The rise of virtual currencies has given rise to novel forms of financial crime. This study conducted an assessment to determine the effectiveness of the Economic and Financial Crimes Commission (EFCC) in combating virtual currency-related financial crimes, with a focus on phishing scams and Ponzi schemes. The study used secondary sources and employed content analysis as its data collection method. Narrative analysis was employed, and structural-functional theory served as the theoretical framework. The study finds that virtual currency–related phishing scams and Ponzi schemes continue to proliferate unchecked in Nigeria. Despite its efforts, the Economic and Financial Crimes Commission (EFCC) has not effectively mitigated these financial crimes, suggesting that its current strategies and resources are insufficient to address the evolving nature of virtual currency-related financial crimes. In light of these findings, the study recommends that the EFCC invest more funds in acquiring advanced technological capabilities and devote greater effort to enhancing its staff's skills. That will adequately position the EFCC to stay ahead of cybercriminals who adopt sophisticated methods to perpetrate financial crimes.

The rapid development of blockchain technology has positioned cryptocurrency as a significant innovation within the global financial system. In Indonesia, its legal status remains controversial due to regulatory dualism between monetary and commodity authorities. This study examines the legal status of cryptocurrency as a payment instrument under Indonesian positive law, employing a normative juridical method that incorporates statutory and conceptual approaches. The findings show that cryptocurrency is explicitly prohibited as a means of payment under Law Number 7 of 2011 on Currency, particularly Article 21 paragraph (1), which mandates the Rupiah as the sole legal tender. Violations are subject to criminal sanctions under Article 33, including imprisonment of up to one year or fines of up to IDR 200 million. This prohibition is reinforced by Bank Indonesia Regulation No. 19/12/PBI/2017, which prohibits the use of virtual currencies in payment systems. Conversely, cryptocurrency is legally recognized as a tradable digital asset under Bappebti Regulation No. 8 of 2021 and supervised under OJK Regulation No. 27 of 2024 within the commodity and investment framework. This regulatory dualism creates legal uncertainty, exposing users to both criminal liability and consumer protection risks. The study concludes that regulatory harmonization among Bank Indonesia, OJK, and Bappebti is necessary to ensure legal certainty and financial system stability.

Virtual currency has become one of the most sought-after alternative assets in the past decade with bitcoin being a leading example. value leapt from its starting price of $0.0025 to increase by more than 40 million times that amount, creating one of the greatest rises in value in the entire history of finance. In the past few years, many academic studies show that even though Bitcoin runs independently from traditional finance, but still there is a high correlation between Bitcoin and stock market. In particular, following the introduction of Bitcoin options back in 2017, Bitcoin now appears more predictive of stock return movements than before. Research by Afees A. Salisu and his coworkers display that a solitary Bitcoin price prediction model using an optimized predictive regression framework notably surpasses older ones. but dont say how long this goes on Therefore this research will go to try and determine the time frame when Bitcoin is better at predicting the future of the stock market as opposed to stock options. Also, well use machine learning techniques to train machine learning models to predict the movements of the stock market and see if they work.

The global gaming industry is dramatically developing, and a major contributor of that success comes from mobile games. Much of this growth is encouraged by free-to-play games, which make money through in-games topped-up. This model has really taken over, driving both innovation and expansion across the market. This paper is an outcome of a unique experimental study which examines the pricing strategies of the virtual game currency in China and how this currency conversion effects the behaviors of monetizing through in-game transactions among game players. This research involves the conversion of CNY1=10 virtual game currency in which more than 50% of games use this conversion. Using “Demand estimation in digital goods” by Einav et al., “Monopoly pricing models” by Tirole and to interview about three-hundred players about their purchasing records, these mathematical contributions and results help to deduce the price which the profit curve peaks are at. The study also highlights the critical role of storytelling for the gaming business and its role in supporting new economic models.

This article is devoted to the issue of cryptocurrency seizure, using Bitcoin as an example. First, the article analyzes the legal nature of virtual currencies, cryptocurrencies, and Bitcoin, taking into account their technical aspects and their disposability. Particular attention is paid to the methods of storing cryptocurrency, which have a direct impact on the legal regulations that can be applied in the area of enforcement. Next, the possibilities of enforcing bitcoin on the basis of the applicable regulations, including the provisions on the enforcement of claims (Articles 895 to 908(1) of the Code of Civil Procedure) and other property rights (Articles 909 to 912 of the Code of Civil Procedure). Keywords: virtual currency, cryptoasset, cryptocurrency, blockchain, bitcoin, seizure, judicial enforcement, judicial enforcement proceedings, property law, virtual assets, digital assets

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.

