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The Potential of Virtual Currencies to Contribute to the Welfare of Individuals and the Global Economic Development

The Potential of Virtual Currencies to Contribute to the Welfare of Individuals and the Global... AbstractThis article focuses on the analysis of the potential of virtual currencies to contribute to global economic development, given their innovative characteristics and their rapid increase in popularity. This article intends to fill the gap in understanding the characteristics and the risks of the emergence of virtual currencies as part of the global financial systems. There is a huge potential of the new currencies backed by blockchain technology, to develop the existing payment systems and upgrade them, as they represent an innovative form of money with increased security of the transactions. For instance, the central banks of some of the world financial leaders, such as the US, UK, China, etc. have been experimenting with the possibility of integrating the technology behind the virtual currencies into the internal payment systems. In this sense, the governments are also working on creating a better legal framework to improve the recognition, licensing and registration of virtual currencies as an official form of payment, and also creating a better control mechanism of the new currency (Vejacka, 2014). http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Land Forces Academy Review de Gruyter

The Potential of Virtual Currencies to Contribute to the Welfare of Individuals and the Global Economic Development

Land Forces Academy Review , Volume 26 (4): 5 – Dec 1, 2021

The Potential of Virtual Currencies to Contribute to the Welfare of Individuals and the Global Economic Development

Land Forces Academy Review Vol. XXVI, No. 4(104), 2021 THE POTENTIAL OF VIRTUAL CURRENCIES TO CONTRIBUTE TO THE WELFARE OF INDIVIDUALS AND THE GLOBAL ECONOMIC DEVELOPMENT Alexandru-Cosmin DUMITRU “Carol I” National Defence University, Bucharest, Romania a.co.dumitru@gmail.com ABSTRACT This article focuses on the analysis of the potential of virtual currencies to contribute to global economic development, given their innovative characteristics and their rapid increase in popularity. This article intends to fill the gap in understanding the characteristics and the risks of the emergence of virtual currencies as part of the global financial systems. There is a huge potential of the new currencies backed by blockchain technology, to develop the existing payment systems and upgrade them, as they represent an innovative form of money with increased security of the transactions. For instance, the central banks of some of the world financial leaders, such as the US, UK, China, etc. have been experimenting with the possibility of integrating the technology behind the virtual currencies into the internal payment systems. In this sense, the governments are also working on creating a better legal framework to improve the recognition, licensing and registration of virtual currencies as an official form of payment, and also creating a better control mechanism of the new currency (Vejacka, 2014). KEYWORDS: virtual currencies, disruptive technologies, welfare, economic development 1. Introduction Due to the “crypto hype” created by The global financial sector went the social platforms, influential people, and through an intensive development process media, it is cumbersome to assess now the in the past century. The economy is under a importance of this new payment technology continuous transformation, updating and and the potential for its development. adjusting its technological requirements to However, there are signs that virtual fit the demands of...
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Publisher
de Gruyter
Copyright
© 2021 Alexandru-Cosmin Dumitru, published by Sciendo
eISSN
2247-840X
DOI
10.2478/raft-2021-0052
Publisher site
See Article on Publisher Site

Abstract

AbstractThis article focuses on the analysis of the potential of virtual currencies to contribute to global economic development, given their innovative characteristics and their rapid increase in popularity. This article intends to fill the gap in understanding the characteristics and the risks of the emergence of virtual currencies as part of the global financial systems. There is a huge potential of the new currencies backed by blockchain technology, to develop the existing payment systems and upgrade them, as they represent an innovative form of money with increased security of the transactions. For instance, the central banks of some of the world financial leaders, such as the US, UK, China, etc. have been experimenting with the possibility of integrating the technology behind the virtual currencies into the internal payment systems. In this sense, the governments are also working on creating a better legal framework to improve the recognition, licensing and registration of virtual currencies as an official form of payment, and also creating a better control mechanism of the new currency (Vejacka, 2014).

Journal

Land Forces Academy Reviewde Gruyter

Published: Dec 1, 2021

Keywords: virtual currencies; disruptive technologies; welfare; economic development

There are no references for this article.