Cryptocurrencies in Modern Finance: A Literature Review

Abderahman Rejeb, Karim Rejeb, John G. Keogh

Abstract


The focus on cryptocurrencies in the finance and banking sectors is gaining momentum. In this paper, we investigate the role of cryptocurrencies in modern finance. We apply a narrative literature review method to synthesize prior research and draw insights into the opportunities and challenges of leveraging cryptocurrencies. The results indicate that cryptocurrencies offer businesses and individuals’ lower transaction costs, higher efficiencies, increased security and privacy, meaningful diversification benefits, alternative financing solutions, and financial inclusion.Challenges exist related to the integration of cryptocurrencies in modern finance. These include the lack of regulatory standards, the risk of criminal activity, high energy and environmental costs, regulatory bans and usage restrictions, security and privacy concerns, and the high volatility of cryptocurrencies.The current review is useful for scholars and managers, including those seeking to have a more balanced understanding of these emerging financial instruments.

JEL Classification: E42, F30, F65, G21, G23

How to Cite:

Rejeb, A., Rejeb, K., & Keogh, J. G. (2021). Cryptocurrencies in Modern Finance: a Literature Review. Etikonomi, 20(1), 93 – 118. https://doi.org/10.15408/etk.v20i1.16911.


Keywords


cryptocurrencies; finance; efficiency; challenges; business

References


Adhami, S., Giudici, G., & Martinazzi, S. (2018). Why Do Businesses Go Crypto? An Empirical Analysis of Initial Coin Offerings. Journal of Economics and Business, 100, 64–75. https://doi.org/10.1016/j.jeconbus.2018.04.001

Afzal, A., & Asif, A. (2019). Cryptocurrencies, Blockchain and Regulation: A Review. The Lahore Journal of Economics, 24(1), 103–130.

Alam, N., & Zameni, A. P. (2019). Existing Regulatory Frameworks of Cryptocurrency and the Shari’ah Alternative. In Billah, M (eds). Halal Cryptocurrency Management, 179–194. London: Palgrave Macmillan.

Alonso, N., & Luis, S. (2019). Activities and Operations with Cryptocurrencies and Their Taxation Implications: The Spanish Case. Laws, 8(3), 1-13.

Alonso-Monsalve, S., Suárez-Cetrulo, A. L., Cervantes, A., & Quintana, D. (2020). Convolution on Neural Networks for High-Frequency Trend Prediction of Cryptocurrency Exchange Rates using Technical indicators. Expert Systems with Applications, 149, 113250. https://doi.org/10.1016/j.eswa.2020.113250

Amsden, R., & Schweizer, D. (2018). Are Blockchain Crowdsales the New “Gold Rush”? Success Determinants of Initial Coin Offerings, SSRN Scholarly Paper ID 3163849.

Aslan, A., & Sensoy, A. (2020). Intraday Efficiency-Frequency Nexus in The Cryptocurrency Markets. Finance Research Letters, 35, 101298. https://doi.org/10.1016/j.frl.2019.09.013

Auer, R. (2019). Beyond the Doomsday Economics of “Proof-of-Work” in Cryptocurrencies. SSRN Scholarly Paper ID 3331413.

Avdeychik, V., & Capozzi, J. (2018). SEC’s Division of Investment Management Voices Concerns Over Registered Funds Investing in Cryptocurrencies and Cryptocurrency-Related Products. Journal of Investment Compliance, 19(2), 8–12.

Babkin, A. V., Burkaltseva, D., Pshenichnikov, W., & Tyulin, A. (2017). Cryptocurrency and Blockchain-Technology in Digital Economy: Development Genesis. St. Petersburg State Polytechnical University Journal. Economics, 67(5), 9–22.

Bação, P., Duarte, A. P., Sebastião, H., & Redzepagic, S. (2018). Information Transmission Between Cryptocurrencies: Does Bitcoin Rule the Cryptocurrency World? Scientific Annals of Economics and Business, 65(2), 97–117.

Baldimtsi, F., Kiayias, A., & Samari, K. (2017). Watermarking Public-Key Cryptographic Functionalities and Implementations. In Nguyen, P. Q., & Zhou, J. (Eds.). Information Security, 173–191. Berlin: Springer.

Baldwin, J. (2018). In Digital We Trust: Bitcoin Discourse, Digital Currencies, and Decentralized Network Fetishism. Palgrave Communications, 4(1), 1–10. https://doi.org/10.1057/s41599-018-0065-0

Bartos, J. (2015). Does Bitcoin follow the hypothesis of efficient market? International Journal of Economic Sciences, 4(2), 10–23.

