Search Results - subject_exact:"Virtual currency"

Fear divides, not unites : volatility transmission and decoupling between cryptocurrency and renewable energy markets

Al-Harbi, Ahmad - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015616819

Privacy by design for public digital money

Summer, Martin - 2026

As central banks explore issuing digital currencies for public use, a critical design challenge is how to protect the privacy of the granular data trails digital payments leave behind. While privacy is widely recognised as a goal, policy debates often frame it as a trade-off with crime...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015617422

Crypto-Asset Monitoring Expert Group (CAMEG) 2025 Conference : book of abstracts

2026

This paper provides an overview of analytical work1 conducted largely in 2025, under their own aegis, by experts from various European central banks and authorities in the field of crypto-asset monitoring and presented at the Crypto-Asset Monitoring Expert Group (CAMEG) 2025 Conference....

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015617960

Central bank digital currency as a new means of payment : an experimental approach

Magin, Jana; Neyer, Ulrike; Stevens, Alexandra - 2026

Many Central banks around the world are considering the introduction of a Central Bank Digital Currency (CBDC) as a new means of payment. One of the reasons for introducing a CBDC is a change in payment behavior towards an increasing use of electronic forms of payment. This paper examines the...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015618518

From coins to cays

Langenmayr, Dominika; Streich, David J. - 2026

We provide evidence that individuals use cryptocurrencies to channel funds into and out of tax havens. Exploiting the Panama Papers (2016) and Paradise Papers (2017) leaks as shocks to offshore detection risk, we compare prices of cryptocurrency-fiat pairs involving Singapore and Hong Kong...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015654759

Absent branches, digital presence : fintech and the reconfiguration of everyday debt in Nigeria

Jalal-Eddeen, Shuaib - 2026

This article examines how the absence of physical branches and embodied oversight in fintech reconfigures financial life in Nigeria. Based on nine months of ethnographic fieldwork in Jimeta, it shows that the absence of physical infrastructures and the dominance of virtual ones is not merely...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015655157

Sustainable digital finance in central banking

Park, Ki Young; Ha, Hyuk Jin; Ryu, Jaemin - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015549149

Taxing crypto assets to fund sustainable development goals : improving evaluation of crypto functional substitute risks

Chowdhary, Abdul Muheet; Sharma, Kuldeep; Omole, Kolawole - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015549186

India's DPI experiment and digital finance revolution

Gandhi, Vikram; Kak, Radhika - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015549206

To tokenize, or not to tokenize : the design question for a central bank digital currency

Chiu, Jonathan; Monnet, Cyril; Xu, Oliver Junye - 2026 - Last updated: May 7, 2026

This paper develops a general equilibrium model to assess central bank digital currency (CBDC) design in a monetary system where traditional banks and "crypto banks" (i.e., banks that issue stablecoins) coexist. We compare tokenized and non-tokenized CBDC, showing that their desirability depends...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015655361

Patterns and determinants of global cryptocurrency flows

Friedrich, Christian; Zhao, Laura - 2026 - Last updated: May 7, 2026

In this paper, we examine the patterns and determinants of cross-border cryptocurrency flows. While our analysis focuses primarily on Bitcoin flows, the cryptocurrency with the largest market capitalization, we show that our key results also extend to four major stablecoins. After documenting...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015655371

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Patterns and determinants of global cryptocurrency flows

Friedrich, Christian; Zhao, Laura - 2026

Book / Working Paper

What if ether goes to zero? : how market risk becomes infrastructure risk in crypto

Biancotti, Claudia - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015562270

From cash to crypto: towards a consistent regulatory approach to illicit payments

Minto, Andrea; Kosse, Anneke; Shirakami, Takeshi; … - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015609560

Natural hazards and financial activity : evidence from solar storms impact on BTC Mining

Michaēlidēs, Panagiōtēs G.; Prelorentzos, … - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015609729

Systematic and bibliometric reviews of cryptocurrency market regulation : trends, influential contributions, and future directions

Al Qudah, Mohammad Zakaria; Bariviera, Aurelio Fernández - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015610388

