Abstract
Purpose: The paper explores the differences between countries concerning perception and use of traditional and virtual money. We try to answer the question who uses virtual money for investment and building assets and who uses it just for Internet payments. The background of the analysis are significant changes that have taken place in the virtual money market in recent years in relation to changes in the global financial market. Design/methodology/approach: A pilot study was conducted in Poland, the Russian Federation, and China, which is supposed to be an introduction to the bigger and wider survey. It was conducted within December 2019 and January 2020 with 81 surveyed persons. These were students of financial studies in the chosen countries. The paper questionnaire used in the survey consisted of 26 questions connected to virtual money plus 5 demographic questions. It was provided personally by teachers in class. Findings: The findings indicated that there are differences between countries in perception and the use of traditional and virtual money. These discrepancies can have cultural or historical background. Practical Implications: The practical usefulness of the whole study is that gathered information will permit to examine the economic and financial literacy of the respondents and their preferences for the use of innovative financial instruments. Originality/value: The study is related to the very current issue – virtual money as alternative to the currently functioning fiduciary money. The result of the research as one of the first indicated that a different perception of traditional and virtual money among different countries exist. This statement might be a huge contribution to the analysis of the current and further financial system.
Highlights
Money has been and still is an object of interest, as well as an object of research in many disciplines of science, such as economics, finance, psychology, sociology, and others
The Britannica Encyclopedia defines money as "a commodity accepted by general consensus as a means of economic exchange
The practical usefulness of the whole study is that gathered information will permit to examine the economic and financial literacy of the respondents and their preferences for the use of innovative financial instruments
Summary
Money has been and still is an object of interest, as well as an object of research in many disciplines of science, such as economics, finance, psychology, sociology, and others Despite this extremely high interest for money, it seems surprising that there is such a state of affairs in which money, despite accompanying almost every sphere of human activity for many millennia, has not come up with a uniform definition, generally and widely accepted in the world (Andreeva et al, 2018). This definition shows that the only possibility of fulfilling specific, clearly defined functions predisposes a particular good to achieving a broad consensus, enabling it to be placed in social consciousness as money It is one of the basic measures of wealth or the heart of financial system of the global economy. Money is confused with income, but income is a broader concept because it is a stream of money in a specific period of time and money, unlike income, is a specific resource - a certain amount of money available at given time
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