Traditional Financial System Research Articles

Plastic Surgery and Cryptocurrency: A 2024 Update.

Cryptocurrency offers a decentralized alternative to traditional financial systems, facilitating peer-to-peer transactions with minimal fees and heightened security. It also transformed into a financial asset similar to gold. Despite its volatile valuation, recent developments, such as the approval of Bitcoin exchange-traded funds by the Securities and Exchange Commission, underscore its evolving role as an investment opportunity. Plastic surgery has increasingly embraced cryptocurrency as a form of payment, leveraging its speed, security, and privacy benefits. However, alongside its potential advantages, risks such as volatility, irreversibility of transactions, and regulatory uncertainties warrant careful consideration. Moving forward, the integration of blockchain technology and cryptocurrency is poised to revolutionize various aspects of plastic surgery, from patient privacy to postoperative monitoring devices, necessitating a proactive approach from surgeons to navigate this evolving landscape. This article explores the intersection of cryptocurrency and plastic surgery, delving into its current applications, risks, investment potential, and future prospects.

CRYPTOCURRENCIES: ECONOMIC IMPACT AND REGULATORY CHALLENGES

The rise of cryptocurrencies, such as Bitcoin, has stimulated international discussions over how the banking system will look in the future, especially by showing its important connection to issues of bank stability, interest rates, and monetary policy. This research paper delves into the numerous ways that cryptocurrencies affect the traditional financial ecosystem, basing its findings on central studies investigating their economic, legal, and environmental implications. The paper explores the potential for cryptocurrencies to disrupt conventional banking systems, monetary policies, and regulatory structures through an analysis of the challenges and opportunities posed by decentralization. Also, it looks at cryptocurrency mining from an environmental perspective, paying attention to sustainable practices and technological advancements required to minimize ecological outcomes. This study comprehensively examines how digital currencies intersect with traditional financial systems, among which some insights are given as regards to coexistence of different types of money in current monetary frameworks that may lead to more inclusive finance systems having higher efficiency levels as well as stability. Finally, it stresses that while benefiting from them on one side, there is also a need for an equilibrium approach that addresses the risks inherent in these currencies together with their surroundings.

The Impact of Digital Currency Policies on International Trade and Investment

This paper examines the multifaceted impact of digital currencies on regulatory frameworks, cross-border transaction efficiency, and their integration into mainstream financial systems. Through an in-depth analysis of global policy landscapes, compliance challenges, market stability implications, and the burgeoning role of Central Bank Digital Currencies (CBDCs), we uncover the dynamics shaping the future of digital finance. Employing statistical analysis, econometric models, and case studies, we explore the reduction in transaction costs, increased speed and accessibility, and the security concerns associated with digital currencies. Furthermore, we analyze the trends in digital currency adoption and the potential for their integration with traditional financial systems. Our findings highlight the complex interplay between technological advancements and regulatory strategies, offering insights into the opportunities and challenges digital currencies present for the global economy.

The Impact of Digital Currency Policies on International Trade and Investment

This paper examines the multifaceted impact of digital currencies on regulatory frameworks, cross-border transaction efficiency, and their integration into mainstream financial systems. Through an in-depth analysis of global policy landscapes, compliance challenges, market stability implications, and the burgeoning role of Central Bank Digital Currencies (CBDCs), we uncover the dynamics shaping the future of digital finance. Employing statistical analysis, econometric models, and case studies, we explore the reduction in transaction costs, increased speed and accessibility, and the security concerns associated with digital currencies. Furthermore, we analyze the trends in digital currency adoption and the potential for their integration with traditional financial systems. Our findings highlight the complex interplay between technological advancements and regulatory strategies, offering insights into the opportunities and challenges digital currencies present for the global economy.