Regulatory responses to the financial stability implications of stablecoins

Bindseil, Ulrich - 2026 - Final version: 11 February 2026

In essence, the currently large stablecoins are electronic money issued by narrow balance sheet vehicles into a distributed ledger (or a "programmable platform"). Many believe that they will have significant success as a new form of money. Members of the current US administration expect that US...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015610715

Stablecoins and monetary policy transmission

Altavilla, Carlo; Boucinha, Miguel; Burlon, Lorenzo; … - 2026

This paper studies the effects of stablecoin adoption-crypto-assets designed to maintain a stable value relative to a reference asset-on bank intermediation and the transmission of monetary policy. Using evidence from the rapid expansion of stablecoins combined with confidential granular data on...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015610815

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Stablecoins and monetary policy transmission

Altavilla, Carlo; Boucinha, Miguel; Burlon, Lorenzo; … - 2026

Book / Working Paper

Digitalization and corruption : global intersection matrix

Pisker, Barbara; Radman-Funaric, Mirjana; Cosic, Dunja - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015612492

Tokenomics and blockchain fragmentation

Shin, Hyun Song - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015613815

Entropic geometry and information dynamics in green cryptocurrency markets

Chortane, Sana Gaied; Naoui, Kamel - 2026

Cryptocurrencies play a central role in modern financial markets; however, geopolitical tensions and environmental concerns raise critical questions about their stability and informational efficiency. This study distinguishes between green cryptocurrencies (GCs), based on low-energy validation...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015614299

Stablecoin disintermediation

Lee, Michael Junho; Tou, Donny - 2026

We propose a theory of stablecoin disintermediation, whereby stablecoins not only erode banks' deposit franchises but also transmit liquidity stress to the banking system. Using transaction-level data linking onchain transactions to wholesale interbank payments, we document the first evidence of...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015614724

The financial architecture of stablecoins : a primer

Farina, Tatiana; Franke, Günter; Heider, Florian; … - 2026

This SAFE White Paper presents a structured economic framework for assessing asset-backed stablecoins in their capacity as privately issued, fiscally anchored monetary instruments. Specifically, we evaluate the implications of stablecoins for financial intermediation, sovereign debt markets, and...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015615344

Central bank digital currency and Gresham's law : an experimental analysis

Baeriswyl, Romain; Boun My, Kene; Cornand, Camille - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015615535

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Central bank digital currency and Gresham's law : an experimental analysis

Baeriswyl, Romain; Boun My, Kene; Cornand, Camille - 2025

Book / Working Paper

Assessing the factors that promote adoption and use of a CBDC wallet : evidence from Peru

Cerón, Marcos; Paliza, Marcelo; Sánchez, Elmer - 2026

This paper examines the determinants of Central Bank Digital Currency (CBDC) wallet usage and evaluates the impact of a retail CBDC pilot implemented by the Central Reserve Bank of Peru (BCRP) in regions with low levels of financial inclusion. As of August 2025, the pilot reached approximately...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015615790

Perceptions of Bitcoin adoption and its socio-economic implications : financial inclusion, social trust and governance in El Salvador

Samour, Ariela; Grossmann, Axel; Grossmann, Florinda - 2026

Purpose - This study examines Salvadorans' perceptions of the Bitcoin Law, which made Bitcoin legal tender on September 7, 2021. Design/methodology/approach - We administer a survey in El Salvador and analyze the data using, among other methods, OLS regressions, ordered logit and ordered probit...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015592471

Personal financial planning and the propensity of central bank digital currency adoption

El Kalak, Izidin; Nourallah, Mustafa; Timmerman, Inga - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015592810

Stablecoins as private money : a policy agenda

Gersbach, Hans; Buggenum, Hugo van; Zelzner, Sebastian - 2026 - This Version: January 2026

Stablecoins are rapidly expanding as money-like assets for payments, trading, settlement, and cross-border transfer. In response, policymakers are moving quickly to develop new regulatory frameworks to safeguard the monetary and financial system. This article develops a forward-looking,...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015586665

AI, security, and trust in the digital wallet : evidence from current Romanian FinTech users

