Search Results (15)

Central Bank Digital Currencies (CBDCs) have transitioned from theoretical concepts to operational realities across multiple jurisdictions. While they promise improved payment efficiency and financial inclusion, public trust, privacy, and user adoption have emerged as the critical determinants of success. Users fear that CBDCs could enable government surveillance, while regulators require sufficient oversight to prevent illicit finance, which creates a fundamental tension between privacy and compliance. This paper addresses the question: how can policymakers craft a global policy framework for retail CBDCs that balances user privacy and trust with necessary regulatory oversight, in order to maximize public adoption? Employing a structured narrative synthesis of peer-reviewed empirical literature and case analysis of four major CBDC implementations, the Bahamas Sand Dollar, Nigeria’s eNaira, China’s e-CNY, and the proposed digital euro, the study develops a seven-component global policy framework organized across four architectural layers. We additionally formulate seven testable propositions linking each framework component to adoption and trust outcomes, providing a structured agenda for future quantitative research. Evidence from randomized survey experiments shows that strong privacy safeguards raise adoption willingness by up to 60, underscoring that privacy is not merely a civil liberty concern but a prerequisite for widespread CBDC success. The comparative cross-case assessment suggests that broader alignment with the proposed framework components appears conceptually consistent with more favorable trust and adoption patterns across the cases examined. Full article

Over the past few decades, the production and application of nanoparticle-contained products have been increasing. With increasing production, nanoparticles (NPs) entered water and terrestrial environments, posing a threat to living organisms because their ecotoxicological characteristics are not yet fully understood. Upon entering the marine environment, NPs are subjected to various factors that can alter their properties. This could lead to changes in their toxic effects on marine organisms. One potential physical factor that affects NPs is UV radiation. The toxicity of different concentrations of UV-pre-irradiated TiO₂ NPs on dollars Scaphechinus mirabilis sperm was studied, which allowed comparison of the effects of UV-activated and non-activated NPs. According to the resazurin and comet assays, a significant toxic effect is observed at lower concentrations for pre-irradiated TiO₂ NPs compared to non-irradiated ones. Additionally, high concentrations of pre-irradiated TiO₂ resulted in a significant increase in levels of malondialdehyde (MDA) compared to non-irradiated. Thus, it was demonstrated that the UV pre-irradiation NPs caused a more pronounced toxic effect than the non-irradiated TiO₂ NPs. Full article

This study evaluates the early impact of Central Bank Digital Currencies (CBDCs) on key financial indicators in The Bahamas, focusing on the introduction of the SandDollar—the world’s first fully implemented retail CBDC. Using the Synthetic Control Method (SCM), the analysis constructs counterfactual scenarios to assess the effects of CBDCs on three dependent variables: outstanding loans from commercial banks as a percentage of GDP, outstanding deposits as a percentage of GDP, and the number of deposit accounts per 1000 adults. Three separate SCM models were estimated for the period 2014–2024, incorporating a broad set of control variables reflecting financial infrastructure, economic performance, demographic characteristics, and digital readiness. The findings consistently show that the SandDollar’s implementation is associated with reductions in loan issuance, deposit levels, and deposit account ownership compared to their synthetic counterparts. These results support the hypothesis that direct CBDC models may amplify “deposit substitution” and increase liquidity risks by shifting financial activity away from commercial banks. Although the SCM provides a structured causal framework, the short post-treatment period and potential pandemic-related disruptions limit the scope of a long-term understanding. The study underscores the importance of careful CBDC design, particularly the role of intermediated models in mitigating unintended financial stability risks. Full article

