Search Results (19)

Taxation on cryptocurrency is becoming critical in global fiscal governance as digital assets adapt to the modern reality of existing outside of traditional regulatory constructs. Theoretical and practical understanding of cryptocurrency taxation is quite new, and so a systematic review was designed to present the most recent empirical research evidence on the legal, fiscal and behavioral aspects of cryptocurrency taxation from across the globe. Using the PRISMA-2020 guidelines, a structured search was applied to the Scopus database on 21 May 2025, with the search terms “crypto-currency”, “cryptoasset” and “taxation.” The inclusion criteria consisted of original research articles published between the years of 2020 and 2025 in English or Spanish, that could be accessed via institutional library support, and that were related to taxation, legal regulation and/or compliance. Out of the original identified 224 records, 36 met the eligibility criteria after screening and verification through seven different stages of review. Socially, five themes were produced by the findings: legal ambiguity surrounding fiscal treatment, limited tax literacy and compliance issues, macroeconomic and monetary issues, application of digital technologies for fiscal tracking, and environmental repercussions from crypto mining. Many countries do not have any coherent tax frameworks to govern the risk that emerges from cryptocurrency taxation, creating uncertainty for both regulators and investors. The findings outlined in this systematic review point to the urgent need for creating a coherent approach to cryptocurrency taxation based on definitions, digital approaches to traceability, and tax literacy compliance strategies. In order to create effective cryptocurrency taxation, there must be a base balance between ensuring innovation, fiscal responsibility, transparency, equity and sustainability in the developing digital economy. Full article

Since its launch in 2009, Bitcoin has become a market disruptor due to its primary function as a virtual currency supported by blockchain technology and the high volume of economic transactions it facilitates. This article examines the key theoretical principles that have contributed to Bitcoin’s recognition as a cryptocurrency. It assesses whether Bitcoin meets the criteria for being considered a form of money and evaluates its importance as a financial asset. This analysis of Bitcoin from 2014 to 2025 reveals that it does not sufficiently fulfill all the typical functions of money, such as serving as an internationally accepted means of payment, a unit of account, a securities depository, and a standard for deferred payments. Despite its usual close correlation with stock indices in financial markets, a decentralized digital currency like this still does not meet the requirements of fundamental analysis. In practice, this leads to its exclusion as a currency, since it does not fulfill the functions of money nor fully qualify as a crypto asset, as its value is primarily based on investors’ expectations of high returns. Apart from a lack of foundation in tangible goods or services that justifies their value and dependence on new investors, the findings do not indicate conditions typical of a developed pyramidal model. Nevertheless, this does not prevent future technological innovations from responding positively to the functions of money or from offering real money services, especially those related to service innovation and the digital economy. Full article

This study investigates the relationship between cryptocurrency adoption rates (CARs) and the development of central bank digital currencies (CBDCs) using a global panel of 109 countries from 2020 to 2024. The analysis employs pooled OLS, fixed effects, ordered logistic regression and GMM models with robust controls for macroeconomic indicators, institutional quality, and technological readiness. CBDC status is measured as an ordinal variable representing five development stages, while CAR is derived from the Chainalysis Crypto Adoption Index. The empirical results show that higher CAR significantly increases the probability of a country progressing to more advanced CBDC stages. Margins analysis further indicates that increases in CAR substantially reduce the likelihood of remaining in early CBDC phases and raise the probability of reaching the pilot or launched stages. Heterogeneity analysis reveals that this relationship is strongest in low- and middle-income economies and in countries with low levels of financial inclusion, where cryptocurrencies present greater competition to traditional financial systems. The study contributes new large-sample evidence to the debate on digital currencies and provides policy-relevant insights: central banks in financially constrained economies appear to adopt CBDCs as developmental tools to enhance financial access and preserve monetary sovereignty in the face of growing cryptocurrency adoption. Full article