Rapid changes in commercial and personal technology raise many challenges for traditional approaches to the application of law. One such challenging area relates to the subject of Digital Inheritance, their exclusivity and the disposal to beneficiaries of two genres of digital assets. The first digital asset concerns an individual’s private life, which is protected by the legal framework of Islamic Sharia, ensuring individual privacy is safeguarded and not violated. This form of digital asset – in other words the private life of an individual - remains inviolate and cannot be passed on to heirs of an individual’s estate, and therefore does not form any part of any inheritance. By contrast one may argue that there is a second type of digital asset which is subject to intellectual property laws – these assets could include photos, videos, lectures, and poems which are not intrinsically linked to the deceased the list is not exhaustive. This second area of asset may also encompasses virtual currencies, income-generating channels through advertisements or viewership, and other similar assets. These digital assets may be said to be separate from the individual’s person, and represent financial or intellectual rights which are transferable to heirs of an estate. In conclusion, this research found that digital assets with purely financial value, or those with both material and intellectual dimensions, are part of the estate and can be passed to heirs, as they are considered ownership rights similar to traditional financial assets.

As a kind of complex object with property attribute and financial attribute, virtual currency has caused theoretical and practical controversies about its criminal law classification since its birth. In judicial practice, because of the vague boundary between property crime and financial crime, the criminal case of virtual currency always manifests a state of malnutrition: denying its property attribute, resulting in the attenuate protective function of criminal law; generalize its financial attribute, resulting in the criminal law overregulation. This paper insists on establishing a dual regulation model based on property attribute and financial attribute. In the field of property crime, virtual currencys property value should be acknowledged and regulated according to the traditional property crime such as theft, fraud, and embezzlement. In the field of financial crime, the criminal law should only focus on the behaviors of illegal fund raising and money laundering, considering the anonymity, decentralization and cross-border circulation of virtual currency. More importantly, the criminal law evaluations should follow the principle of substance over form to find out the real function of virtual currency in the criminal behavior, thereby protecting property rights, maintaining financial order and promoting the systemic regulation and substantive regulation of virtual currency crime.

Virtual currencies, owing to their technical characteristics such as anonymity, decentralisation, and instantaneous cross-border flows, have become a "grey area" for money laundering activities. Models such as dark web transactions and coin mixing services further exacerbate the concealment and complexity of these risks. Despite China's prohibitive regulatory policies, underground and cross-border transaction trends have intensified. Compounded by institutional deficienciesincluding inconsistent global legal characterisation, inadequate inter-departmental and cross-border coordination, regulatory gaps for emerging business models, and ineffective oversight of Virtual Asset Service Providers (VASPs)anti-money laundering monitoring and enforcement face severe challenges. This paper analyses typical virtual currency money laundering patterns and regulatory shortcomings based on the risk generation logic of overlapping technological characteristics and regulatory environments. It proposes a comprehensive governance approach: clarifying the "non-financial virtual commodity" nature of virtual currencies and refining the regulatory framework; strengthening VASPs' end-to-end compliance and AML obligations; enhancing traceability capabilities through intelligent monitoring and blockchain analysis; and deepening international and domestic multi-departmental collaboration under the FATF framework. This research holds significant theoretical and practical implications for preventing financial risks and safeguarding economic security.

As a novel asset form within the digital economy, virtual currency crime activities are increasingly prevalent, challenging traditional criminal evidence rules. The three defining characteristics of virtual currency crimeanonymity, cross-border circulation, and technological dependencycreate significant difficulties in evidence assessment. Specifically, these include excessive reliance on verbal evidence such as confessions, complex verification of involved fund flows, and difficulties in accurately determining the value of involved virtual currencies. To address this, approaches such as employing diversified chains of evidence for analysis, implementing differentiated verification of evidence content, and refining comprehensive valuation mechanisms for involved virtual currencies should be adopted. This will advance the refinement of evidence verification rules for virtual currency crimes, providing theoretical support for combating emerging criminal activities and safeguarding judicial fairness.