Bodorin, Bianca-Eugenia; Ciobanu, Eliza - 2026

The digitalization of finance has accelerated the diffusion of FinTech and raised new questions about how AI, data security and blockchain shape consumer behaviour. This article examines current FinTech users, focusing on mobile banking, security perceptions, AI-enabled personalisation and trust...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015591110

Central bank digital currency, flight-to-quality, and bank-runs in an agent-based model

Barucci, Emilio; Gurgone, Andrea; Iori, Giulia; Azzone, … - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015591185

Digital financial platform engagement and financial inclusion in the Philippines : insights on AI deployment and policy implications

Pesa, Nikka C.; Agner, Mary Grace R.; Lacaza, Rutcher M. - 2026

This paper examines how digital financial platform engagement influences financial inclusion in the Philippines and explores how financial institutions are deploying artificial intelligence (AI) in enhancing these platforms. It combines nationally representative data from the World Bank Global...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015604439

Stablecoins vs. tokenized deposits : the narrow banking debate revisited

Huang, Xuesong; Keister, Todd - 2026 - Revised February 2026

We study how the type of money used in blockchain-based trade affects interest rates, investment, and welfare. Stablecoins in our model are backed by safe assets, while banks issue deposits (both traditional and tokenized) to fund a portfolio of safe and risky assets. Deposit insurance creates a...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015604653

Programming money without programmable money

Lee, Michael Junho; Martin, Antoine - 2026

Programmability is at the heart of ongoing work on the future of money and payments by central banks around the world. Despite its potential, there is growing concern that programmability conflicts with the provision of "good" money. This paper overviews key principles of "good" money and argues...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015604654

On- and off-chain demand and supply drivers of bitcoin price

Ciaian, Pavel; Kancs, D'Artis; Rajcaniova, Miroslava - 2026

Around three-quarters of Bitcoin transactions occur off-chain. While most empirical studies focus exclusively on on-chain transactions, only few papers analyse off-chain transactions. The empirical evidence of Bitcoin market considering both types of trading strategies remains limited. This...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015653613

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On- and off-chain demand and supply drivers of Bitcoin price

Ciaian, Pavel; Kancs, D'Artis; Rajcaniova, Miroslava - 2026

Book / Working Paper

Cryptocurrencies in a sustainable era : analyzing the influence of environmental innovation and US stock indices on bitcoin and Ethereum returns

Mhamid, Imen; Hajji, Asma - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015621679

The gold channel : how regional gold saving behavior shapes house price dynamics in Türkiye

Çolak, Mehmet Selman; Şamcı, Mehmet Emre - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015624567

Who's in? : household-targeted government policies and the role of financial literacy in market participation

Filippin, Maria Elena - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015625014

Money in shadow banking and the crypto economy : a Chartalist perspective

Kim, Hongkil; Tymoigne, Éric - 2026

As instructors of Money and Banking, we regularly confront enduring questions: What is money? Is gold money? More recently, students ask whether shadow money, Bitcoin, or stablecoins qualify as money. These inquiries reflect a deeper puzzle: why do rational agents exchange valuable goods and...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015625475

Monetary anchors in a digital age : a historical perspective on the ECB's digital euro and US stablecoins

Greitens, Jan - 2026

This paper contributes to current debates surrounding the digital euro and US stablecoins by unpacking the present day relevance of two important episodes in monetary history: Prussia's effort in the 18th century to implement a uniform coinage standard across the Holy Roman Empire, and the 19th...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015626439

Who owns crypto in the euro area? : drivers of crypto adoption, payment use, and its interaction with fiat cash

Zamora-Pérez, Alejandro - 2026

Using a survey of 39,507 adults in 17 euro-area countries, I find that crypto-asset owners and the niche subgroup of payers have distinct profiles. Owners - typically younger, male, and financially active - exhibit mixed preferences, valuing both cash-like privacy and card-like speed. Crypto...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015626943

