Cryptocurrencies such as Bitcoin, SETLcoin, Ether, Solar Coin, or Liberty Reserve exist since 2009. Because of their decentralized control, they are often considered a threat or alternative to the conventional centralized banking system. While the technological implication of some such currencies, especially of Bitcoin, has attracted much attention, so far there is little discussion about the entire field of cryptocurrencies and very little academic literature addressing its ethical significance. In this article, we thus address the impact of “blockchain technology” on (...) the nature of financial transactions from a business ethics perspective. We begin with a survey on relevant literature from neighboring disciplines. Next, we work towards a 3 × 3 framework for current debates on the ethics of cryptocurrencies : we combine the micro, meso, and macro levels of business and society with assessments of the potential ethical impact of cryptocurrencies as morally beneficial, detrimental, and ambiguous. In addition, we highlight possible avenues for future research, such as the changing roles of the miners and regulators, the prosocial use of cryptocurrencies, the antisocial use for shadow banking and transactions in the ‘dark net’ and cryptocurrencies’ effect on inflation and deflation. (shrink)

To this day, many theorists regard the commodity theory and the credit theory as the two main rival accounts of the nature of money. Yet cryptocurrency has revolutionized the institution of money in ways that most commodity and credit theorists could hardly have anticipated. Given that cryptocurrency is a new form of money, the question arises whether the commodity and credit theories can adequately account for it. I argue that they cannot. I first offer an interpretation of the (...) commodity and credit theories according to which these theories uphold differing claims about the origin of money, the ontology of money, and the function of money. I then argue that thus understood, neither theory can accommodate cryptocurrency. Finally, I develop a novel hybrid hylomorphic account of money which draws on aspects of both the commodity and credit theories, and I argue that this hybrid account can accommodate cryptocurrency. (shrink)

This chapter discusses cryptocurrency, distributed ledger technology and blockchain tokens within the context of technological innovation, the history of money and accounting practices, and their multiple functionalities beyond those of standard currencies. This discussion is motivated by the design of cryptocurrencies for specific community needs, and to reflect anti-rival, positive sum value.

We examine cryptocurrency fraud cases prosecuted by Nigeria's Economic and Financial Crimes Commission (EFCC). We considered the lens of the Space Transition Theory (STT) in exploring the dynamics of these digital crimes. Our data analysis reveals common types of fraud, including cryptocurrency investment schemes. The results show an exclusive male demographic (100%), with the majority under 30 years old and only a quarter possessing a degree, providing insights into the socio-demographic characteristics of cryptocurrency fraudsters. Additionally, while most (...) fraudsters (55%) targeted victims in the United States, Bitcoin, leveraging blockchain technology, was the most commonly used method (46%) for cryptocurrency fraud. Our examination of the methods and mediums used for cryptocurrency fraud supports some aspects of STT, while others do not. We advocate for a multifaceted strategy that prioritises stringent regulation, implementation, and heightened scrutiny of digital currency ecosystems in Nigeria and beyond. This study contributes to the broader discourse on cybercrime prevention and enforcement by emphasising the novel methodological approach utilised. (shrink)

Cryptocurrencies like Bitcoin are offering new avenues for economic empowerment to individuals around the world. However, they also provide a powerful tool that facilitates criminal activities such as human trafficking and illegal weapons sales that cause great harm to individuals and communities. Cryptocurrency advocates have argued that the ethical dimensions of cryptocurrency are not qualitatively new, insofar as money has always been understood as a passive instrument that lacks ethical values and can be used for good or ill (...) purposes. In this paper, we challenge such a presumption that money must be ‘value-neutral.’ Building on advances in artificial intelligence, cryptography, and machine ethics, we argue that it is possible to design artificially intelligent cryptocurrencies that are not ethically neutral but which autonomously regulate their own use in a way that reflects the ethical values of particular human beings – or even entire human societies. We propose a technological framework for such cryptocurrencies and then analyse the legal, ethical, and economic implications of their use. Finally, we suggest that the development of cryptocurrencies possessing ethical as well as monetary value can provide human beings with a new economic means of positively influencing the ethos and values of their societies. (shrink)

This study investigates the impact of environmental attention on cryptocurrency market volatility by introducing the Crypto Environmental Attention Index (CEAI), a new metric inspired by Wang et al. (2022) and constructed using daily web search data. Environmental concerns can significantly impact the popularity and volatility of cryptocurrencies, influencing risk perceptions, and shaping market dynamics. Using vector autoregression (VAR), vector error correction models (VECM), and Granger causality tests on data from 2014 to 2022, the study finds that Ethereum's volatility is (...) strongly influenced by the CEAI in both the short and long-term, whereas Bitcoin volatility has a short-term unidirectional effect on environmental attention and a bidirectional relationship in the long term. This study is situated within a broader economic framework of sustainable finance, the transition to greener blockchain technologies, and regulatory responses to environmental issues. It offers actionable insights for risk management, policy formulation, and cryptocurrency valuation using environmental, social, and governance (ESG) criteria. (shrink)

The transformative power of blockchain and cryptocurrencies has rippled across diverse industries, sparking innovation and redefining established norms. In this chapter, we explore how the nonprofit sector can tap into the vast potentials of cryptocurrencies in fundraising, providing financial inclusion to disadvantaged population, and helping the underdeveloped communities. Furthermore, we examine the challenges associated with adopting cryptocurrencies, as well as strategies to navigate and harness these challenges effectively.

