CRYPTOCURRENCIES AND THEIR IMPACT ON THE FUTURE
DOI:
https://doi.org/10.64051/jhn.v1i2.32Keywords:
Virtual currencies, electronic money, mining, financial stability, BitcoinAbstract
The subject article deals with the impact of cryptocurrencies on the future of financial and banking stability, the SWIFT system and the economy, as well as the attitudes of countries and some international institutions towards them. In today's world, we are witnessing the rapid development and digital technological revolution in all economic, financial and banking streams. This has led to the emergence of new monetary instruments that are compatible with the development of society and the spread of the Internet. Many financial, commercial and economic crises, epidemics and other factors contributed to the introduction of cryptocurrencies. The introduction of cryptocurrencies brought a series of challenges and risks associated with their use, such as money laundering, terrorist financing and trade in illegal goods, as well as challenges related to legal and regulatory issues that harm the economy, financial and banking stability in many countries.
There are two research questions addressed in this paper: 1) Do virtual currencies have the same standards as money in its current form? 2) What are the implications of using virtual currencies? The scientific objective of this research is to describe and scientifically explain the main components of virtual currencies as a form of monetary policy and identify the challenges they face. The social goal of the research is to present future prospects for their use to the scientific and social public based on the views of countries, international organizations and central banks on the issuance of virtual currencies and to point out possible obstacles in their proper application.
Almost all basic methods of knowledge and research were used in the preparation of the article. Of the general scientific methods, the statistical and comparative method was applied, and of the data collection methods exclusively the method of content analysis of the documents listed in the list of used literature.
References
1. United Nations, (Block chain) Technology and Sustainable Growth United Nations, 9 November 2021.
2. Central Bank of Jordan/National Payments System Supervision and Control Department, Study entitled “Cryptocurrencies,” March 2020, p. 5.
3. Ashry Muhammad Ali, "Central Bank Digital Currency and Its Inevitable Impact on Monetary Policy," Scientific Journal of Economics and Commerce, Ain Shams University, 2020, p. 405.
4. Muhammad Jamal Zain, Abdul Basat Jassam, "Bitcoin Virtual Currency: Its Legal Status and the Ruling on Dealing with It," Journal of Legal Sciences, College of Law, University of Baghdad, Volume 35, Issue 2, 2020, p. 144.
5. Ahmed Gamal El-Din, Musa, Monetary and Banking Theories and Systems and Financial Markets, Dar Al-Nahda Al-Arabiya, Cairo, 8th edition, 2021, p. 10.
6. Sayed Taha, Money, Banking, and National Income, Faculty of Law, Cairo University, 2021, p. 3.
7. Habiba Abdelli, Nour El-Din, Money Laundering in the Electronic Environment, International Virtual Scientific Conference, Combating Corruption in the Electronic Environment, Arab Democratic Center for Strategic, Political and Economic Studies, Germany/Berlin, April 2021, p. 63.
8. Abdul Fattah Muhammad Salah, "Bitcoin: A Cryptocurrency That Could Cause a New Global Economic Crisis," International Journal of Islamic Economics, Center for Islamic Transactions Research, Syria, Issue 33, p. 34, 2021.
9. Baraa Munther Kamal, Enas Baha, "The Position of Arab Legislation on Virtual Currencies," Tikrit University Journal of Law, College of Law, Iraq, Volume 5, Issue 1, Part 2, p. 5.
10. Farida Haddad, Abd Alhak Qrimes, "Virtual Currency in Algerian Law," Algerian Journal of Legal and Political Sciences, Volume 58, Issue 3, 2021.
11. Nahy Khaled Issa, Israa Khadir Mazloum, "The Legal System of Electronic Money," Journal of the University of Babylon, Humanities, Volume 22, Issue 2, 2022.
12. Hassan Mohammed, Bitcoin and its Role in Financing Terrorist Movements, Comments, King Faisal Center for Research and Islamic Studies, August 2020, p. 2.
13. Asim Adel Muhammad, "Virtual Digital Currencies: A Path to Financing Terrorism," Al-Zaytoonah University Journal of Legal Studies, Jordan, Volume 1, Issue 1, 2020, p. 34.