Plastic pollution represents a significant emerging environmental problem. Micro-sized particles of synthetic polymers—microplastics (MPs)—have been identified in all parts of marine ecosystems. In the marine environment, organisms are exposed to MPs, which undergo a constant process of physicochemical and biological degradation. Utilization of UV irradiation as the optimal exposure factor in the simulation of fundamental natural conditions is a widely accepted approach. This enables the study of the harmful effects of such particles when interacting with aquatic organisms. This study aimed to investigate the effect of pristine and photoaging primary polystyrene microspheres (µPS) at three concentrations on the viability and DNA integrity of the sperm of the sand dollars Scaphechinus mirabilis. The results of the investigation demonstrated that IR spectroscopy revealed structural changes in polystyrene, confirming the oxidative degradation of the polymer under UV irradiation. The study demonstrated that artificially aged µPS exhibited a more pronounced effect than pristine particles, as evidenced by reduced sperm viability and increased DNA damage. Thus, the resazurin test showed that after exposure to UV-irradiated µPS, sperm viability decreased to 83–85% at concentrations of 10 and 100 particles and to 70% at a concentration of 1000. In addition, the Comet assay showed that the particles increased the percentage of DNA in the tail from 20% to 30% in a dose-dependent manner. The findings substantiate and augment the existing body of experimental data of the toxicity of aged plastic fragments, thereby underscoring the need for further study into the toxicity of aged MPs on marine invertebrates. Full article

Because of the active influx of chemical compounds into the marine environment, a significant portion is transformed and accumulates in bottom sediments (BS), posing a threat to benthic organisms. The eastern coast of the Kamchatka Peninsula, with its characteristic volcanic, seismic, and gas–chemical features, is of particular interest to our research. This study is the first to assess the cyto- and genotoxicity of BS in coastal waters off the eastern coast of the Kamchatka Peninsula using biotesting on representatives of the benthic community (the mussel Mytilus trossulus and the sand dollar Scaphehinus mirabilis). Of the aqueous extracts exposure of BS from all stations, M. trossulus showed destabilization of lysosomal membranes in gills and digestive gland cells. It was shown that aqueous extracts from BS of Kamchatka Bay (station 1) and Avachinskaya Bay (station 3) had no negative effect on DNA molecules in the gills and digestive gland cells of mussels, and the values obtained corresponded to the control. Extracts from BS of Kronotsky Bay (station 2) and Avacha Bay (station 4) damaged the integrity of the genome in the cells of the gills M. trossulus and sperm of S. mirabilis. The level of DNA damage in sperm increased by 3 and 3.5 times, respectively, compared with that in control gametes. The results of the biotests on two biological models show that sediments from Kronotsky Bay and Avacha Bay exhibit cytotoxicity and induce DNA damage in both somatic cells and gametes. Full article

This paper measures the post-treatment effects of Central Bank Digital Currencies (CBDCs) on mobile money and outstanding loans from commercial banks as a percentage of the GDP in Nigeria and the Bahamas, respectively, from the perspective of financial inclusion. The literature on the topic has primarily focused on the technological specifications of CBDCs and their potential future implementation. This article addresses a gap in the empirical literature by examining the effects of CBDCs. To this end, a Synthetic Control Method (SCM) is applied to the Bahamas (SandDollar) and Nigeria (eNaira) to construct a counterfactual scenario and assess the impact of CBDCs on mobile money and commercial bank loans. Nigeria’s mobile money transactions as a percentage of the GDP increased significantly compared to the synthetic control group, suggesting a notable positive effect of the eNaira. Conversely, in the Bahamas, actual performance fell below the synthetic control, implying that SandDollar may have contributed to a decline in outstanding loans. These results suggest that CBDCs could pose a “deposit substitution risk” for commercial banks. However, they may also enhance the performance of other Fintech tools, as observed in the case of mobile money. As CBDC implementations worldwide remain in their early stages, their long-term effects require further analysis. Full article

The COVID-19 pandemic has exacerbated the problem of environmental contamination of disposable personal protective equipment, in particular face masks (FMs). As a result of environmental factors, FMs undergo aging and fragmentation processes and become a source of microplastics (MPs) and chemical additives. Taking into account the scale of accumulation of used FMs and their fragments in the coastal zone, it should be expected that the most appreciable ecotoxicological consequences should be observed in hydrobionts inhabiting coastal ecosystems. Based on this, the aim of this study was to investigate the toxicity of leachates from pristine and weathered FMs using sperm of sand dollars Scaphechinus mirabilis. In our work, we used pristine and weathered FMs, which for 200 days were kept in the external environment under natural conditions and exposed to a complex of climatic factors. Fourier transform infrared spectroscopy was used to characterize the chemical changes that occurred in the polymer structure of FMs during this period. It follows from the results obtained that leachates from pristine and weathered FMs reduced sperm viability; stimulated the accumulation of lipid peroxidation products, such as malondialdehyde (MDA); and significantly increased the destruction of DNA molecules, showing a genotoxic effect. Overall, our results complement the limited experimental data presented, indicating the genotoxic properties of face mask extracts. Full article

