the acceptance of crypto currencies as a medium of exchange is a well researched area, there is need to establish the impact of these on the future of money as a medium of exchange. The research incorporates both qualitative and quantitative analysis as a basis of drawing conclusions.

Money is a very pervasive component of our lives and something most of us would struggle to define – or, better said, would come-up with a range of acceptable definitions. Currencies do not necessarily have to be produced by states and many different private entities have minted coins (and later banknotes) throughout history. Bitcoin was launched in January, 2009, by a group whose pseudonym is Satoshi Nakamoto. They represent a return to the core of what commodity-currencies used to be while challenging the established practice of state-guaranteed currencies. Burgeoning levels of debts have then appeared as a new threat not so much to monetary credibility but rather to social cohesion. The concept of monetary growth altogether independent of states and borrowers offered by the Bitcoin project remains highly attractive and could represent a solution to the current inequality growth. But the Bitcoin project, by its quantitative limitations, does not offer the most promising prospects for this. Some of its underlying ideas could nevertheless precipitate a monetary revolution the day the current era of debt-driven growth comes to an end.