Baumöhl, E. (2019). Are Cryptocurrencies Connected to Forex? A Quantile Cross-Spectral Approach. Finance Research Letters, 29, 363–372. https://doi.org/10.1016/j.frl.2018.09.002

Baur, A. W., Bühler, J., Bick, M., & Bonorden, C. S. (2015). Cryptocurrencies as a Disruption? Empirical Findings on User Adoption and Future Potential of Bitcoin and Co. In Janssen, M., Mäntymäki, M., Hidders, J., Klievink, B., Lamersdorf, W., van Loenen, B., & Zuiderwijk, A. (Eds.), Open and Big Data Management and Innovation, 63–80. Berlin: Springer International Publishing.

Baur, D. G., Hong, K., & Lee, A. D. (2018). Bitcoin: Medium of Exchange or Speculative Assets? Journal of International Financial Markets, Institutions and Money, 54, 177–189. https://doi.org/10.1016/j.intfin.2017.12.004

Bech, M. L., & Garratt, R. (2017). Central Bank Cryptocurrencies. SSRN Scholarly Paper ID 3041906.

Berg, C., Davidson, S., & Potts, J. (2019). Blockchain Technology as Economic Infrastructure: Revisiting the Electronic Markets Hypothesis. Frontiers in Blockchain, 2. https://doi.org/10.3389/fbloc.2019.00022

Boell, S. K., & Cecez-Kecmanovic, D. (2015). On being ‘systematic’ in literature reviews. In Willcocks, L. P ., Sauer, C., & Lacity, M. C. (Eds.), Formulating Research Methods for Information Systems: Volume 2, 48–78. London: Palgrave Macmillan UK.

Bonneau, J., Miller, A., Clark, J., Narayanan, A., Kroll, J. A., & Felten, E. W. (2015). SoK: Research Perspectives and Challenges for Bitcoin and Cryptocurrencies. 2015 IEEE Symposium on Security and Privacy, 104–121. https://doi.org/10.1109/SP.2015.14

Bouri, E., Azzi, G., & Dyhrberg, A. H. (2017). On the Return-Volatility Relationship in The Bitcoin Market Around the Price Crash of 2013. Economics - The Open-Access, Open-Assessment E-Journal, 11, 1–16.

Bouri, E., Gupta, R., Lau, C. K. M., Roubaud, D., & Wang, S. (2018). Bitcoin and global financial stress: A copula-based approach to dependence and causality in the quantiles. The Quarterly Review of Economics and Finance, 69, 297–307.

Bouri, E., Molnár, P., Azzi, G., Roubaud, D., & Hagfors, L. I. (2017). On The Hedge and Safe Haven Properties of Bitcoin: Is It Really More than a Diversifier? Finance Research Letters, 20, 192–198. https://doi.org/10.1016/j.frl.2016.09.025

Briere, M., Oosterlinck, K., & Szafarz, A. (2013). Virtual currency, tangible return: Portfolio diversification with bitcoins ULB–Universite Libre de Bruxelles. Working Papers CEB, 13-031.

Brito, J., Shadab, H. B., & Castillo O’Sullivan, A. (2015). Bitcoin Financial Regulation: Securities, Derivatives, Prediction Markets, and Gambling. SSRN Scholarly Paper ID 2423461.

Buhalis, D., Harwood, T., Bogicevic, V., Viglia, G., Beldona, S., & Hofacker, C. (2019). Technological Disruptions in Services: Lessons from Tourism and Hospitality. Journal of Service Management, 30(4), 484–506.

Bulut, A. (2018). Cryptocurrencies in the New Economy. Journal of International Trade, Logistics and Law, 4(2), 45–52.

Bunjaku, F., Gorgieva-Trajkovska, O., & Miteva-Kacarski, E. (2017). Cryptocurrencies – Advantages and Disadvantages. Journal of Economics, 2(1), 31-39.

Burniske, C., & White, A. (2017). Bitcoin: Ringing the bell for a new asset class. Ark Invest (January 2017) Https://Research. Ark-Invest. Com/Hubfs/1_Download_Files_ARK-Invest/White_Papers/Bitcoin-Ringing-The-Bell-For-A-New-Asset-Class. Pdf.

Button, S. (2018). Cryptocurrency and Blockchains in Emerging Economies. Software Quality Professional, 20(3).

Calcaterra, C., Kaal, W. A., & Rao, V. (2020). Stable Cryptocurrencies. Washington University Journal of Law & Policy, 61, 193-228.

Campbell-Verduyn, M.. (2017). Conclusion: Towards a Block Age or Blockages of Global Governance? In Tendulkar, S (Ed). Bitcoin and Beyond, 178–197. London: Routledge.