Mapping Blockchain Adoption Challenges

The evolution of the Internet has shifted from centralised to decentralised systems, particularly after the financial crisis in 2008. The Internet disrupts traditional financial systems and the consequent shift towards Blockchain Technology (BCT) for more transparent and accountable business practices. It outlines BCT’s origins and transformative potential in various domains. Thus, this study aims to investigate challenges in BCT adoption in various domains. This study adopted a bibliometric analysis based on the data obtained from the Scopus database. Based on the keywords used, which are related to BCT adoption in the article title, the study obtains 229 documents for further analysis. Various tools have been employed, such as Microsoft Excel to conduct the frequency analysis and VOSviewer for data visualisation analysis. This study reports the results using standard bibliometric indicators such as publication year, document type, source type, source title, languages, subject area, keywords analysis, geographical distribution, authorship, active institutions, and citation analysis. The analysis reveals that studies on BCT integration with the Internet of Things (IoT) suggest the highest cites followed by BCT adoption challenges. Since 2021, there has been a rapid accumulation of citations, highlighting the ongoing relevance and interest in BCT across diverse fields. Indonesia leads in academic contributions to BCT, while the United States excels in citation impact. Notably, China, Australia, Jordan, and Malaysia are interested in adopting BCT in Asia. In Europe, the United Kingdom stands out alongside Romania and Belgium for their commitment to the study as well. Prominent authors and keywords highlight BCT’s integration with IoT and supply chain. Findings underscore global academic engagement with BCT challenges and applications, offering a foundation for future research on practical hurdles, regulations, and technological intersections. Blockchain is just one of many IR4.0 technologies that will enhance governance when coupled with Artificial Intelligence (AI) and Big Data Analytics. Future research should focus deeper on practical challenges, regulations, and intersections of BCT with other technologies, building upon the findings of this analysis.

The Impact Of Fintech Innovations On Traditional Financial Institutions, Financial Inclusions, and Payment Systems – A Review Of Case Studies

Fintech (monetary innovation) advancements have been reshaping the monetary scene, altering the manner in which individuals access monetary administrations, go through with exchanges, and deal with their funds. It has fundamentally disturbed the customary monetary scene, it are conveyed and experienced to change the way monetary administrations. Fintech startups have pushed traditional financial institutions to change and improve their services in order to remain competitive with agile, customer-focused solutions. Fintech has revolutionized payment systems simultaneously by introducing digital payment methods and making cross-border transactions easier, reducing cash-based systems' reliance. Most importantly, fintech has increased financial inclusion by enabling individuals and small businesses to participate more actively in the formal economy by providing formal financial services to previously underserved populations via mobile platforms. While the extraordinary effect of fintech is apparent, policymakers and partners should address administrative intricacies and network protection dangers to guarantee supportable and comprehensive monetary environments. This article looks at the extraordinary effect of fintech on customary monetary foundations, installment frameworks, and monetary incorporation. By breaking down different literary works and contextual analyses, the specialist attempts to investigate how fintech has disturbed conventional practices, further developed productivity, and cultivated more noteworthy monetary incorporation around the world. IndexTerms - Fintech, computerized installments, monetary environment, network safety, monetary consideration, artificial intelligence, man-made consciousness, information security, risk.

International business and decentralized finance

AbstractOver the last decade, the green shoots of a new economic order have emerged as decentralized technologies challenge traditional financial systems. Decentralized finance (DeFi) holds the potential to transform international business (IB) by offering accessible financial services across borders, disrupting traditional intermediaries, and promoting financial inclusion. While traditional fintech has challenged banks, DeFi operates outside legacy systems, leveraging blockchain technology and smart contracting to introduce a new range of products and services that provide first-movers with an upper hand to both expand their business across the globe as well realize cost savings on existing business. Despite offering advantages like efficiency, transparency, and security, DeFi faces regulatory uncertainties and scalability, adoption, and stability concerns. Our study explores how DeFi can seamlessly integrate into the IB space while addressing these challenges. In addition to offering insights for investors, multinational firms, and regulators, we also lay the groundwork for future IB research in the fintech domain. As the DeFi innovation unfolds, understanding and harnessing its potential can empower stakeholders to engage responsibly and effectively in this transformative landscape.

Can Fintech mitigate business risks?--Evidence from the Chinese market

Fintech is an important supplement to the traditional financial system, and its development is a good medicine to alleviate the financing constraints and business risks of enterprises. Based on the data of listed enterprises from 2004 to 2021, this paper adopts the method of panel linear regression to explore the impact of the level of Fintech development on the operating difficulties of local enterprises. The results show that increasing the level of Fintech development can effectively reduce the business risks faced by enterprises, and the conclusion still holds after a series of robustness tests such as adding control variables, replacing explanatory variables, multiple fixed effects, and changing the time interval. The mechanism analysis shows that the level of Fintech will affect the business risk of enterprises by changing the book-to-market ratio, and the heterogeneity analysis shows that the impact of Fintech on the business risk of private enterprises as well as non-Big 4 audited enterprises is more significant. The policy implication of this paper is that the government should actively guide, support and regulate the development of Fintech in different regions to provide policy support and guarantee for enterprises to reduce their business risks. However, attention should also be paid to balancing the relationship between innovation and risk management, data security and privacy protection to ensure the sustainable development of Fintech.