The metaverse offers an evolutionary approach to taxation when viewed through Islamic financial principles, presenting three main scenarios for real-time, Sharia-compliant models. The first involves intra-metaverse transactions, where virtual assets are usually taxed only upon conversion to real-world assets. The proposed Islamic Non-Executed Tax Reserve Account (INETRA) system introduces mark-to-market taxation, levying taxes as assets appreciate. This challenges traditional tax deferral methods and suggests more immediate taxation. The second scenario covers cross-metaverse exchanges. When assets move between different virtual environments, the article argues taxation should occur instantly, similar to cryptocurrency exchanges. This is compared to a “constructive exit,” triggering taxable events akin to converting virtual currencies into Islamic-compliant assets. The third scenario examines conversions of virtual assets into fiat currency or real wealth. It critiques the focus on realized gains and recommends a framework that ensures value extraction from metaverse transactions. Special attention is given to metaverse sukuk (Sharia-compliant bonds) and other Islamic financial instruments, highlighting the importance of aligning them with Islamic tax compliance. The article emphasizes the role of financial statements and AAOIFI accounting standards in shaping tax calculations for Islamic banking, noting Saudi Arabia’s guidelines for sukuk management and VAT exemptions on certain transfers. Overall, the framework demonstrates how Islamic finance principles intersect with metaverse tax policy. Both domains share challenges in asset valuation and timing of taxable events, underscoring the need for internationally harmonized tax laws that balance ethical and economic considerations.

Based on the author’s study and research in the virtual currency course at Columbia University’s Pre-College Summer Program, combined with discussions with American virtual currency experts, this paper systematically analyzes the definition, operating mechanisms, types, regulatory policies, application scenarios, potential risks, future development, and relationship with the US dollar of stablecoins. The article uses ten core questions as the main thread, comprehensively exploring the position and prospects of stablecoins in the global digital financial landscape, aiming to provide readers with a panoramic understanding from concept to trend.

Farming and agriculture have been identified as a major contributor to greenhouse gas emissions. Climate calculators have been developed to help farmers assess the amount of greenhouse gas emissions for specific activities. Despite the possibilities to calculate emissions and concerns about climate change and reduction of emissions, there is a knowledge gap in understanding the trade-offs related to specific resources and taking specific actions. More importantly, there is a need to understand the impacts of taking a specific action, resource use and how to manage emissions over time to achieve zero emission farming. In this paper, we describe two game concepts based on a climate calculator that is used to teach students in an agriculture school. The aim of the games is to engage students and to enhance the understanding of the consequences of actions in farming and agriculture, and to manage the resources to achieve zero emission farms efficiently. The learning goal for the first game is to understand the greenhouse gas emissions and the consequences of taking an action or a combination of actions. The learning goal of the second game is to manage the greenhouse gas emissions in a farm over time through the use of available resources. The game mechanic virtual currency is used as points that the player has to manage, and it aims to encourage players to learn trade-offs in managing a farm and the available resources. Both game concepts use cards to represent actions and the consequences of actions are calculated as greenhouse gas emissions using a climate calculator. Both games are designed as digital games, in collaboration with an expert and a teacher from an agriculture school. The game concepts have been evaluated by the expert.

Virtual Currencies from A Fiqhi Perspective

With the advent of virtual currencies, there has been an increasing attraction towards this market, so that those who use them have started to evaluate them as an advantageous form of investment and storage of wealth, aiming to increase financial capital. The problematization of the topic occurs due to the lack of results and greater information in the application of Law in order to regulate and prevent future fraud. However, it is considered that the currencies of each country, such as the dollar, the euro and the real. The methodology was based on a bibliography review, using the search for digital material as a reference. The objective of the study is to discuss the practical application of its regulations, in addition to seeking incisively to prevent the occurrence of fraud. Therefore, after analysis, it is considered that, currently, the regulation of virtual currencies in Brazil is still insufficient, however, it offers the opportunity for greater leaps forward in the national financial system.

The article is devoted to the study of the problem of harmonization of Ukrainian legislation in the field of crypto-asset market regulation in the context of the implementation of the provisions of the new European Regulation 2023/1114 of May 31, 2023. Given Ukraine’s status as a candidate for membership in the European Union, the task of unifying legal approaches to the definition and classification of digital assets is becoming increasingly relevant. The article provides a comparative analysis of the evolution of the conceptual and categorical apparatus in the European Union, using the provisions of Directive 2018/843, which focuses mainly on combating money laundering, and Regulation 2023/1114, and examines the transition from the term “virtual currency” to the systematic, expanded, and functionally oriented concept of “crypto-asset,” which includes both digital value and digital rights. Particular attention is also paid to the analysis of Ukrainian legislation and recent legislative initiatives, in particular the Law of Ukraine “On Virtual Assets” No. 2074-IX and draft laws No. 10225 and No. 10225-1. In the context of these documents, a detailed comparison of the definitions of “virtual asset” used is carried out and attempts to gradually adapt the Ukrainian conceptual framework to European standards are revealed, including by referring to the technological criterion (use of distributed ledger technology) and expanding the functional content of assets. Discrepancies between the Ukrainian and European approaches have been identified in both the basic terminology and the classification system for crypto-assets. A comparison of classification models has been carried out: the basic three-level structure enshrined in Regulation 2023/1114, which includes asset- referenced tokens, electronic money tokens, and other tokens, and the options proposed in Ukrainian draft laws, which attempt to adapt European categories to national specifics. Attempts to directly transpose the classification model of Regulation 2023/1114 into the Ukrainian legal system and the challenges associated with adapting certain categories of crypto-assets, taking into account the existing legal regime in Ukraine, are analyzed. Proposals are made on the advisability of revising the terminology and further work on the development of a national classification of crypto assets in line with European Union legislation.