Catalini, C., & Gans, J. S. (2016). Some Simple Economics of the Blockchain. https://doi.org/10.2139/ssrn.2874598

Cennamo, C., Marchesi, C., & Meyer, T. (2020). Two Sides of The Same Coin? Decentralized Versus Proprietary Blockchains and The Performance of Digital Currencies. Academy of Management Discoveries, 6(3). https://doi.org/10.5465/amd.2019.0044.

Cerqueti, R., Giacalone, M., & Mattera, R. (2020). Skewed Non-Gaussian GARCH Models for Cryptocurrencies Volatility Modelling. Information Sciences, 527, 1–26. https://doi.org/10.1016/j.ins.2020.03.075

Charfeddine, L., Benlagha, N., & Maouchi, Y. (2020). Investigating the Dynamic Relationship Between Cryptocurrencies and Conventional Assets: Implications for Financial Investors. Economic Modelling, 85, 198-217.

Chapron, G. (2017). The Environment Needs Cryptogovernance. Nature News, 545(7655), 403–405.

Chohan, U. W. (2017). The Double Spending Problem and Cryptocurrencies. SSRN Scholarly Paper ID 3090174.

Clark, B., & Burstall, R. (2018). Blockchain, IP and The Pharma Industry—How Distributed Ledger Technologies Can Help Secure the Pharma Supply Chain. Journal of Intellectual Property Law & Practice, 13(7), 531–533.

Cocco, L., Concas, G., & Marchesi, M. (2017). Using an artificial financial market for studying a cryptocurrency market. Journal of Economic Interaction and Coordination, 12(2), 345–365. https://doi.org/10.1007/s11403-015-0168-2

Conti, M., Sandeep Kumar, E., Lal, C., & Ruj, S. (2018). A Survey on Security and Privacy Issues of Bitcoin. IEEE Communications Surveys Tutorials, 20(4), 3416–3452. https://doi.org/10.1109/COMST.2018.2842460

Corbet, S., Lucey, B., Urquhart, A., & Yarovaya, L. (2019). Cryptocurrencies as a Financial Asset: A Systematic Analysis. International Review of Financial Analysis, 62, 182–199. https://doi.org/10.1016/j.irfa.2018.09.003

Courtois, N. T., Grajek, M., & Naik, R. (2014). The Unreasonable Fundamental Incertitudes Behind Bitcoin Mining. ArXiv:1310.7935 [Cs]. http://arxiv.org/abs/1310.7935

Cronin, P., Ryan, F., & Coughlan, M. (2008). Undertaking a Literature Review: A Step-by-Step Approach. British Journal of Nursing, 17(1), 38–43.

Crosby, M., Pattanayak, P., Verma, S., & Kalyanaraman, V. (2016). Blockchain technology: Beyond bitcoin. Applied Innovation, 2(6–10), 7-19.

Dashkevich, N., Counsell, S., & Destefanis, G. (2020). Blockchain Application for Central Banks: A Systematic Mapping Study. IEEE Access, 8, 139918–139952.

Demidenko, D. S., Malevskaia-Malevich, E. D., & Dubolazova, Y. A. (2018). ISO as a Real Source of Funding. Pricing issues. 2018 International Conference on Information Networking (ICOIN), 622–625. https://doi.org/10.1109/ICOIN.2018.8343193

Dimitrova, V., Fernández-Martínez, M., Sánchez-Granero, M. A., & Segovia, J. E. T. (2019). Some Comments on Bitcoin Market (In)Efficiency. PLOS ONE, 14(7), e0219243. https://doi.org/10.1371/journal.pone.0219243

Dodd, N. (2018). The Social Life of Bitcoin. Theory, Culture and Society, 35(3), 35–56. https://doi.org/10.1177/0263276417746464

Dorfleitner, G., & Lung, C. (2018). Cryptocurrencies from The Perspective of Euro Investors: A Re-examination of Diversification Benefits and a New Day-of-The-Week Effect. Journal of Asset Management, 19(7), 472–494.

Dostov, V., & Shust, P. (2014). Cryptocurrencies: An unconventional Challenge to The AML/CFT Regulators? Journal of Financial Crime, 21(3), 249–263.

Duque, J. J. (2020). State Involvement in Cryptocurrencies. A Potential World Money? The Japanese Political Economy, 46(1), 65–82.

Dyhrberg, A. H., Foley, S., & Svec, J. (2018). How Investible is Bitcoin? Analyzing The Liquidity and Transaction Costs of Bitcoin Markets. Economics Letters, 171, 140–143. https://doi.org/10.1016/j.econlet.2018.07.032

Fabian, B., Ermakova, T., & Sander, U. (2016). Anonymity in Bitcoin—The Users’ Perspective. ICIS 2016 Proceedings.