A STUDY ON SAVINGS AND INVESTMENT: RISK AND OPPORTUNITIES

This study investigates the intricate relationship between savings, investment, risk, and opportunities in contemporary financial landscapes. With financial markets becoming increasingly complex and interconnected, understanding the dynamics of savings and investment has become paramount for individuals, businesses, and policymakers alike. The first part of the study delves into the concept of savings, examining the various motivations behind saving behavior and the factors influencing individuals' decisions to save. It explores traditional saving instruments such as savings accounts, as well as newer forms such as robo-advisors and digital wallets, highlighting the evolving nature of saving practices in the digital age. Moving on to investment, the study elucidates the diverse array of investment vehicles available to investors, ranging from stocks and bonds to real estate and alternative assets. It analyzes the risk-return tradeoff inherent in different investment options and discusses strategies for constructing well-diversified investment portfolios tailored to investors' risk preferences and financial goals. Finally, the study identifies emerging opportunities in the savings and investment landscape, including technological innovations such as blockchain technology and peer-to- peer lending platforms, which are reshaping traditional financial systems and offering new avenues for wealth accumulation and capital deployment. By synthesizing theoretical insights with empirical evidence, this study provides valuable insights into the complex interplay between savings, investment, risk, and opportunities, offering practical recommendations for individuals

Research on Empowering the Development of Green Finance in the Yangtze River Delta Economic Belt with Digital Economy

This article constructs a model of the development trend of green finance under the influence of various factors such as big data and the Internet of Things through literature review and personal practice. Based on the pattern of domestic "dual carbon" environment driving the vigorous development of digital economy, it solves the problem of the effect differences under traditional financial system, credit constraint mechanism, and financial supervision on the development of green finance. At present, green finance in the Chinese market is only at a relatively large scale, but it has broad development prospects and can further break through with the development of the digital economy. Therefore, exploring it, finding the right direction and reasonable development strategies can improve the quality and efficiency of China's financial market.

CRYPTOCURRENCY: BUBBLE OR NEW STANDARD?

Cryptocurrency has emerged as a disruptive force in the financial landscape, raising questions about its long-term sustainability and impact on traditional financial systems. This research report examines the debate surrounding cryptocurrency, focusing on whether it represents a speculative bubble or a new standard for digital assets. Through a comparative analysis of empirical evidence, theoretical frameworks, and expert opinions, this study aims to provide insights into the dynamics of cryptocurrency markets and their implications for the future of finance. The research begins by reviewing the historical context of cryptocurrency, tracing its origins and evolution from the introduction of Bitcoin in 2009 to the proliferation of alternative cryptocurrencies and blockchain-based applications. It then explores the characteristics of financial bubbles and evaluates whether cryptocurrency exhibits similar patterns of speculative behavior, drawing on insights from economic theory and empirical research. Next, the report examines the arguments supporting cryptocurrency as a new standard for digital assets, emphasizing its potential to democratize access to financial services, promote financial inclusion, and drive innovation in finance and technology. It analyzes the underlying principles of blockchain technology and explores its applications beyond cryptocurrency, such as decentralized finance (DeFi), smart contracts, and tokenization of assets. The study also considers regulatory and policy implications surrounding cryptocurrency, highlighting the challenges faced by regulators in balancing innovation and investor protection. It reviews the regulatory approaches adopted by various jurisdictions and assesses their effectiveness in addressing concerns related to market integrity, consumer safety, and systemic risk. Overall, this research report contributes to the ongoing discourse on cryptocurrency by providing a comprehensive analysis of its status as either a speculative bubble or a new standard for digital assets. By synthesizing empirical evidence, theoretical frameworks, and expert opinions, it offers valuable insights into the potential opportunities and challenges posed by cryptocurrency for the future of finance and the global economy.