Large Language Models (LLMs) could be a useful tool for lawyers. However, empirical research on their effectiveness in conducting legal tasks is scant. We study securities cases involving cryptocurrencies as one of numerous contexts where AI could support the legal process, studying GPT-3.5’s legal reasoning and ChatGPT’s legal drafting capabilities. We examine whether a) GPT-3.5 can accurately determine which laws are potentially being violated from a fact pattern, and b) whether there is a difference in juror decision-making based on complaints (...) written by a lawyer compared to ChatGPT. We feed fact patterns from real-life cases to GPT-3.5 and evaluate its ability to determine correct potential violations from the scenario and exclude spurious violations. Second, we had mock jurors assess complaints written by ChatGPT and lawyers. GPT-3.5’s legal reasoning skills proved weak, though we expect improvement in future models, particularly given the violations it suggested tended to be correct (it merely missed additional, correct violations). ChatGPT performed better at legal drafting, and jurors’ decisions were not statistically significantly associated with the author of the document upon which they based their decisions. Because GPT-3.5 cannot satisfactorily conduct legal reasoning tasks, it would be unlikely to be able to help lawyers in a meaningful way at this stage. However, ChatGPT’s drafting skills (though, perhaps, still inferior to lawyers) could assist lawyers in providing legal services. Our research is the first to systematically study an LLM’s legal drafting and reasoning capabilities in litigation, as well as in securities law and cryptocurrency-related misconduct. (shrink)

Cryptocurrency has revolutionized the economic system of the world. It provides a new and innovative means of exchange that has speedily invaded the financial market trends and changed the traditional cash world. However, consumers have low acceptability for blockchain-based cryptocurrency due to increasing online scams and the absence of a regulatory framework. There is also a misconception about its usage on many platforms, which has created a clear gap in the literature to address this issue. Therefore, the current (...) study intends to investigate the effect of technology awareness on the behavioral intention of crypto users through perceived factors. It also empirically examines the moderating role of government support on these indirect paths. The underlying framework is investigated by surveying 333 respondents from the Z generation. Results revealed that perceived factors mediate the relationship between technology awareness and behavioral intention. Furthermore, government support strengthens the indirect relationship of technology awareness on behavioral intention through technology acceptance determinants, such that the effect of technology awareness on behavioral intention through perceived factors is more assertive when government support is high. The findings will provide a new dimension to different financial bodies implementing monetary policy and highlight the need to adopt innovative digital technologies in Pakistan. (shrink)

I investigate ethical questions concerning a novel cryptocurrency, Bitcoin, using a Fichtean account of the ethics of currency. Fichte holds that currencies should fulfill an ethical purpose: providing access, in perpetuity, to the material welfare that underwrites citizens' basic rights. In his nineteenth‐century context, Fichte argues that currencies fulfill this purpose better when nations control them (i.e., when they are “national currencies”) than when foreigners freely trade them (as “world currencies”). After exploring conditions in which national currencies fail to (...) secure material stability over time, e.g., in corrupt regimes, I develop a Fichtean model for ethically evaluating currencies and evaluate the extent to which Bitcoin meets its standards for ethical currency. I argue that Bitcoin undermines the (monetary) power of nations and, as such, threatens their ability to provide access to necessary material goods. While offering citizens a means of defending themselves against corrupt regimes, Bitcoin forsakes the general welfare and is, as such, unethical by Fichtean lights. (shrink)

Cryptocurrencies present a disruption to financial institutions, investments, and markets. Should governments therefore allow cryptocurrencies or ban them? How will they affect the flow of money? What form of economic justice should the cryptocurrency market adopt? Who should be involved in the determining of the economic justice? I claim that Michael Polanyi’s theories about employment, money, trade, and his overarching sociotechnical vision of society and the economy can help us understand the current labour market challenges and solutions in view (...) of the digital economy. (shrink)

The Central Bank of China is testing its Digital Currency Electronic Payment (DCEP) in the cities of Shenzhen, Suzhou, Chengdu and Xunan with the involvement of four large state-owned banks in the...