Fadeyi, O., Krejcar, O., Maresova, P., Kuca, K., Brida, P., & Selamat, A. (2020). Opinions on Sustainability of Smart Cities in the Context of Energy Challenges Posed by Cryptocurrency Mining. Sustainability, 12(1), 169. https://doi.org/10.3390/su12010169

Fantacci, L. (2019). Cryptocurrencies and the Denationalization of Money. International Journal of Political Economy, 48(2), 105–126. https://doi.org/10.1080/08911916.2019.1624319

Flori, A. (2019). Cryptocurrencies In Finance: Review and Applications. International Journal of Theoretical and Applied Finance, 22(5), 1–22.

Foley, S., Karlsen, J. R., & Putniņš, T. J. (2019). Sex, Drugs, and Bitcoin: How Much Illegal Activity Is Financed through Cryptocurrencies? The Review of Financial Studies, 32(5), 1798–1853. https://doi.org/10.1093/rfs/hhz015

García-Medina, A., & Hernández, J. B. (2020). Network Analysis of Multivariate Transfer Entropy of Cryptocurrencies in Times of Turbulence. Entropy, 22(7), 760-762. https://doi.org/10.3390/e22070760

Glaser, F., & Bezzenberger, L. (2015). Beyond Cryptocurrencies—A Taxonomy of Decentralized Consensus Systems. SSRN Scholarly Paper ID 2605803.

Gott, M., Ward, S., Gardiner, C., Cobb, M., & Ingleton, C. (2011). A Narrative Literature Review of The Evidence Regarding The Economic Impact of Avoidable hospitalizations Amongst Palliative Care Patients in The UK. Progress in Palliative Care, 19(6), 291–298. https://doi.org/10.1179/1743291X11Y.0000000014

Guadamuz, A., & Marsden, C. (2015). Blockchains and Bitcoin: Regulatory Responses to Cryptocurrencies. First Monday, 20(12). https://doi.org/10.5210/fm.v20i12.6198

Gurrib, I., Kweh, Q. L., Nourani, M., & Ting, I. W. K. (2019). Are Cryptocurrencies Affected by Their Asset Class Movements or News Announcements? Malaysian Journal of Economic Studies, 56(2), 201–225. https://doi.org/10.22452/MJES.vol56no2.2

Härdle, W. K., Harvey, C. R., & Reule, R. C. G. (2020). Understanding Cryptocurrencies. Journal of Financial Econometrics, 18(2), 181–208. https://doi.org/10.1093/jjfinec/nbz033

Harvey, J., & Branco-Illodo, I. (2020). Why Cryptocurrencies Want Privacy: A Review of Political Motivations and Branding Expressed in “Privacy Coin” Whitepapers. Journal of Political Marketing, 19(1–2), 107–136.

Hashemi Joo, M., Nishikawa, Y., & Dandapani, K. (2019). Cryptocurrency, a Successful Application of Blockchain Technology. Managerial Finance, 46(6), 715–733.

Hayes, A. (2015). A Cost of Production Model for Bitcoin. Working Papers No. 1505. New School for Social Research, Department of Economics.

Herskind, L., Katsikouli, P., & Dragoni, N. (2020). Privacy and Cryptocurrencies—A Systematic Literature Review. IEEE Access, 8, 54044–54059.

Hong, K. (2017). Bitcoin as an alternative investment vehicle. Information Technology and Management, 18(4), 265–275. https://doi.org/10.1007/s10799-016-0264-6

Houy, N. (2014). The economics of Bitcoin transaction fees. Working Papers Halshs-00951358.

Hsieh, Y.-Y., Vergne, J.-P., Anderson, P., Lakhani, K., & Reitzig, M. (2018). Bitcoin and the Rise of Decentralized Autonomous Organizations. Journal of Organization Design, 7(1), 14. https://doi.org/10.1186/s41469-018-0038-1

Hu, A., Parlour, C. A., & Rajan, U. (2018). Cryptocurrencies: Stylized Facts on a New Investible Instrument. SSRN Scholarly Paper ID 3182113.

Hudson, R., & Urquhart, A. (2019). Technical Trading and Cryptocurrencies. Annals of Operations Research, 297, 191-220. https://doi.org/10.1007/s10479-019-03357-1.

Hughes, S., & Middlebrook, S. (2014). Regulating Cryptocurrencies in the United States: Current Issues and Future Directions. William Mitchell Law Review, 40(2), 814–848.

Ibba, S., Pinna, A., Baralla, G., & Marchesi, M. (2018). ICOs Overview: Should Investors Choose an ICO Developed with the Lean Startup Methodology? In Garbajosa, J., Wang, X., & Aguiar, A. (Eds.), Agile Processes in Software Engineering and Extreme Programming, 293–308. Berlin: Springer International Publishing.