Exploring Financial Risks and Risk Mitigation Strategies in Digital Currencies

This paper comprehensively analyzes the financial risks faced by digital currency, using digital renminbi as a case study. The risks include operational risks, privacy risks, legal and regulatory risks, currency sovereignty risks, and the impact on traditional financial systems. Corresponding risk mitigation strategies are proposed. By strengthening system architecture, employing advanced encryption technologies, enhancing legal and regulatory frameworks, maintaining policy stability, and promoting financial integration, these measures effectively mitigate financial risks associated with digital currency, fostering its sustainable development and innovation.

The Impact of Fintech on Traditional Financial Banking in West Africa

Fintech, the convergence of finance and technology, has emerged as a transformative force reshaping the global financial landscape. While its influence is evident across the world, its impact on traditional financial systems in less developed countries remains a subject of exploration and analysis. This paper aims to investigate the multifaceted effects of fintech on traditional financial systems in less developed countries, examining both the opportunities and challenges it presents. Through an examination of various case studies and empirical evidence, this paper seeks to provide insights into the evolving dynamics of financial inclusion, innovation, regulation, and economic growth spurred by fintech in less developed countries.

Cryptocurrency interest in geographical regions with high unemployment rates

Purpose- In regions with high unemployment rates, individuals often face economic uncertainty and may seek alternatives to traditional financial systems. In such circumstances, some individuals may turn to alternative investments and financial instruments, with cryptocurrencies such as Bitcoin being among them. The value of these cryptocurrencies is often volatile due to their speculative nature, which can lead investors to take on more significant risks. While this situation can result in substantial gains, it can also lead to significant financial losses. The primary use of cryptocurrencies is generally for investment purposes. Since cryptocurrencies are digital, they operate entirely in a virtual environment. The loss or theft of the digital password in the virtual space means the loss of the wallet. Security in cryptocurrencies is very weak. The lack of government guarantees and legal infrastructure globally poses certain threats to investors, making cryptocurrencies carry a higher risk compared to other investment instruments. This study will investigate the regional relationship between cryptocurrency interest and unemployment rates. The aim is to determine whether individuals living in geographical areas with high unemployment rates show more interest in cryptocurrencies compared to those in other geographical regions. Methodology- In line with the research objective, Google search engine data for the past 10 years has been analyzed using content analysis methodology. A query has been conducted to determine in which regions of Turkey cryptocurrency names are most frequently searched, and a comparison has been made on a provincial level across all 81 provinces. Additionally, considering the unemployment data provided by the Turkish Statistical Institute (TUIK), regions with high and low unemployment rates have been identified. Subsequently, an investigation has been carried out to determine whether there is any correlation between regional Google searches and unemployment rates in these areas. Findings- When examining the findings from the perspective of unemployment, it has been observed that the regions where cryptocurrency names are most frequently searched align with areas having the highest unemployment rates, while the least searched areas correspond to regions with lower unemployment rates. Among the 10 provinces with the highest unemployment rates, 8 of them are included in the list of 10 provinces with the highest Bitcoin search frequency. Similarly, 8 out of 10 provinces with the lowest employment rates are also listed among the 10 provinces with the highest Bitcoin search frequency. Furthermore, among the 10 provinces with the lowest per capita gross domestic product (GDP), 7 of them are included in the list of 10 provinces with the highest Bitcoin search frequency. Conclusion- As a result of the relationship analyses conducted in the research, it has been observed that in Turkey, regions with high unemployment rates, low employment rates, and low Gross Domestic Product (GDP) have a higher frequency of Bitcoin searches compared to other regions. Keywords: Cryptocurrency, unemployment, bitcoin JEL Codes: P44, E24, E44

Decentralized Finance (DEFI) in the U. S. economy: A review: Assessing the rise, challenges, and implications of blockchain-driven financial systems.