Cryptocurrency could redefine the interplay of Internet-connected world markets by eliminating constraints set by traditional local currencies and exchange rates. It has the potential to revolutionise digital markets through the use of duty-free trading. This study investigates the factors which influence the behavioural intention to use cryptocurrency based on the Technology Acceptance Model 3 (TAM 3) during the COVID-19 (SARS-COV-2) pandemic. Data were collected through a cross-sectional questionnaire from 357 Pakistani business-educated adults, including investors who had a rudimentary (...) understanding of the technology and financial instruments. Partial least square (PLS)-based structural equation modeling (SEM) was used to test the developed theoretical framework based on the Technology acceptance model 3. The PLS model has explained 72.1% of what constitutes the behavioural intention to use cryptocurrency. Surprisingly, risk was not a major consideration. This might be due to the fact that the majority of respondents thought working with cryptocurrency was hazardous. Willingness to handle cryptocurrency risk, on the other hand, might be a stumbling block to acceptance. The most essential aspect of a cryptocurrency's success was the perceived usefulness. Moreover, the moderating role of experience was not substantiated in this study. However, perceived usefulness was identified as a partial mediator of subjective norm and the perceived ease to use. This study contributed to the literature through the application of TAM 3 (an extension of the technology acceptance models) to investigate the fundamental qualities a cryptocurrency should have in order to influence investor's behavioural intention to use it. These findings provide revolutionary insights for the present and future market players for investment planning and for improved cryptocurrencies development. (shrink)

In this paper, we engage in a philosophical investigation of how blockchain technologies such as cryptocurrencies can mediate our social world. Emerging blockchain-based decentralised applications have the potential to transform our financial system, our bureaucracies and models of governance. We construct an ontological framework of “narrative technologies” that allows us to show how these technologies, like texts, can configure our social reality. Drawing from the work of Ricoeur and responding to the works of Searle, in postphenomenology and STS, we show (...) how blockchain technologies bring about a process of emplotment: an organisation of characters and events. First, we show how blockchain technologies actively configure plots such as financial transactions by rendering them increasingly rigid. Secondly, we show how they configure abstractions from the world of action, by replacing human interactions with automated code. Third, we investigate the role of people’s interpretative distances towards blockchain technologies: discussing the importance of greater public involvement with their application in different realms of social life. (shrink)

Digital currency is considered a form of currency which is used in the digital world such as digital forms or electronic devices. Several terms are synonyms for digital currency like digital money, electronic money, and cyber cash. Accurate prediction of the digital currency is an urgent necessity due to its impacts on the economic community. The electronic economy is very dangerous and must be approached with great caution, so as to avoid or minimize the risks that occur in such cases. (...) Deep neural network algorithm was improved to predict the Bitcoin price and then achieve the main goal of reducing financial risks to proceed with electronic business, and good estimation was achieved by using informative data such as transactions and currency return. The proposed method extracted features of related Bitcoin and used the informative ones. Transaction plan considered building nodes in terms of network. Development of deep learning algorithms opens the horizons for the development of electronic businesses that use digital currency. The proposed method achieved worthy results in terms of accuracy and correct prediction and offers the prospect of other research in this area. (shrink)

India’s restrictive regulatory environment has driven users toward indirect cryptocurrency adoption through peer-to-peer (P2P) exchanges, decentralized wallets, and offshore platforms. This study examines the behavioral drivers of such adoption using the Technology Acceptance Model (TAM) and the Unified Theory of Acceptance and Use of Technology (UTAUT). Applying Structural Equation Modeling (SEM) on a sample of 384 investors, the study compares these frameworks in explaining adoption behavior under regulatory constraints. The findings indicate that UTAUT provides a more comprehensive understanding of (...) indirect adoption, as it incorporates factors such as facilitating conditions (e.g., access to VPNs, non-KYC platforms), social influence (peer networks, crypto influencers), and effort expectancy (platform complexity, regulatory adaptability). In contrast, TAM’s focus on perceived usefulness and ease of use proves insufficient to capture the complexities of regulatory-driven adoption patterns. This study highlights how regulatory constraints amplify reliance on decentralized, high-risk alternatives, volatility, and legal ambiguities. UTAUT emerges as the superior framework for analyzing indirect adoption, emphasizing the interplay between socio-technical enablers and systemic barriers. The findings urge policymakers to recalibrate regulatory measures to balance innovation and consumer protection. (shrink)

This study examines the ethical and empirical dimensions of cryptocurrency (crypto) ATM deployment, focusing on fairness in market exchanges and obligations rooted in social contract theory. While crypto ATMs are often marketed as tools for financial inclusion, they have come under growing scrutiny for leveraging information asymmetries, opaque pricing, and predatory fee structures—practices that disproportionately affect marginalized communities. Using data from the Kansas City metropolitan area, we investigate where crypto ATM operators are most likely to place their machines and (...) whether these placements reflect legal but ethically questionable forms of market segmentation. In this context, “operator privilege” refers to the ability of vendors to impose unfavorable terms and pricing structures on certain consumer groups at the point of sale. Our empirical findings challenge prevailing narratives that crypto ATMs primarily target low-income or Black neighborhoods. Instead, we find a disproportionate number of machines in Asian and Hispanic American communities where Black residents are prominent. This geographic clustering raises significant ethical concerns about procedural unfairness, as these communities often face limited financial alternatives, language Barriers, and reduced access to consumer protection. To illustrate the real-world impact, we include a reference transaction showing that the deadweight costs of a one-way crypto ATM trade can exceed 30%—far higher than previously reported. These excessive costs, combined with poor transparency and high rates of fraud, suggest that crypto ATMs may worsen financial outcomes rather than promote inclusion. The findings call for urgent regulatory reform to promote a more equitable and transparent digital financial system. (shrink)