Jaag, C., & Bach, C. (2015). Cryptocurrencies: New Opportunities for Postal Financial Services. Working Paper No. 0052.

Kaponda, K. (2019). An Investigation into the State of Cryptocurrencies and Regulatory Challenges in Zambia. SSRN Scholarly Paper ID 3433153.

Karpan, A. (2019). Cryptocurrencies and Blockchain Technology. New York: Greenhaven Publishing LLC.

Katsiampa, P. (2017). Volatility Estimation for Bitcoin: A Comparison of GARCH Models. Economics Letters, 158, 3–6. https://doi.org/10.1016/j.econlet.2017.06.023

Keogh, J. G., Dube, L., Rejeb, A., Hand, K. J., Khan, N., & Dean, K. (2020). The Future Food Chain: Digitization as an Enabler of Society 5.0. In Detwiler, D. (Ed.), Building the Future of Food Safety Technology. Netherlands: Elsevier.

Keogh, J. G., Rejeb, A., Khan, N., Dean, K., & Hand, K. J. (2020). Blockchain and GS1 Standards in the Food Chain: A Review of the Possibilities and Challenges. In Detwiler, D. (Ed.), Building the Future of Food Safety Technology. Netherlands: Elsevier.

Kerr, J. (2018). How Can Legislators Protect Sport from the Integrity Threat Posed by Cryptocurrencies? The International Sports Law Journal, 18(1), 79–97.

Kfir, I. (2020). Cryptocurrencies, National Security, Crime and Terrorism. Comparative Strategy, 39(2), 113–127. https://doi.org/10.1080/01495933.2020.1718983

Kim, S. (2018). Chapter Two—Blockchain for a Trust Network Among Intelligent Vehicles. In Raj, P., & Deka, G. C. (Eds.), Advances in Computers, Vol. 111, 43–68. Netherlands: Elsevier.

Kolber, A. J. (2018). Not-So-Smart Blockchain Contracts and Artificial Responsibility. Stanford Technology Law Review, 21, 198. https://heinonline.org/HOL/Page?handle=hein.journals/stantlr21&id=198&div=&collection=

Korpela, K., Hallikas, J., & Dahlberg, T. (2017). Digital Supply Chain Transformation toward Blockchain Integration. Proceedings of the 50th Hawaii International Conference on System Sciences.

Lanko, A., Vatin, N., & Kaklauskas, A. (2018). Application of RFID Combined with Blockchain Technology in Logistics of Construction Materials. MATEC Web of Conferences, 170, 03032. https://doi.org/10.1051/matecconf/201817003032

Larios-Hernández, G. J. (2017). Blockchain Entrepreneurship Opportunity in The Practices of The Unbanked. Business Horizons, 60(6), 865–874.

Lerer, M., & McGarrigle, C. (2018). Art in the Age of Financial Crisis. Visual Resources, 34(1–2), 1–12. https://doi.org/10.1080/01973762.2018.1455355

Lim, I.-K., Kim, Y.-H., Lee, J.-G., Lee, J.-P., Nam-Gung, H., & Lee, J.-K. (2014). The Analysis and Countermeasures on Security Breach of Bitcoin. In Murgante, B., Misra, S., Rocha, A. M. A. C., Torre, C., Rocha, J. G., Falcão, M. I., Taniar, D., Apduhan, B. O., & Gervasi, O. (Eds.), Computational Science and Its Applications – ICCSA 2014, 720–732. Berlin: Springer International Publishing.

Lu, Q., Xu, X., Liu, Y., Weber, I., Zhu, L., & Zhang, W. (2019). uBaaS: A Unified Blockchain as a Service Platform. Future Generation Computer Systems, 101, 564–575.

Marian, O. (2013). Are Cryptocurrencies Super Tax Havens? Michigan Law Review First Impressions, 112(1), 38–48. https://repository.law.umich.edu/mlr_fi/vol112/iss1/2

Marquez-Velazquez, A. (2010). The Report of the Stiglitz Commission: A Summary and Comment. SSRN Scholarly Paper ID 2196125.

Maurer, B., Nelms, T. C., & Swartz, L. (2013). “When Perhaps the Real Problem is Money Itself!”: The Practical Materiality of Bitcoin. Social Semiotics, 23(2), 261–277. https://doi.org/10.1080/10350330.2013.777594

Mendoza-Tello, J. C., Mora, H., Pujol-López, F. A., & Lytras, M. D. (2018). Social Commerce as a Driver to Enhance Trust and Intention to Use Cryptocurrencies for Electronic Payments. IEEE Access, 6, 50737–50751.