The volume of nanoparticles (NPs) used in various sectors of human life is steadily increasing. Due to their unique properties, silicon dioxide nanoparticles (SiO₂ NPs) are widely used in industrial production. However, their ecotoxicological effect on marine biota is extremely poorly understood. To highlight this problem, experiments were conducted with short-term SiO₂ NPs exposure to the sand dollar Scaphechinus mirabilis sperm, and a 6-day exposure to the adult bivalve mollusk Mytilus trossulus. SiO₂ NPs exposure caused an increase in the concentration of Si in the digestive gland of the mollusk, resulting in DNA damage increase. Exposure to all NPs concentrations caused DNA damage to increase but did not affect the sperm fertilization ability. It was found that the DNA is a target in both chronic and acute SiO₂ NPs exposure. Full article

Pollution of marine areas with oil and oil products is steadily growing. As part of this connection, the study of the impact of petroleum hydrocarbons on marine hydrobionts is an urgent issue of modern ecotoxicology. In our study, the genotoxic effect of the water-soluble fraction of diesel fuel at different concentrations on the gametes of the sand dollar Scaphechinus mirabilis was evaluated. It was shown that during the incubation of sperm and eggs of a sand dollar in WAF with an oil hydrocarbon content of 1.32; 2.64; 5.37; 7.92 mg/L caused the destruction of the DNA molecule to varying degrees in both types of gametes. In addition, it has been shown that with an increase in the concentration of petroleum hydrocarbons in WAF, a large number of cells with a high level of DNA damage appear. The success of fertilization after exposure of gametes to a water-soluble extract of petroleum hydrocarbons was also evaluated. The relationship between an increase in the concentration of hydrocarbons in the tested solutions and a decrease in the level of fertilization is shown. Full article

The fast-growing, market-driven demand for cryptocurrencies worries central banks, as their monetary policy could be completely undermined. Central bank digital currencies (CBDCs) could offer a solution, yet our understanding of their design and consequences is in its infancy. This non-technical paper examines how The Bahamas has designed the Sand Dollar, the first real-world instance of a retail CBDC. It contrasts the Sand Dollar with definition-based specifications. The author then develops a scenario analysis to illustrate commercial bank risks. In this process, the central bank becomes a deposit monopolist, leading to high funding risks, disintermediation risks, and solvency risks for the commercial banking sector. This paper argues that restrictions and caps will be the new specifications of a regulatory framework for CBDCs if disintermediation in the banking sector is to be prevented. The anonymity of CBDCs is identified as a comparative disadvantage that will affect their adoption. These findings provide insight into governance problems facing central banks and coherently lead to the design of the Sand Dollar. This paper concludes by suggesting that combating cryptocurrencies is a task that cannot be solved by a CBDC. Full article

Products containing nanomaterials are becoming more and more common in everyday life. Zinc oxide nanoparticles (ZnO NPs), meanwhile, are among the most widely used NPs. However, their genotoxic effect on the germ products of marine organisms is poorly understood. Therefore, the effects of ZnO NPs and zinc ions (20, 50, 100, 200 µg/L) on the sperm of sand dollar Scaphechinus mirabilis were compared. Comet assay showed that both tested pollutants caused an increase in DNA damage to 6.57 ± 2.41 and 7.42 ± 0.88% DNA in the comet tail, for zinc ions and ZnO NPs, respectively. Additionally, a different pattern was shown by the increase in DNA damage, with increasing concentration of pollutants, in different experimental groups. Full article