The growing importance of the cryptocurrency phenomenon has raised concerns about the ethical implications of a hypothetical widespread use of these new forms of digital money. In this paper, we undertake an ethical assessment of cryptocurrencies drawing upon two specific ethical theories: private property ethics and utilitarianism. Particularly, we focus on three distinctive aspects. First, we examine the advantages and disadvantages of cryptocurrencies vis‐à‐vis central bank fiat money. Second, we analyze cryptocurrencies as facilitators of tax evasion and the ethical (...) implications arising therefrom. Finally, we explore the use of cryptocurrencies for nefarious consumption. We conclude that, were cryptocurrencies to become widespread media of exchange, governments capacity to undertake monetary, fiscal, and drug policy would be undermined. We argue that this would be an ethically desirable outcome from both a private‐property‐rights and a utilitarian perspective since it would force governments to reduce their size and scope in these three areas. (shrink)

We employ a frequency-dependent asymmetric and causality analysis to investigate the connectedness between gold and cryptocurrencies during the COVID-19 pandemic. Hence, the variational mode decomposition-based quantile regression is utilised. Findings from the study divulge that the variational mode functions at the lower quantiles are mostly significant and negative indicating that gold acts as a safe haven, a diversifier at most market conditions with insignificant coefficients, and a hedge at normal market conditions for most cryptocurrencies at various investment horizons. Particularly, hedging (...) benefits mostly occur in the short- and medium-term for Bitcoin and Ripple, as well as Bitcoin and Dogecoin in the long-term with gold. This implies that there is high persistence in the hedging properties of gold with Bitcoin, followed by Ripple. We notice more significant relationship between gold and some cryptocurrencies in the long-term of the COVID-19 pandemic relative to the medium-term emphasising the delayed responses of prices to information. Investors are recommended to be observant and mindful of investing in these markets due to the different dynamics. (shrink)

The purpose of the study is to assess changes in Russian legislation and legislative initiatives related to cryptocurrencies and digital financial assets. The article focuses on the possible economic consequences of using cryptocurrency for Russian business; determining the degree of impact of transactions with digital assets on the country's economy in connection with the introduction of the Federal Law of the Russian Federation regarding cryptocurrency. The scientific novelty lies in the development and theoretical justification of the legal principles (...) of regulation of cryptocurrency and its place in the domestic legal system, the need to improve the legislation of the Russian Federation in relation to cryptocurrency is substantiated. As a result, the existing legal framework governing the circulation of cryptocurrencies and digital assets in Russia was analyzed, measures of responsibility for failure to report on transactions with cryptocurrencies were identified, and the need to eliminate disagreements on the legalization of cryptocurrencies in the country was substantiated. (shrink)

The stated aim of cryptocurrencies is to free the monetary system from the need to trust financial intermediaries, by relying on incentive design and technology. Many descriptive studies, however, have questioned cryptocurrencies’ delivery on the promise of trustlessness. This paper promotes a normative analysis of trust in cryptocurrencies by discussing (i) whether trust is in principle eliminable, and (ii) whether trustlessness is in itself a desirable goal. These issues are closely related, we argue, to the further issue of what kind (...) of institutions cryptocurrencies represent. We discuss the cognitive functions played by cryptocurrencies through the lens of the “extended mind” hypothesis in the philosophy of mind and hence conceive of cryptocurrencies as mind-extending institutions. As the models of institutional mind extension differ in the fiduciary bond they assume exists between individuals and institutional resources, we compare the reliance-based model of “scaffolding institutions” with the trust-based model of “cognitive institutions,” showing that the ineliminability and desirability of trust lead to seeing cryptocurrencies as instances of the latter. In the end, our discussion suggests that trust is a necessary component of cryptocurrencies’ cognitive functions and its promotion helps to perform such cognitive functions more effectively and sustainably. (shrink)

The cryptocurrency market’s high volatility and unpredictable price movements create significant challenges for traders. Traditional financial models often fail to capture these dynamics, leading to suboptimal investment strategies. The purpose of this study is to introduce YOLOFin, a financial trading optimization model based on the YOLOv8 deep learning architecture, marking its first application in cryptocurrency trading. YOLOFin transforms financial time-series data into visual representations using five different image types (Bar Chart, Candlestick, Gramian Angular Field, Heatmap, and Multi-Chart) to (...) enhance pattern recognition. The model employs innovative image processing and labeling strategies to capture both short- and long-term price trends, enabling adaptive investment strategies. YOLOFin analyzes the past 30 days of price, volume, and technical indicator data to estimate the average return for the next 15 days, generating trading signals for Buy, Sell, or Hold decisions. By leveraging YOLO-based image classification, the model effectively addresses the challenges posed by high volatility and unpredictable price movements while achieving 84–87% classification accuracy and delivering a robust Compound Annual Growth Rate (CAGR), with BNB reaching 276% and BTC 143%. By integrating image-based deep learning with adaptive trading strategies, YOLOFin offers a structured and stable approach to navigating volatile cryptocurrency markets. Future research will explore reinforcement learning and sentiment analysis to enhance predictive capabilities. (shrink)