Mendoza-Tello, J. C., Mora, H., Pujol-López, F. A., & Lytras, M. D. (2019). Disruptive Innovation of Cryptocurrencies in Consumer Acceptance and Trust. Information Systems and E-Business Management, 17(2), 195–222.

Michelman, P. (2017). Seeing Beyond the Blockchain Hype. MIT Sloan Management Review, 58(4), 17-20.

Miller, P. (2016). Chapter 1—The Cryptocurrency Enigma. In Sammons, J. (Ed.), Digital Forensics, 1–25. Syngress. https://doi.org/10.1016/B978-0-12-804526-8.00001-0

Milne, A. (2018). Cryptocurrencies from an Austrian Perspective. In Godart-van der Kroon, A., & Vonlanthen, P. (Eds.), Banking and Monetary Policy from the Perspective of Austrian Economics, 223–257. Berlin: Springer International Publishing.

Momtaz, P. P. (2019). The Pricing and Performance of Cryptocurrency. The European Journal of Finance, 1–14. https://doi.org/10.1080/1351847X.2019.1647259

Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. Satoshi Nakamoto Institute Working Paper. Retrieved from: http://nakamotoinstitute.org/bitcoin/

Ng, D., & Griffin, P. (2018). The wider impact of a national cryptocurrency. Global Policy, 1–18. https://ink.library.smu.edu.sg/lkcsb_research/5880

Nica, O., Piotrowska, K., & Schenk-Hoppé, K. R. (2017). Cryptocurrencies: Economic Benefits and Risks. SSRN Scholarly Paper ID 3059856.

Omane-Adjepong, M., & Alagidede, I. P. (2020). High- and Low-Level Chaos in The Time and Frequency Market Returns of Leading Cryptocurrencies and Emerging Assets. Chaos, Solitons & Fractals, 132, 109563. https://doi.org/10.1016/j.chaos.2019.109563

Omane-Adjepong, M., Alagidede, P., & Akosah, N. K. (2019). Wavelet Time-Scale Persistence Analysis of Cryptocurrency Market Returns and Volatility. Physica A: Statistical Mechanics and Its Applications, 514, 105–120.

Peters, G. W., Panayi, E., & Chapelle, A. (2015). Trends in Crypto-Currencies and Blockchain Technologies: A Monetary Theory and Regulation Perspective. Journal of Financial Perspectives, 3(3), 92-113.

Pinna, A., Tonelli, R., Orrú, M., & Marchesi, M. (2018). A Petri Nets Model for Blockchain Analysis. The Computer Journal, 61(9), 1374–1388.

Platanakis, E., Sutcliffe, C., & Urquhart, A. (2018). Optimal vs Naïve Diversification in Cryptocurrencies. Economics Letters, 171, 93–96.

Polasik, M., Piotrowska, A. I., Wisniewski, T. P., Kotkowski, R., & Lightfoot, G. (2015). Price Fluctuations and the Use of Bitcoin: An Empirical Inquiry. International Journal of Electronic Commerce, 20(1), 9–49. https://doi.org/10.1080/10864415.2016.1061413

Pournader, M., Shi, Y., Seuring, S., & Koh, S. C. L. (2020). Blockchain Applications in Supply Chains, Transport and Logistics: A Systematic Review of the Literature. International Journal of Production Research, 58(7), 2063–2081.

Raymaekers, W. (2015). Cryptocurrency Bitcoin: Disruption, Challenges and Opportunities. Journal of Payments Strategy & Systems, 9(1), 30–46.

Rehman, M. H. ur, Salah, K., Damiani, E., & Svetinovic, D. (2019). Trust in Blockchain Cryptocurrency Ecosystem. IEEE Transactions on Engineering Management, 1–17.

Rejeb, A. (2018a). Blockchain Potential in Tilapia Supply Chain in Ghana. Acta Technica Jaurinensis, 11(2), 104–118.

Rejeb, A. (2018b). Halal Meat Supply Chain Traceability Based on HACCP , Blockchain and Internet of Things. Acta Technica Jaurinensis, 11(4), 1–30. https://doi.org/10.14513/actatechjaur.v11.n1.000

Rejeb, A., & Bell, L. (2019). Potentials of Blockchain for Healthcare: Case of Tunisia. World Scientific News, 136, 173–193.

Rejeb, A., Keogh, J. G., & Treiblmaier, H. (2019a). Leveraging the Internet of Things and Blockchain Technology in Supply Chain Management. Future Internet, 11(7), 161. https://doi.org/10.3390/fi11070161

Rejeb, A., Keogh, J. G., & Treiblmaier, H. (2019b). The impact of blockchain on medical tourism. WeB2019 Workshop on E-Business, 1–12.