This study provides a comprehensive analysis of Decentralized Finance (DeFi) within the U.S. economy, focusing on its rise, challenges, and implications. The primary objective is to unravel the concept of DeFi, delineate its role in the U.S. financial landscape, and explore its historical evolution from traditional to blockchain-based finance. Employing a systematic literature review and content analysis, the study synthesizes data from academic journals, industry reports, and regulatory publications. The methodology involves a meticulous selection process, adhering to specific inclusion and exclusion criteria to ensure the relevance and quality of the literature. Key findings reveal that DeFi, underpinned by blockchain technology and smart contracts, offers innovative financial services, enhancing inclusivity and efficiency. However, it faces challenges such as regulatory uncertainties, security concerns, and scalability issues. The study highlights the significant impact of DeFi on the U.S. economy, including technological advancements, economic integration, and regulatory shifts. It also underscores the implications for various stakeholders, including investors, institutions, and regulators. The future landscape of DeFi is poised for growth, marked by technological innovations and potential integration with traditional financial systems. The study concludes with recommendations for industry stakeholders and policymakers, emphasizing the need for clear regulatory frameworks, enhanced security protocols, and consumer education. Future research directions include exploring DeFi's integration with emerging technologies and its role in addressing global financial challenges. This study contributes to the academic discourse on DeFi and offers insights for policymakers, investors, and financial institutions navigating this evolving landscape.

The Urgency of Comprehensive and Integrated Digital Asset Regulation

Cryptocurrency has grown rapidly since it was first introduced to the public. Many countries, including Indonesia, have begun to adopt special regulations for cryptocurrencies in response to the exponential growth and penetration of cryptocurrencies in the traditional financial system. Regulations aim to protect investors, ensure economic stability, and prevent illegal activities such as terrorism, money laundering and tax evasion. In January 2023, Law Number 4 of 2023 concerning Development and Strengthening of the Financial Sector ("UU P2SK") was enacted as a form of financial sector reform. Starting January 2025, regulation and supervision of cryptocurrency transactions will be carried out by the Financial Services Authority (OJK) replacing the Commodity Futures Trading Supervisory Agency (Bappebti) which has established several regulations regarding Crypto assets. But until now There are no regulations regarding permits or prohibitions for influencers/celebrities in marketing crypto assets via social media or other media to the public even though these regulations are needed to mitigate the incidence of victims and losses, as in several cases that have occurred. In the future, a comprehensive and integrated regulation is needed with other laws and regulations such as the Terrorism Law, the Money Laundering Crime Law, the Consumer Protection Law, the ITE Law, the Criminal Code and other related laws and regulations, in order to keep up with the rapid development of cryptocurrency and the changing character of the digital world. global and borderless.

Digital Technology Improving Financial Inclusion in India: Post Covid Evidence

Technology is transforming the financial inclusion landscape and growing the digital infrastructure that is essential to accomplishing numerous national objectives. The Covid-19 pandemic and the subsequent lockdowns imposed in 2020–21 significantly impacted economies worldwide due to restricted mobility and disrupted goods and services, while also exposing the vulnerabilities of traditional financial systems. Amidst this challenging scenario, technology played a crucial role in bridging gaps and enhancing financial access.
 There has been a pivotal role of digital technology in improving financial inclusion prospects, especially during the COVID-19 outbreak, when access to digital transactions and financial services became a necessity to prevent economic collapse. Governments around the world responded by offering financial support to citizens, creating both opportunities and difficulties for promoting financial inclusion.
 Due to its ability to enhance the lives of those with low incomes, financial inclusion is still a subject of extensive investigation. Subsequent analyses highlight the mutually beneficial connections between digital technology, financial inclusion, and economic expansion.
 This research has been carried out in the Indian context using only secondary sources of data, to provide a comprehensive, evidence-based analysis of the role of digital technology in improving financial inclusion with particular reference to the Pre- and Post-Covid eras. A variety of published reports and articles, including newspaper stories, journal articles, and policy papers, have been utilized to conduct the semi-systematic evaluation.
 Drawing from secondary sources of data through documentary analysis, this study uncovers compelling evidence of how digital technology has expanded financial inclusion in India and the Covid-19 pandemic has acted as the prime catalyst of this process. The evidence presented herein also contributes to the growing body of research on financial inclusion's impact on low-income livelihoods and serves as a catalyst for future studies on leveraging technology for economic growth and improved financial well-being.
 The study's overall conclusions indicate that there is a strong correlation between the acceleration of financial inclusion in India and the Covid-19 measures for the quick, simple, and widespread accessibility of digital technology. The post-COVID increase in the RBI's Digital Payments Index (RBI-DPI) underscores India's astonishing leap in digital payment usage, which has been fuelled mostly by the success of UPI. The use of Aadhaar and digital payment options, as well as increased competition, has increased financial inclusion, all made possible through contributions from the implementation of the JAM trinity (Jan Dhan, Aadhaar, and Mobile).