The article analyzes the problems of differentiating crypto terms used in Ukrainian legislation and law enforcement practice during the qualification of criminal offenses against property. The study examines concepts such as «digital things», «virtual assets», «crypto-assets» and «cryptocurrency». Emphasis is placed on the necessity of adhering to the principle of legal certainty when applying «crypto terminology» in the qualification of criminal offenses against property. It has been determined that the lack of clear definitions and a unified approach to interpreting these terms leads to ambiguity in understanding the nature of the subject of a criminal offense, which may violate the principle of legal certainty. It has been established that judicial practice often demonstrates incorrect use of crypto terminology, for instance, equating crypto-assets with monetary funds or using them synonymously, which contradicts the principle of predictability in law application. Particular attention is devoted to the relationship between generic and specific concepts within crypto terminology: it is established that «digital things» constitute the broadest category, while «virtual assets», «crypto-assets», and «cryptocurrency» are narrower categories, with cryptocurrency being a type of crypto-asset characterized by features of a payment instrument or a store of value. Legal definitions, as well as generic and specific characteristics of each term, are explored. The European experience, particularly the MiCA Regulation, which provides a clear definition of crypto-assets, is analyzed, highlighting the need to harmonize Ukrainian legislation with it. The conclusion is drawn that, to ensure legal certainty, it is necessary to systematize crypto terminology in Ukrainian legislation. The conclusion has been drawn regarding the necessity of avoiding in criminal law enforcement practice the use of terms without legal definitions, such as «digital assets» or «virtual currency». It is proposed to prioritize narrower terms in the qualification of criminal offenses against property to enhance the predictability of law enforcement, thereby contributing to the effectiveness of criminal law responses to offenses involving crypto-assets.

The advancement of digital technology has led to the emergence of virtual currencies, notably cryptocurrency, which are increasingly used as a means of payment in electronic commerce (e-commerce) transactions. Although gaining popularity among businesses and the public, the use of cryptocurrency as a payment method is not yet legally recognized in Indonesia. Law Number 7 of 2011 on Currency stipulates that the Rupiah is the only legal tender within the territory of the Republic of Indonesia. This study aims to examine the legality of cryptocurrency in e-commerce transactions and the legal protection available for businesses that use it. The research employs a normative juridical method with statutory and conceptual approaches. The findings indicate that although cryptocurrency has been acknowledged as a tradable commodity on futures exchanges through Bappebti regulations, it is not recognized as an official payment instrument. This creates legal uncertainty and potential legal risks for business actors. Therefore, more specific and integrated regulation is urgently needed to legally govern the use of cryptocurrency in Indonesia, in order to ensure legal certainty, consumer protection, and prevent misuse in digital economic activities.

The rapid proliferation of virtual currencies (cryptocurrencies and related digital assets) over the past decade has raised questions about their potential effects on financial market stability. This study reviews recent developments in virtual currency markets, analyzes risk channels (including volatility, contagion, regulatory gaps, and monetary policy disruption), and examines notable cases from 2017-2022 (crypto market crashes, stablecoin failures, and emerging market adoption). This paper uses case analysis to assess how extreme price swings and linkages can propagate stress to broader markets, and it finds that cryptocurrency volatility and opaque structures have led to episodes of market turmoil and systemic concern (e.g., TerraUSDs collapse). Preventive measures are outlined, such as robust regulation (same risk, same activity), improved institutional risk management, central bank digital currencies (CBDCs) as safer alternatives, and greater transparency and investor education. This research highlights the need for coordinated policy action to balance innovation with stability.

The Design of an Automated Trading System for Virtual Currencies