Rejeb, A., & Rejeb, K. (2019). Blockchain Technology in Tourism: Applications and Possibilities. World Scientific News, 137, 119–144.

Rejeb, A., & Rejeb, K. (2020). Blockchain and supply chain sustainability. Logforum, 16(3), 363–372. https://doi.org/10.17270/J.LOG.2020.467

Rejeb, A., Sűle, E., & Keogh, J. G. (2018). Exploring new technologies in procurement. Transport & Logistics: The International Journal, 18(45), 76–86.

Ricciardi, V. (2004). A Risk Perception Primer: A Narrative Research Review of the Risk Perception Literature in Behavioral Accounting and Behavioral Finance. SSRN Scholarly Paper ID 566802.

Richards, T., & Briefing, A. B. E. (2018). Cryptocurrencies and Distributed Ledger Technology. Australian Business Economists Briefing, Sydney, 26.

Rowan, S., Clear, M., Gerla, M., Huggard, M., & Goldrick, C. M. (2017). Securing Vehicle to Vehicle Communications using Blockchain through Visible Light and Acoustic Side-Channels. ArXiv:1704.02553 [Cs]. http://arxiv.org/abs/1704.02553

Scharding, T. (2019). National Currency, World Currency, Cryptocurrency: A Fichtean Approach to the Ethics of Bitcoin. Business and Society Review, 124(2), 219–238.

Searing, J. M., & MacLeod, D. (2019). Cryptocurrency Gift Strategies for Not-for-Profits: Here’s What Organizations Should Consider as They Ponder Whether and How to Accept Donations of Virtual Currency. Journal of Accountancy, 227(2), 34-36.

Shahzad, F., Xiu, G., Wang, J., & Shahbaz, M. (2018). An Empirical Investigation on the Adoption of Cryptocurrencies Among the People of Mainland China. Technology in Society, 55, 33–40. https://doi.org/10.1016/j.techsoc.2018.05.006

Sharma, A. K., & Kumar, S. (2010). Economic Value Added (EVA)—Literature Review and Relevant Issues. International Journal of Economics and Finance, 2(2), 200-220.

Sharma, D. K., Pant, S., Sharma, M., & Brahmachari, S. (2020). Chapter 13 - Cryptocurrency Mechanisms for Blockchains: Models, Characteristics, Challenges, and Applications. In Krishnan, S., Balas, V. E., Julie, E. G., Robinson, Y. H., Balaji, S., & Kumar, R. (Eds.), Handbook of Research on Blockchain Technology, 323–348. Academic Press. https://doi.org/10.1016/B978-0-12-819816-2.00013-7

Söderlund, P., & Kestilä-Kekkonen, E. (2014). Economic Voting in Finland Before and After an Economic Crisis. Acta Politica, 49(4), 395–412.

Srokosz, W., & Kopciaski, T. (2015). Legal and Economic Analysis of The Cryptocurrencies Impact on The Financial System Stability. Journal of Teaching and Education, 4(2), 619–627.

Sudzina, F. (2018). Distribution of Foreign Aid in Cryptocurrencies: Initial Considerations. International Advances in Economic Research, 24(4), 387–388.

Symitsi, E., & Chalvatzis, K. J. (2018). Return, Volatility and Shock Spillovers of Bitcoin with Energy and Technology Companies. Economics Letters, 170, 127–130. https://doi.org/10.1016/j.econlet.2018.06.012

Tama, B. A., Kweka, B. J., Park, Y., & Rhee, K.-H. (2017). A Critical Review of Blockchain and Its Current Applications. 2017 International Conference on Electrical Engineering and Computer Science (ICECOS), 109–113.

Till, B. M., Peters, A. W., Afshar, S., & Meara, J. G. (2017). From Blockchain Technology to Global Health Equity: Can Cryptocurrencies Finance Universal Health Coverage? BMJ Global Health, 2(4), e000570. https://doi.org/10.1136/bmjgh-2017-000570

Trautman, L. J. (2014). Virtual Currencies; Bitcoin & What Now After Liberty Reserve, Silk Road, and Mt. Gox? Richmond Journal of Law and Technology, 20(4), 1-108.

Treiblmaier, H. (2018). The Impact of The Blockchain on The Supply Chain: A Theory-Based Research Framework and a Call for Action. Supply Chain Management: An International Journal, 23(6), 545–559. https://doi.org/10.1108/SCM-01-2018-0029

Treiblmaier, H. (2019). Combining Blockchain Technology and the Physical Internet to Achieve Triple Bottom Line Sustainability: A Comprehensive Research Agenda for Modern Logistics and Supply Chain Management. Logistics, 3(1), 1–13.