LEGAL INSTRUMENTS OF COMBATING LEGALIZATION (LAUNDERING) OF PROCEEDS OF CRIME IN CONDITIONS OF DIGITAL EVOLUTION OF THE REPUBLIC OF KAZAKHSTAN

The article investigates domestic legal instruments used in combating legalization (laundering) of proceeds of crime in the conditions of digital criminal development. The purpose of this article is to introduce the results of the authors’ research area to the scientific community. Legalization (laundering) of proceeds of crime poses a serious threat to the financial stability and economic security of the state as a whole. One of the factors having a negative impact on the traditional financial system has become the spread of digital assets, including cryptocurrencies, NFT – tokens, the volume of transactions has an annual exponential growth. The main principle of legalization of criminal proceeds assumes complete disclosure of criminal activities from law enforcement and controlling authorities and their further in-volvement in legitimate economic activities, as blockchain technologies allow to perform these activities anonymously. Measures taken by state authorities to prevent criminal legalization (laundering) of money and proceeds, such as regulations, financial transaction monitoring systems, international cooperation and measures to strengthen financial transparency are analyzed. The development, adoption and imple-mentation of a comprehensive system of measures aimed at protecting the rights and legitimate interests of citizens and society, the state and the organization of the legal mechanism in combating money laun-dering requires the adoption and consistent implementation of effective measures. The significance of the performed research resides in the possibility of application of the obtained results in the field of combating criminal legalization (laundering) of proceeds. In the course of the re-search, the article highlights the issues of efficiency and possible upgrading of legal instruments in the context of combating criminal legalization (laundering) of proceeds in Kazakhstan. Emphasis is placed on the efficiency of these instruments and possible implementation difficulties.

A Study of the Challenges of Digital Currencies to the Traditional Financial System and Their Implications for Economic Policy

Abstract Digital currencies, as an emerging monetary form, have profoundly transformed the landscape of financial transactions and redefined the structure of economic ecosystems, exerting an unprecedented influence on traditional financial systems. This study scrutinizes the ramifications of digital currencies on conventional financial systems, utilizing a theoretical framework as the foundation. It specifically employs Vector Autoregression (VAR) and Dynamic Stochastic General Equilibrium (DSGE) models to construct an impact model that examines the influence of digital currencies on monetary policies. The analysis utilizes empirical data to assess the efficacy of digital currencies in shaping economic policy, focusing particularly on their effect on monetary intermediation targets. The findings reveal that digital currencies significantly affect monetary policy, primarily through mechanisms of interest rate and exchange rate transmission. Moreover, the advent of digital currencies is associated with reductions in the money supply, exchange rates, and credit volumes of commercial banks. The analysis establishes a long-term stable equilibrium among the money supply, digital currency volume, cash leakage rate, fixed-to-floating rate ratio, and excess reserve ratio. Notably, the scale of digital currency exerts the most substantial impact on the money supply, contributing 10.89% to its variance. This study underscores the intricate relationships between digital currencies and economic policies, highlighting their critical role in contemporary financial systems.

Oligopolska struktura na tržištu kriptovaluta

Blockchain technology has been announced as the driving force behind the democratization of digital business. Various interest groups believed that cryptocurrencies would enable fast, cheap and anonymous payments over the Internet. The absence of a central institution and the possibility of the participation of the wider community in the maintenance of the system should have created electronic money adapted to individuals, not the financial elite. However, the question arises whether cryptocurrencies really provide equal opportunities for all participants. The subject of the paper is the degree of centralization of the most famous cryptocurrency systems in terms of wealth distribution and the possibility of participation in their maintenance. The goal of the paper is to determine the degree of inequality in various aspects of the functioning of the cryptocurrency system. The results of the analysis indicate that cryptocurrencies function separately from the traditional financial system, but do not enable the financial inclusion of marginalized social groups. No current cryptocurrency community provides equality of participants, neither in terms of mining, nor in terms of wealth distribution. It can be concluded that the mining of cryptocurrencies and their secondary circulation show clear characteristics of oligopolistic structures.