Digital agriculture has rapidly developed in the last decade in many countries where the share of agricultural production is a significant part of the total volume of gross production. Digital agroecosystems are developed using a variety of IT solutions, software and hardware tools, wired and wireless data transmission technologies, open source code, Open API, etc. A special place in agroecosystems is occupied by electronic payment technologies and blockchain technologies, which allow farmers and other agricultural enterprises to conduct commodity and monetary transactions with suppliers, creditors, and buyers of products. Such ecosystems contribute to the sustainable development of agriculture, agricultural engineering, and management of production and financial operations in the agricultural industry and related industries, as well as in other sectors of the economy of a number of countries. The introduction of crypto solutions in the agricultural sector is designed to create integrated platforms aimed at helping farmers manage supply lines or gain access to financial services. At the same time, there are risks of illegal use of computing power for cryptocurrency mining—cryptojacking. This article offers a thorough risk assessment of cryptojacking attacks on endpoint systems, focusing on identifying critical vulnerabilities within IT infrastructures and outlining practical preventive measures. The analysis examines key attack vectors—including compromised websites, infected applications, and supply chain infiltration—and explores how unauthorized cryptocurrency mining degrades system performance and endangers data security. The research methodology combines an evaluation of current cybersecurity trends, a review of specialized literature, and a controlled experiment simulating cryptojacking attacks. The findings highlight the importance of multi-layered protection mechanisms and ongoing system monitoring to detect malicious activities at an early stage. Full article

Our study examines the regulatory challenges and opportunities of asset tokenization within the context of the European Union (EU), emphasizing the balance between technological innovation and investor protection in the digital economy. Focusing on 2023 EU Markets in Crypto-Assets Regulation and its application in Latvia, we utilize comparative legal and integrative literature review methodologies to explore how regulatory frameworks can enhance investor accessibility, liquidity, and transparency in digital transactions. Our findings emphasize the importance of strong legal frameworks in promoting economic growth and protecting investors, thereby contributing to a more inclusive financial ecosystem. By examining the regulatory landscape for distributed ledger technology, we provide insights into how regulations can balance innovation in asset management with the imperative of investor protection. We offer a broad analysis of the intersection between legal frameworks and technological advancements in Latvia, illustrating how diverse regulatory approaches can support both economic development and investor interests. Our research originality lies in its focus on the EU’s regulatory diversity, particularly in Latvia, and its implications for broader European and international regulatory environments. Our study contributes to ongoing discussions on optimizing regulatory strategies to facilitate secure and advantageous financial technologies, reflecting the diversity of legal and economic approaches across Europe. Full article

The present study discusses how adopting cryptos affects financial inclusion in developing economies. Primary constructs like financial inclusion (FI), perceived economic empowerment (PEE), trust in financial institutions (TFI), user satisfaction (US), and cryptocurrency adoption (CA) were tested through Structural Equation Modeling (SEM). The results indicated that CA significantly and positively influenced FI, US, TFI, and PEE. These relationships extend to the interaction effects: US, TFI, and PEE, all positively related to FI. This is a reflection of cryptocurrencies as an opportunity to redress most of the afflictions characteristic of traditional finance systems and to promote financial inclusion and economic empowerment in developing countries. Future research should also investigate whether digital literacy and regulatory environments support cryptocurrency access. Full article

This study aims to examine the potential of blockchain technology in the financing and financial management of entrepreneurial tourism projects. It highlights two objectives: how the technology can be used as an alternative financing tool and how it can improve efficiency and transparency in the financial management of tourism companies. This study shows that initial coin offerings are an effective way to finance innovative tourism projects and that blockchain technology can improve the competitiveness and efficiency of tourism companies. Due to the lack of empirical data on the actual implementation and impact of blockchain technology in the tourism industry, it is suggested that further research is needed to examine the practical application of blockchain technology in the tourism industry, its potential impact on tourism businesses and its implications for the regulatory framework. The proposed methodology includes a systematic literature review on the application of blockchain technology for the financing of tourism projects and the financial improvement of tourism business models. The results indicate that blockchain technology has the potential to transform the financing and financial management of the tourism industry and improve its efficiency and transparency. Furthermore, combining blockchain with other technologies can provide additional benefits in supply chain management and event automation. Full article