Blockchain technology applied to cryptocurrencies is the dominant factor in maintaining the security of cryptocurrencies. This article reviews the technological implementation of cryptocurrency and the security and stability of cryptocurrency and analyzes the security support from blockchain technology and its platforms based on empirical case studies. Our results show that the security support from blockchain technology platforms is significantly insufficient and immature. In addition, we further Zyskind and Nathan and Choi and find that the top ten platforms play (...) critical roles in security support and have significant advantages in terms of funds, duration, and human resources. Moreover, these platforms provide computational resources and benefits to the consensus algorithm selection for blockchain practitioners. Second, encryption ensures the security of cryptocurrencies. On the one hand, the digital signatures identify the identity of the signatory and the transaction. However, the principle of the hash algorithm confirms ownership. Meanwhile, SHA256 is infeasible to compute in the reverse direction and is difficult to attack. Furthermore, the records in the blockchain can be queried by every participant, making the system information transparent and open reliable. Third, compared to the study of Fu and Fang 2016, we find that the blockchain structure is composed of security components and basic components of six layers that are independent and cannot be extended completely and have a certain coupling among them. Fourth, the underlying ledger structures of Bitcoin and DAG are highly correlated to their security. Specifically, we follow Sompolinsky et al. and detect that the structure of SPECTRE ensures network security and robustness from its block production, conflict resolution, and generated trusted transaction sets. Meanwhile, the voting algorithm of SPECTRE makes resolving conflicting transactions by calculating votes and ensuring the transaction information that is virtually unable to be tampered with possible. In particular, the security calculation power of SPECTRE can reach 51% and resist “double-spend attacks” and “censorship attacks” effectively. In addition, the RDL framework of SPECTRE achieves security confirmation of transferring funds. Moreover, PHANTOM identifies evil blocks by employing block connectivity analysis and ensures its security. Eventually, we also expand the studies of and compare the basic characteristics of the protocols of Bitcoin, SPECTRE, and PHANTOM and find that protocols play imperative roles throughout the implementation process of cryptocurrency. In addition, the underlying ledger structure and consensus mechanism make up a blockchain while the confirmation time, throughput limit, and ordering are prerequisites for smart contracts. (shrink)

In the following, I concentrate on the nefarious, harmful and unethical dimensions emerging only slowly as the rather new phenomenon of cryptocurrencies and blockchain at large become visible only gradually. For the positive and pro-social use of cryptocurrencies please refer to the article of Claus Dierksmeier in this issue of HMJ. As there are many different dimensions still unknown, I concentrate on the ethical issues emerging from the secretive nature of cryptocurrencies, less on the environmental carbon footprint or economic implications (...) of volatility also discussed in the literature. Among the most critical issues are black market transactions of weapons used in terrorist attacks, drugs, or childpornography. Additionally, cryptocurrencies are more and more found in blackmailing people and as payment for ransom-ware and other computer viruses. Money laundering also is on the rise via cryptocurrencies. I argue that the nefarious use of cryptocurrencies threatens the prosocial potential of cryptocurrencies and in general makes criminal activity easier for criminals and less likely to track down by legal authorities. In closing, I discuss current debates about emerging regulation presenting an overview of some jurisdictions and the option of regulated central bank issues cryptocurrencies. (shrink)

Examining how new forms of currencies diffuse is important to uncover their impact on the organization of communities, and thus motivates our study of community currencies. Community currencies provide a medium of exchange by using alternative banknotes or electronic money, which circulates only within particular communities, allowing members to trade goods, increase social cohesion, and achieve collective goals. In this study, we examine how community currencies help facilitate social commons by serving as a setting for building community relationships and a (...) catalyst for other social activities beyond market relations. We analyze cases of community banks that provide microfinance and issue community currencies in Brazil. We find that microfinance entrepreneurs who involve a greater diversity of stakeholders from public, private, and nonprofit sectors in decision making even prior to startup, while also facilitating the formation of supportive social capital from diverse cross-sector stakeholders, increase opportunities for developing new community currencies. By exploring the implications of entrepreneurial actions that promote inclusive participation of diverse stakeholders for accomplishing collective goals, our findings are relevant for other activities that create a common pool of resources while also developing the vitality of the community, including initiatives that use cryptocurrencies and other emerging forms of currencies for building social commons. (shrink)

In this article, we describe what cryptocurrency is, how it works, and how it relates to familiar conceptions of and questions about money. We then show how normative questions about monetary policy find new expression in Bitcoin and other cryptocurrencies. These questions can play a role in addressing not just what money is, but what it should be. A guiding theme in our discussion is that progress here requires a mixed approach that integrates philosophical tools with the purely technical (...) results of disciplines like computer science and economics. (shrink)

A brief review of some of the new, virtual ways to launder money or finance terrorism.