Blockchain adoption in local governments : the case of Lugano

Barisone, Lorenzo; Beretta, Edoardo; Bregy, Robert; … - 2026

The present article examines the pioneering case of blockchain adoption in local government by the City of Lugano and discusses how Distributed Ledger Technology (DLT) may support institutional innovation beyond pilot experimentation. The Swiss municipality of Lugano has developed an integrated...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015628404

The impact of mobile money and CBDCs on remittance fees : evidence from Nigeria and sub-Saharan Africa

Giraldo-Gordillo, Francisco Elieser; Bustillo Mesanza, … - 2026

This study investigates the potential effects of Mobile Money (MM) and Central Bank Digital Currencies (CBDCs) on the average transaction costs of remittances to Sub-Saharan Africa (SSA), with a focus on Nigeria. While much of the current literature highlights the theoretical benefits of CBDCs...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015628449

Comparative analysis of stablecoin architectural features in fragmented regulatory environments

Vlasov, Andrej Vasil'evič; Egorov, Andrej Jur'evič; … - 2026

Amidst the escalating geopolitical fragmentation of the global financial system, divergent stablecoin architectures are emerging. This study employs Qualitative Comparative Analysis (QCA) and introduces a formalized 'Geopolitical Stablecoin' (GPSC) model to conduct a systematic comparison of...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015628479

From threat to opportunity : digital infrastructure and bank adaptation to cryptocurrency cycles-global evidence

Martens, Wil - 2026

As cryptocurrencies evolve from niche assets to systemic financial components, the banking sector faces a strategic dilemma: displacement or adaptation. Using 27,510 bank-year observations from 2014 to 2023 across thirty-two economies, predominantly within the European banking sector, this study...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015628489

Tokenized gold in crypto markets : tracking accuracy and portfolio performance

Ashfaq, Muhammad; Pfeifer, Maximilian; Gürpinar, Tan; … - 2026

This paper examines the relationship between traditional gold (XAU) and its tokenized counterparts (PAXG and XAUT), providing an empirical assessment of how digital representations of real-world assets align with their underlying benchmarks. Using multi-year time series data, the study evaluates...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015628496

Bitcoin market efficiency analysis pre- and post-COVID-19 pandemic : an interrupted time series and ARIMAX approach

Makoni, Tendai; Mushori, Providence; Chikobvu, Delson - 2026

The COVID-19 pandemic constitutes one of the most significant exogenous shocks to global financial markets in recent history, raising questions about the robustness of market efficiency under extreme uncertainty. This study examines whether the pandemic affected the weak-form efficiency of the...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015628708

CBDCs and liquidity risks : evidence from the SandDollar's impact on deposits and loans in the Bahamas

Giraldo-Gordillo, Francisco Elieser; Bustillo Mesanza, … - 2026

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...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015628744

Token financing vs. equity and crowdfunding

Baranes, Edmond; Hege, Ulrich; Kim, Jin-Hyuk - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015637923

DeFi lending

Chiu, Jonathan; Danisman, Furkan - 2026 - Last updated: April 2, 2026

We study decentralized lending on Aave V3, the largest DeFi lending protocol by total value locked. Using transaction-level data, we analyze its revenue model, borrower behavior, and liquidation dynamics. We find that protocol earnings are concentrated in a few tokens, that many users engage in...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015638855

Diversifier, hedge, or safe haven? : Bitcoin's role against the Brazilian stock market during the COVID-19 turmoil

Dias, Vitor Fonseca Machado Beling; Malaquias, Rodrigo … - 2026

The main purpose of this study was to analyze the dynamics of the conditional correlation between Bitcoin and BOVA11 (a Brazilian stock market ETF that has seen a significant increase in foreign investors) across the pre-, during, and post-COVID-19 pandemic periods. This analysis allowed us to...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015638920

Enhancing Bitcoin trading signal prediction in crisis periods using an improved machine learning approach

Sadati-Keneti, Yaser; Sebt, Mohammad Vahid; … - 2026

The aim of this research is to employ improved machine learning techniques to determine the best Bitcoin trading positions in response to sudden price changes caused by global emergencies such as pandemics, conflicts, and economic disputes. Specifically, this study examines price fluctuations...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015638961