The article is time relevant, since a number of countries, such as China and Russia, started pilot testing their digital currencies in 2020, due to the necessity of contactless means of payment during the coronavirus pandemic. The purpose of this research is to revisit the phenomenon of the virtual money. What is new here is that this is one of the first papers concentrated on a digital currency for a group of countries. The article offers an econometric representation of how the BRICS (Brazil, Russia, India, China and South Africa) currency may be utilized when hypothetically coined on a crypto-exchange of the BRICS monetary union. This research contains data condensed in a table and graphical form. The major idea of this article is that only a digital unit of account for a group of countries such as the BRICS, unlike a cryptocurrency, may help create a sustainable financial stability environment and solid monetary infrastructure. The author conducts a detailed analysis of a digital currency compared to a cryptocurrency. The hypothesis is that a shared digital currency for the BRICS may promote financial risk diversification through a risk-sharing mechanism. The author’s results include a formula that may provide a way of calculating the quantity of the BRICS’ digital currency, as well as a simulated representation of a would-be BRICS currency’s dynamics. The practical significance of this paper is that the proposed BRICS digital currency can find its use in investment portfolios as an asset. This asset may provide stable returns and benefit from the growth prospects of the BRICS economies as ones of the most rapidly developing markets in the world. Potential investors in the currency of the union may profit from the abundance of natural resources of Brazil, Russia, and South Africa in terms of energy and other minerals offered at the best world market prices, as well as the technology, labor, and durable goods of India and China priced at competitive valuations. The assets expressed in the BRICS currency have the potential of growing over the years, so a dollar invested today may turn an enormous return on investment within this decade, unlike stagnant markets in Europe, Japan, and the US. The author proves that a cryptocurrency cannot serve a shared currency function for the BRICS, and it stresses the very significance of circulating the shared digital currency in particular. Finally, the author simulates the dynamics of the BRICS’ digital currency and proposes an approach to calculating its exchange rate relative to some of the leading currencies in the international monetary system. Full article

Heralded by promises for the long-awaited economic empowerment of digital art and the paradigmatic shift of creative production, the art market’s fusion with blockchain technologies and the crypto economy has polarized opinions among artists, cultural workers, and economists. Its capricious dynamics and exuberance largely shroud the continuation of the art market’s ideology and the reinforcement of the disturbing political vectors of the crypto/blockchain complex. In this paper, I address several interrelated aspects of art tokenization in a compact and comprehensive critical framework that may be useful for a constructive discourse of contemporary digital art. By focusing on the core poetic principles of artmaking—which concern the historically informed autonomy of expression and socially responsible freedom of creative thinking—I identify some of the prospects for advancing digital art towards an ethically coherent and epistemologically relevant expressive stratum. The opening sections Introduction, Markets, and Contrivances outline the art market, its adoption of crypto technologies, and its influences on the production and expressive modes of digital art. Sections Ideologies and Myths describe the ideological and technical issues of the crypto economy, while Shams and Fallouts delve into the conceptual shortcomings and ethical, political, and creative consequences of the standard art tokenization rhetoric. The closing sections Options and Conclusion present the considerations for a productive assessment of blockchain technologies in digital art and summarize some of the alternative approaches for navigating and interfacing with the crypto art world. Full article

The digitalization of the economy provokes the rethinking of manufacturing processes. Despite numerous publications related to Industry 4.0 as a manufacturing approach, the production of fully digital and crypto-asset products was poorly researched. Besides having a supplementary role, crypto-assets may form an entire smart city product. The authors assess the manufacturing of smart city products, fully or partially formed by crypto-assets. The initial issuance of the crypto assets was usually addressed as an Initial Coin Offer, or through the process of increasing the issuer’s capital. The authors assess the Initial Coin Offer, and address it, like manufacturing to produce products for sale. The authors classify all milestones related to the crypto-assets’ issuance, distribution, and revaluation, and assign incomes and expenses to each milestone. Additionally, the ICO-based production costs and revenues were classified according to crypto-asset types, as defined by European Economic Area legislative acts. Full article

Poland remains the most coal-dependent economy in the EU. To minimize that problem, which is particularly clear and dangerous in the period of a shortage of fossil fuels, the Polish authorities have decided to establish various institutions, organizational and regulatory solutions. Their role is to support the development of renewable energy sources and local energy communities. The latter are to focus on optimizing the production and consumption of energy in pursuit of energy self-sufficiency on a local scale. One such institution, set up in Poland over the last several years, is the energy cooperative, which is intended to increase the efficient use of the potential of renewable energy sources in rural and urban–rural areas. The authors of this article verify the assumptions, for instance, the number, composition or production and members’ consumption profiles, under which such a relatively new institution has the chance to develop. A novelty in this research paper is that the interests of the entities composing a given energy cooperative may additionally be secured by the use of surplus generation for crypto-coin mining, and thus the storage of energy in virtual currency. A dedicated mathematical model in mixed-integer programming technology was used, enriched with respect to previous research, making it possible for members of the cooperative to achieve energy independence while maximizing self-consumption and using their excess energy for processing cryptocurrency. This is in line with the global trend of “greening”; the processes of acquiring electronic money. Full article