Treiblmaier, H., Rejeb, A., & Strebinger, A. (2020). Blockchain as a Driver for Smart City Development: Application Fields and a Comprehensive Research Agenda. Smart Cities, 3(3), 853–872. https://doi.org/10.3390/smartcities3030044

Truby, J. (2018). Decarbonizing Bitcoin: Law and Policy Choices for Reducing the Energy Consumption of Blockchain Technologies and Digital Currencies. Energy Research & Social Science, 44, 399–410.

Tucker, T. (2013, December 5). Bitcoin’s Volatility Problem: Why Today’s Selloff Won’t Be the Last. Bloomberg.Com. https://www.bloomberg.com/news/articles/2013-12-05/bitcoins-volatility-problem-why-todays-selloff-wont-be-the-last

Uddin, M. A., Stranieri, A., Gondal, I., & Balasurbramanian, V. (2019). A Lightweight Blockchain Based Framework for Underwater IoT. Electronics, 8(12), 1552. https://doi.org/10.3390/electronics8121552

Vandezande, N. (2017). Virtual Currencies Under EU Anti-money Laundering Law. Computer Law & Security Review, 33(3), 341–353.

Vaz, J., & Brown, K. (2020). Sustainable Development and Cryptocurrencies as Private Money. Journal of Industrial and Business Economics, 47(1), 163–184. https://doi.org/10.1007/s40812-019-00139-5

Vidal-Tomás, D., Ibáñez, A. M., & Farinós, J. E. (2019). Weak efficiency of the cryptocurrency market: A market portfolio approach. Applied Economics Letters, 26(19), 1627–1633. https://doi.org/10.1080/13504851.2019.1591583

Vincent, O., & Evans, O. (2019). Can Cryptocurrency, Mobile Phones, and Internet Herald Sustainable Financial Sector Development in Emerging Markets? Journal of Transnational Management, 24(3), 259–279.

Volosovych, S., & Baraniuk, Y. (2018). Tax control of cryptocurrency transactions in Ukraine. Banks and Bank Systems, 13(2), 89–106. https://www.ceeol.com/search/article-detail?id=696926

Wang, G. (2019). Marx’s Monetary Theory and Its Practical Value. China Political Economy, 2(2), 182–200. https://doi.org/10.1108/CPE-10-2019-0026

Wang, J., Wu, P., Wang, X., & Shou, W. (2017). The Outlook of Blockchain Technology for Construction Engineering Management. Frontiers of Engineering Management, 4(1), 67–75. https://doi.org/10.15302/J-FEM-2017006

Wang, Y., Singgih, M., Wang, J., & Rit, M. (2019). Making Sense of Blockchain Technology: How Will It Transform Supply Chains? International Journal of Production Economics, 211, 221–236. https://doi.org/10.1016/j.ijpe.2019.02.002

Wei, Q., Li, S., Li, W., Li, H., & Wang, M. (2019). Decentralized Hierarchical Authorized Payment with Online Wallet for Blockchain. In Biagioni, E. S., Zheng, Y., & Cheng, S (Eds.), Wireless Algorithms, Systems, and Applications, 358–369. Berlin: Springer.

Wet, J. H. v H. D. (2005). EVA versus traditional accounting measures of performance as drivers of shareholder value—A comparative analysis. Meditari : Research Journal of the School of Accounting Sciences, 13(2), 1–16.

Wetherell, M., & Potter, J. (1992). Mapping the Language of Racism: Discourse and the Legitimation of Exploitation. London and New York: Harvester Wheatsheaf and Columbia University Press.

Wilson, C. (2019). Cryptocurrencies: The Future of Finance? In Yu, F-L. T., & Kwan, D. S. (Eds.). Contemporary Issues in International Political Economy, 359–394. Berlin: Springer.

Yalaman, G. Ö., & Yıldırım, H. (2019). Cryptocurrency and Tax Regulation: Global Challenges for Tax Administration. In Hacioglu, U (Ed.), Blockchain Economics and Financial Market Innovation: Financial Innovations in the Digital Age, 407–422. Berlin: Springer International Publishing.

Zhang, J. Y. (2017). The Rise of Market Concentration and Rent Seeking in the Financial Sector. John M. Olin Center for Law, Economics, and Business Fellows’ Discussion Paper Series.

Zook, M. A., & Blankenship, J. (2018). New Spaces of Disruption? The Failures of Bitcoin and the Rhetorical Power of Algorithmic Governance. Geoforum, 96, 248–255. https://doi.org/10.1016/j.geoforum.2018.08.023


Full Text: PDF

DOI: 10.15408/etk.v20i1.16911

Refbacks

  • There are currently no refbacks.




Copyright (c) 2021 ETIKONOMI