Microplastic pollution appears to be one of the major environmental problems in the world today, and researchers have been paying special attention to the study of the impact of microplastics on biota. In this article, we studied the short-term effects of polystyrene micro-spheres on genome integrity using the gametes of the Scaphechinus mirabilis sand dollar with the comet assay method. This highly sensitive method allowed us to identify the level of genome damage in both gametes before and after short-term exposure to PS microparticles. It was shown that primary polystyrene microspheres at concentrations of 10⁴, 10⁵, and 10⁶ particles/L had a genotoxic effect during short-term exposure to the sperm of the sand dollar S. mirabilis, which was expressed as a significant increase in sperm DNA damage. The highest percentage of DNA damage (more than 20%) was detected in spermatozoa exposed for 1 h in water containing 105 microspheres of plastic per 1 L. Additionally, at all concentrations of microplastic studied in the experiment, the genetic damage index (GDI) values in spermatozoa exceeded the control level. However, regardless of the level of DNA damage, spermatozoa retained the ability to fertilise eggs with up to 97% efficiency. We must acknowledge that the genotoxic property of microplastic against sperm to some extent predicts the development of long-term adverse effects of environmental significance. Full article

Central Bank Digital Currency (CBDC) is a digital currency issued by a central bank. Motivated by the financial crisis and prospect of a cashless society, countries are researching CBDC. Recently, global consideration has been given to paying basic income to avoid consumer sentiment shrinkage and recession due to epidemics. CBDC is coming into the spotlight as the way to manage the public finance policy of nations comprehensively. CBDC is studied by many countries. The bank of the Bahamas released Sand Dollar. Each country’s central bank should consider the situation in which CBDCs are exchanged. The transaction of the CDDB is open data. Transaction registers CBDC exchange information of the central bank in the blockchain. Open data on currency exchange between countries will provide information on the flow of money between countries. This paper proposes a blockchain system and management method based on the ISO/IEC 11179 metadata registry for exchange between CBDCs that records transactions between registered CBDCs. Each country’s CBDC will have a different implementation and time of publication. We implement the blockchain system and experiment with the operation method, measuring the block generation time of blockchains using the proposed method. Full article

Hydrocarbon extraction and exploitation is a global, trillion-dollar industry. However, for decades it has also been known that fossil fuel usage is environmentally detrimental; the burning of hydrocarbons results in climate change, and environmental damage during extraction and transport can also occur. Substantial global efforts into mitigating this environmental disruption are underway. The global petroleum industry is moving more and more into exploiting unconventional oil reserves, such as oil sands and shale oil. The Albertan oil sands are one example of unconventional oil reserves; this mixture of sand and heavy bitumen lying under the boreal forest of Northern Alberta represent one of the world’s largest hydrocarbon reserves, but extraction also requires the disturbance of a delicate northern ecosystem. Considerable effort is being made by various stakeholders to mitigate environmental impact and reclaim anthropogenically disturbed environments associated with oil sand extraction. In this review, we discuss the eukaryotic microbial communities associated with the boreal ecosystem and how this is affected by hydrocarbon extraction, with a particular emphasis on the reclamation of tailings ponds, where oil sands extraction waste is stored. Microbial eukaryotes, or protists, are an essential part of every global ecosystem, but our understanding of how they affect reclamation is limited due to our fledgling understanding of these organisms in anthropogenically hydrocarbon-associated environments and the difficulties of studying them. We advocate for an environmental DNA sequencing-based approach to determine the microbial communities of oil sands associated environments, and the importance of studying the heterotrophic components of these environments to gain a full understanding of how these environments operate and thus how they can be integrated with the natural watersheds of the region. Full article

The quinone pigments of sea urchins, specifically echinochrome and spinochromes, are known for their effective antioxidant, antibacterial, antifungal, and antitumor activities. We developed in vitro technology for inducing pigment differentiation in cell culture. The intensification of the pigment differentiation was accompanied by a simultaneous decrease in cell proliferation. The number of pigment cells was two-fold higher in the cells cultivated in the coelomic fluids of injured sea urchins than in those intact. The possible roles of the specific components of the coelomic fluids in the pigment differentiation process and the quantitative measurement of the production of naphthoquinone pigments during cultivation were examined by MALDI and electrospray ionization mass spectrometry. Echinochrome A and spinochrome E were produced by the cultivated cells of the sand dollar Scaphechinus mirabilis in all tested media, while only spinochromes were found in the cultivated cells of another sea urchin, Strongylocentrotus intermedius. The expression of genes associated with the induction of pigment differentiation was increased in cells cultivated in the presence of shikimic acid, a precursor of naphthoquinone pigments. Our results should contribute to the development of new techniques in marine biotechnology, including the generation of cell cultures producing complex bioactive compounds with therapeutic potential. Full article