The rise of cryptocurrencies has introduced a paradigm shift in global finance but has concurrently raised critical environmental concerns linked to energy-intensive cryptocurrency mining. This chapter explores the concept of “Green Cryptocurrencies” as a promising solution to alleviate the ecological consequences associated with cryptocurrency ecosystems. Beginning with analyzing cryptocurrency mining's environmental implications, including its health and climate impacts, we underscore the importance of transitioning from proof-of-work (PoW) to more sustainable consensus mechanisms. “Green Cryptocurrencies” encompass a range of (...) initiatives and strategies designed to reduce carbon emissions within the cryptocurrency ecosystem. We provide a comprehensive literature review on cryptocurrency environmental impacts and the development of green alternatives. Our statistical analysis reveals the relationship between electricity costs and the adoption of green cryptocurrencies. Furthermore, we detail the methodology for selecting green cryptocurrencies as case studies and report their characteristics. In particular, we focus on 13 green cryptocurrencies. Notably, we highlight that the adoption of these green cryptocurrencies can contribute to CO2 emission reduction. (shrink)

The impacts of COVID-19 have spread rapidly to global financial markets. In this context, combining the spillover index method introduced by Diebold and Yilmaz and the complex network analysis framework, we examined the volatility connectedness and the topological structure among the top ten cryptocurrencies before and during the COVID-19 crisis. The results revealed that the total volatility connectedness of the cryptocurrency market markedly increased following the outbreak of COVID-19; statically, Bitcoin, Ethereum, Cardano, and Bitcoin Cash were the net transmitters (...) before COVID-19, while Bitcoin, Ethereum, Ripple, Litecoin, Cardano, and Stellar became the major net transmitters in the market after COVID-19. Dynamically, the dynamic performance of different cryptocurrencies during the COVID-19 pandemic was heterogeneous, and the possible driving factors are diverse. Moreover, from network analysis, we further found that the COVID-19 crisis has significantly changed the topological structure of the cryptocurrency market. Our findings may help understand the typical dynamics in the cryptocurrency market and provide significant implications for portfolio managers, investors, and government agencies in times of highly stressful events like the COVID-19 crisis. (shrink)

In this article, we identify three key design dimensions along which cryptocurrencies differ – privacy, censorship‐resistance, and consensus procedure. Each raises important normative issues. Our discussion uncovers new ways to approach the question of whether Bitcoin or other cryptocurrencies should be used as money, and new avenues for developing a positive answer to that question. A guiding theme is that progress here requires a mixed approach that integrates philosophical tools with the purely technical results of disciplines like computer science and (...) economics. (shrink)

Individual investors dominate the rapidly growing US$2.73 trillion cryptocurrency market. Cryptocurrencies are highly controversial because of their real and expected ethical and environmental impacts. Surveying 1500 individual investors in Denmark, Finland, and Sweden, we reveal that beliefs about the ethical, sustainability, and environmental implications of cryptocurrencies influence current and intended ownership. While future participation intentions are predicated on currently owning cryptocurrencies, this relationship is moderated by investors’ ethical and sustainability perceptions. Cryptocurrency knowledge and education significantly moderate the relationship (...) between belief and intended ownership. Furthermore, we identify notable gender differences: ethical beliefs more strongly mediate future holding intentions among men, while sustainability perceptions have a greater mediating effect among women. In line with dual-process theory concepts, previous cryptocurrency trading experience and knowledge further reinforce this relationship. Our research has broad relevance to stakeholders, including policy makers, particularly in light of the current debate about Fintech’s role in fostering financial inclusion and the dubious ethical, sustainable, and environmental position of cryptocurrency mining and trading. (shrink)

Purpose This paper aims to look at shifts in internet-related content and services economies, from audience labour economies to Web 2.0 user-generated content, and the emerging model of user computing power utilisation, powered by blockchain technologies. The authors look at and test three models of user computing power utilisation based on distributed computing (Coinhive, Cryptotab and Gridcoin) two of which use cryptocurrency mining through distributed pool mining techniques, while the third is based on distributed computing of calculations for scientific (...) research. The three models promise benefits to their users, which the authors discuss throughout the paper, studying how they interplay with the three levels of the digital divide. Design/methodology/approach The goal of this article is twofold as follows: first to discuss how using the mining hype may reduce digital inequalities, and secondly to demonstrate how these services offer a new business model based on value rewarding in exchange for computational power, which would allow more online opportunities for people, and thus reduce digital inequalities. Finally, this contribution discusses and proposes a method for a fair revenue model for content and online service providers that uses user device computing resources or computational power, rather than their data and attention. The method is represented by a model that allows for consensual use of user computing resources in exchange for accessing content and using software tools and services, acting essentially as an alternative online business model. Findings Allowing users to convert their devices’ computational power into value, whether through access to services or content or receiving cryptocurrency and payments in return for providing services or content or direct computational powers, contributes to bridging digital divides, even at fairly small levels. Secondly, the advent of blockchain technologies is shifting power relations between end-users and content developers and service providers and is a necessity for the decentralisation of internet and internet services. Originality/value The article studies the effect of services that rely on distributed computing and mining on digital inequalities, by looking at three different case studies – Coinhive, Gridcoin and Cryptotab – that promise to provide value in return for using computing resources. The article discusses how these services may reduce digital inequalities by affecting the three levels of the digital divide, namely, access to information and communication technologies (ICTs) (first level), skills and motivations in using ICTs (second level) and capacities in using ICTs to get concrete benefits (third level). (shrink)