14. Abdullah Ahmed, "The Reality of Bitcoin and the Ruling on Dealing with It (A Comparative Jurisprudential Study), Journal of the Faculty of Islamic Studies for Boys in Aswan, Al-Azhar University, Issue 3, November 2020, p. 2477.
15. Anwar Othman, "The Economic Implications of Block chain Technology and Financial Stability in Arab Financial Markets," Arab Monetary Fund, November 2021, p. 6.
16. Dr. Suwailihi Nour El-Din, The Impact of Bitcoin Mining and Virtual Currencies on the Stability of the Global Monetary System, Scientific Horizons Journal, Amin Al-Aqal Al-Hajj Musa University Center, Volume 10, Issue 2, Algeria 2021, p. 226.
17. Taher Al-Sadiq, "The Spread of Digital Currencies in Light of the Coronavirus Pandemic: Bitcoin as a Model," Dafater Bouadis Journal, Algeria, Volume 10, Issue 101, p. 433, 2021.
18. Bassem Ahmed Amer, "Digital Currencies: Bitcoin as a Model" and Their Compatibility with Islamic Money Regulations," op. cit., p. 274.
19. Ayman Ezz El-Din, "Digital Currencies and Their Relationship to E-Commerce (Case Study: The United Arab Emirates (Dubai))," Master's Thesis, Department of Accounting, College of Business Administration, Middle East University, June 2019, p. 2.
20. Dr. Dalia Ibrahim, Cryptocurrencies: Between Opportunities and Risks, Cabinet, Decision Support and Support Center, Egypt, September 2, 2021.
21. Khaled Mohamed Hamdy, Cryptocurrency Trading and its Threats to Community Security, Faculty of Islamic Propagation, Cairo, Al-Azhar University, Volume 2, Issue 33, 2021, p. 231.
22. Herdo Center for Digital Expression Support, Alternative Transaction Platforms and Digital Currencies: Between Freedom of Transaction and Censorship Issues, Cairo 2020, p. 6.
23. Lafi Mohamed Daradkeh, Challenges of Keeping Legal Regulations in Accompany with Technological Developments in Financial and Banking: Bitcoin (Digital Currency) as a Model for Safe Use with Technological Guarantees in the Absence of Legal Guarantees, Kuwait International Law School Journal, Proceedings of the Fifth International Conference, 2018, p. 341.
24. Mohamed Abdel Fattah, Mohamed Ahmed El-Saeed, The Impact of Bitcoin's Electronic Trust Factors on Hotel Transactions as a Mechanism for Digital Transformation in Egypt, Journal of the Union of Arab Universities for Tourism and Hospitality, Faculty of Tourism and Hotels, Suez Canal University, Volume 20, Issue 4, 2021, p. 513.
25. Maurício Portieri Pignatti, Carlos Manuel Baptista Lobo, The Digital Currency and The Challenges Beyond The New Global World 'S Blockchain Paradigm A Financial and Tax Overview on The Virtual Currency Efficiency, op,cit,p49.
26. Dr. Abdel Halim Mahmoud, A Preliminary Economic Assessment of Bitcoin Risks (November 2021), p. 52.
27. Dr. Zekry Abdel Razek, "The Legal System of Electronic Banks," Contemporary Egypt Journal, Egyptian Society of Political Economy, Statistics, and Legislation, Issue 499, July 2020, pp. 480-484.
28. International Monetary Fund, "The Rise of Cryptoassets Imposes New Challenges to Financial Stability," October 2021.
29. Bassam Ahmed Al-Zalmi, The Role of Electronic Money in Money Laundering, Damascus University Journal of Economic and Legal Sciences, Faculty of Law, Damascus University, Volume 26, Issue 1, 2020, p. 5.
30. World Bank Blogs, Can Cryptocurrencies and Blockchain Help Fight Corruption?, 11/11/2021.
31. Dr. Ehab Khalifa, "Is it possible to convert national currencies into cryptocurrencies?" (February 9, 2021) Al-Mustaqbal for Advanced Research and Studies.