In the era of the Fourth Industrial Revolution, the establishment of a TBT system that utilizes the knowledge-based view as a means of overcoming the problems of scarcity of human resources and lack of technological capabilities faced by export companies that produce and supply products and services is being emphasized. The WTO TBT Agreement, which is based on the multilateral agreement of the GATT 7th Tokyo Round, consists of 15 articles and 3 annexes to ensure that technical regulations, standards, and conformity assessment systems do not act as technical barriers to trade. The transition to the digital economy (EDT) has been accelerating, and currently the EDT presents both a challenge and an opportunity. The US, which is at the center of the international standards competition, has accelerated standards competition by invoking supply chain executive order decoupling, and as China looks to implement the policy set out in the China Standards 2035 Plan, the relationship between the US and China is worsening in relation to the preoccupation with standards. Dreaming of a Chinese version of this US strategy, China, which is connected from 12.5 to 14.5 units, is accelerating its standardization strategy through the Made in China 2035 program. The “double cycle development strategy” and “technological innovation” are key mid- to long-term policy directions. Korea should develop a Korean-style conformity assessment development model based on the TBT system, which is a major element of non-tariff barriers, under the WTO/FTA system that promotes the flow of the KBV along with the establishment of a digital transformation system. Full article

This article examines the compatibility of the Global Conference on Criminal Finances and Cryptocurrencies with a sharing economy model. The analysis is based on the claims presented in Europol documents and public statements of Europol executives that this initiative serves as a platform for knowledge exchange and building professional networks between public and private actors to tackle crypto-laundering. The article investigates the validity of these statements with the most prominent sharing economy concepts: low barrier accessibility, transaction cost and trust-building. The article employs each sharing economy concept on two beneficiaries of the platform—law enforcement agencies (LEAs) and non-governmental organizations—while scaling the platform’s sharing economy level. Based on Europol documents, an expert interview and participant observation of the 5th Global Cryptocurrency Conference, the article’s core argument is that these cryptocurrency conferences can be categorized as a ‘partial’ sharing economy platform. They reduce the transaction cost for public and private actors to share knowledge about the latest trends and threats about crypto-laundering and reduce transaction costs for networking. However, co-founders should consider integrating robust trust-building mechanisms that allow low barrier entry to the conference, which will facilitate more inclusive and optimized public–private partnerships (P3). Full article

The rapid growth of information technology and industrial revolutions provoked digital transformation of all sectors, from the government to households. Moreover, digital transformations led to the development of cryptocurrency. However, crypto trading provokes a dilemma loop. On the one hand, crypto trading led to economic development, which allowed attracting additional resources to extending smart and green technologies for de-carbonising the economic growth. On the other hand, crypto trading led to intensifying energy sources, which provoked an increase in greenhouse gas emissions and environmental degradation. The paper aims to analyse the connections between crypto trading, economic development of the country, renewable energy consumption, and environmental degradation. The data for analysis were obtained from: Our World in Data, World Data Bank, Eurostat, Ukrstat, Crystal Blockchain, and KOF Globalisation Index. To check the hypothesis, the paper applied the Pedroni and Kao panel cointegration tests, FMOLS and DOLS panel cointegration models, and Vector Error Correction Models. The findings concluded that the increasing crypto trading led to enhanced GDP, real gross fixed capital formation, and globalisation. However, in the long run, the relationship between crypto trading and the share of renewable energies in total energy consumption was not confirmed by the empirical results. For further directions, it is necessary to analyse the impact of crypto trading on land and water pollution. Full article

Cryptocurrency literature is increasing rapidly nowadays. Particularly, the role of the cryptocurrency market as a risk management avenue has got the attention of researchers. However, it is an immature asset class and requires gaps in current literature for future research directions. This research provides a systematic review of the vast range empirical literature based on the cryptocurrency market as a risk management avenue against economic policy uncertainty (EPU). The review discovers that cryptocurrencies have mixed connectedness patterns with all national EPU therefore, the risk mitigation ability varies from country to country. The review finds that heterogeneous correlation patterns are due to the dependence of EPU on the policies and decisions usually taken by regulatory authorities of a particular country. Additionally, heterogeneous EPU requires heterogeneous solutions to deal with stock market volatility and economic policy uncertainty in different economies. Likewise, the divergent protocol and administration of currencies in the crypto market consequently vicissitudes the hedging and diversification performance against each economy. Many research lines can benefit investors, policymakers, fund managers, or portfolio managers. Therefore, the authors suggested future research avenues in terms of topics, data frequency, and methodologies. Full article