“Blockchain and cryptocurrencies are rewriting the global financial landscape”, but who holds the pen? As these technologies surge from niche innovation to mainstream disruption, regulators are standing at a crossroads, i.e., whether to embrace their transformative potential or brace for chaos in an unshackled digital frontier and as these digital assets continue to gain prominence and attention of users & regulators, varied regulatory approaches across countries and regions, creates a complex and often contradictory regulatory environment. While the regulatory landscape poses (...) challenges, it does offer substantial opportunities. Blockchain technology has an untapped potential to revolutionise various sectors, such as banking and finance and supply chain management, inducing transparency, security and efficiency. Similarly, Cryptocurrencies can facilitate financial inclusion by providing unbanked populations with access to financial services, enabling peer-to-peer transactions without the need for middlemen. This chapter examines the regulatory challenges and opportunities that blockchain technology and cryptocurrency bestow in a rapidly evolving financial and investment landscape. It highlights critical challenges, significant hurdles in definitional ambiguities, and technological complexity that regulators face round the world. It even underscores the urgent need to establish common regulatory frameworks, akin to the Basel Accords, to foster cooperation, not individualism. By fostering a common regulatory environment, governments can assert authority to prevent misuse and ensure that benefits are equitably distributed for the greater good, and businesses can harness the technology to pursue innovation in the current realm. (shrink)

With the emergence of Blockchain technology and cryptocurrency, there are new unique challenges and opportunities in both the financial and regulatory domain. Governments across the world are facing the real challenge to the existing centralized financial system. The chapter analyses the regulatory complexities posed by Blockchain and cryptocurrency.Further, it also throws light upon how governments across the world are approaching cryptocurrency regulations. The approach varies from outright ban to partial acceptance but the regulatory oversight of Blockchain & (...) cryptocurrency is a work in progress.Additionally, the chapter also highlights the transformative potential of Blockchain beyond cryptocurrency. It has potential to add immense value in other areas such as asset records management, identity management, supply chain, healthcare, and financial inclusion. The possibilities are many but the Governments and regulatory bodies need to be on board to turn it into a tool for transformative changes in the world. (shrink)

John Rawls’s difference principle says that we should change our economy if doing so is better for the worst-off group, on the condition that certain basic rights are secured. This paper presents a kind of case that challenges the principle. If we modify the principle to cope with the challenge, we open the way to a Sorites paradox.

In this article, we describe what cryptocurrency is, how it works, and how it relates to familiar conceptions of and questions about money. We then show how normative questions about monetary policy find new expression in Bitcoin and other cryptocurrencies. These questions can play a role in addressing not just what money is, but what it should be. A guiding theme in our discussion is that progress here requires a mixed approach that integrates philosophical tools with the purely technical (...) results of disciplines like computer science and economics. (shrink)

Paul Krugman and others deny that bitcoin has legitimate uses. Critics like Krugman also fail to distinguish bitcoin from other cryptocurrencies. But once we isolate bitcoin from the rest of the field, we see how special, and how useful, it is. In this chapter, we explain why bitcoin is unique among cryptocurrencies as a credibly neutral monetary asset and why this is important. Its uniqueness doesn’t owe entirely to its age (as the oldest) or market ranking (as the most valuable). (...) As a credibly neutral monetary asset, bitcoin solves problems for those in less than ideal circumstances. And beyond bitcoin’s functionality, its origin and surrounding culture also help to explain why people trust bitcoin more than any other cryptocurrency to solve these problems. Nothing else comes close. This gap between bitcoin and everything else has implications for policy-making, journalism, and academic research. (shrink)

Libra is the first private cryptocurrency with the potential to change the landscape of global payment and monetary systems. Due to the scale and reach provided by its affiliation with Facebook, the question is not whether, but how, to regulate it. This article introduces the Libra project and analyses the potential responses open to regulators worldwide. We conclude that perhaps the greatest impact will come not from Libra itself, but rather from reactions to it, particularly by other BigTechs, incumbent (...) financial institutions and governments around the world. (shrink)

In this article, we identify three key design dimensions along which cryptocurrencies differ -- privacy, censorship-resistance, and consensus procedure. Each raises important normative issues. Our discussion uncovers new ways to approach the question of whether Bitcoin or other cryptocurrencies should be used as money, and new avenues for developing a positive answer to that question. A guiding theme is that progress here requires a mixed approach that integrates philosophical tools with the purely technical results of disciplines like computer science and (...) economics. Note: this article is the second entry within a two-part sequence on the Philosophy, Politics, and Economics of Cryptocurrency. (shrink)

The commons is a concept increasingly used with the promise of creating new collective wealth. In the aftermath of the economic and financial crises, finance and money have been criticized and redesigned to serve the collective interest. In this article, we analyze three types of complementary currency systems: community currencies, inter-enterprise currencies, and cryptocurrencies. We investigate whether these systems can be considered as commons. To address this question, we use two main theoretical frameworks that are usually separate: the “new commons” (...) in organization studies and the “common good” in business ethics. Our findings show that these monetary systems and organizations may be considered as commons under the “common good” framework since they promote the common interest by creating new communities. Nevertheless, according to the “new commons” framework, only systems relying on collective action and self-management can be said to form commons. This allows us to suggest two new categories of commons: the “social commons,” which fit into both the “new commons” and the “common good” frameworks, and the “commercial commons,” which fit the “common good” but not the “new commons” framework. This research advances a new conceptualization of the commons and of the ethical implications of CCs. (shrink)

This article introduces the symposium “Toward a Philosophy of Blockchain,” which provides a philosophical contemplation of blockchain technology, the digital ledger software underlying cryptocurrencies such as bitcoin, for the secure transfer of money, assets, and information via the Internet without needing a third-party intermediary. The symposium offers philosophical scholarship on a new topic, blockchain technology, from a variety of perspectives. The philosophical themes discussed include mathematical models of reality, signification, and the sociopolitical institutions that structure human life and interaction. The (...) symposium also investigates the metaphilosophical theme of how to create a philosophy of anything, specifically a new topic such as blockchain technology. Repeated themes are identified, in all areas of philosophical inquiry, and conceptual resources are elaborated to contribute to a philosophical understanding of blockchain technology. Thus, philosophy as a metaphilosophical approach is shown to be able to provide an understanding of the conceptual, theoretical, and foundational dimensions of novelty and emergence in the world, with a particular focus on blockchain technology. (shrink)

I explored the relationship between the “Black Axe” Confraternity and cybercrime, with a particular emphasis on the structural dynamics of the Business Email Compromise (BEC) schemes. I investigated whether a conventional hierarchical system governs the membership and remuneration for BEC roles as perpetrators by interviewing an accused “leader” of the “Black Axe” affiliated cybercriminal incarcerated in a prominent Western nation. I supplemented the analysis of interview data with insights from tapped phone records monitored by a law enforcement entity. I merged (...) Actor-network theory and Social Network theory as analytical frameworks and thematically analyzed data to produce six overarching themes: (1) The fluidity of Structure and Adaptive Roles in BEC, (2) Challenges in Visualizing Criminal Networks, (3) Globalization and Transnational Dimensions, (4) Social and Cultural Influences, (5) Internal Cybersecurity Threats and Money Laundering, and (6) Remuneration and Influences of Cryptocurrency, casting a brighter light on the topic. Unlike traditional organized crime, BEC scammers have adopted a nonhierarchical model that is flexible and fluid. I found no evidence of a rigid hierarchy dictating positions and remuneration for BEC roles. Instead, I observed that cybercriminals involved in BEC activities functioned horizontally, promoting fluidity, maneuverability, collaboration, and specialization across various facets of their illicit pursuits. I also highlighted the cross-border links BEC offenders have with other criminal actors facilitated by Black Axe organizational machinery. My research adds value to the existing body of knowledge, utilizing a unique dataset comprising direct testimonies of a high-profile BEC offender affiliated with the ‘hard–to–access,’ Black Axe gang. (shrink)

This special issue introduces the study of financial technologies and finance to the field of philosophy of technology, bringing together two different fields that have not traditionally been in dialogue. The included articles are: Digital Art as ‘Monetised Graphics’: Enforcing Intellectual Property on the Blockchain, by Martin Zeilinger; Fundamentals of Algorithmic Markets: Liquidity, Contingency, and the Incomputability of Exchange, by Laura Lotti; ‘Crises of Modernity’ Discourses and the Rise of Financial Technologies in a Contested Mechanized World, by Marinus Ossewaarde; Two (...) Technical Images: Blockchain and High-Frequency Trading, by Diego Viana; and The Blockchain as a Narrative Technology: Investigating the Social Ontology and Normative Configurations of Cryptocurrencies, by Wessel Reijers and Mark Coeckelbergh. (shrink)

Bitcoin is a virtual currency that provides a completely decentralized secure alternative to the currencies currently used. Nakamoto, the creator of this cryptocurrency, published an article on an encryption mailing list in 2008 with the title “Bitcoin: A Peer-to-Peer Electronic Cash System”, thus giving the creation of this virtual currency. This study aims to analyze the Bitcoin and what factors can influence its price, in the context of a pandemic. This work will focus on the bitcoin price and on (...) five different factors likely to have an influence on his price, such as: Hash Rate, Mining Difficulty, Volatility Index, Google Search and Transaction Cost. The period for this research ranges from 15/03/2020 to 14/11/2021, a total of 96 weeks, to integrate the covid-19 factor into the study. The results show that the variables fsCoinCirculation and fsTransationCost are both necessary conditions for an increase on the bitcoin price, but for low values of bitcoin price there are no necessary conditions. Additionally, findings suggest that Hash Rate influences the price of bitcoin. Finally, fsVix variable was found to be a variable with an important implication in price, namely, in its volatility. (shrink)