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This research aims to evaluate the suitability of cryptocurrency as money from the Islamic perspective. Money, in the Islamic perspective, has specific characteristics and requirements, such as stability and is based on assets. Cryptocurrency may not fulfil this as it has queries as money from the Islamic perspective. The research method applied data of 23 cryptocurrency prices and related information. The result shows that cryptocurrency is hugely volatile and has limits to being called 'money,' as it is limited and used for speculation, which is prohibited in Islam. The research implies that Muslims would be reluctant to use cryptocurrency as money, as a currency of transaction. This reason raise an expectation that the cryptocurrency will not develop rapidly in Muslim countries.

Employing representative data from the U.S. Survey of Consumer Payment Choice, this Bank for International Settlements (BIS) paper disproves the hypothesis that cryptocurrency investors are motivated by distrust in fiat currencies or regulated finance. Compared with the general population, investors show no differences in their level of security concerns with either cash or commercial banking services. The paper finds that cryptocurrency investors tend to be educated, young and digital natives. In recent years, a gap in ownership of cryptocurrencies across genders has emerged. The paper examines how investor characteristics vary across cryptocurrencies and show that owners of cryptocurrencies increasingly tend to hold their investment for longer periods.

This note discusses three categories of countries on the basis of their approach to regulating cryptocurrency- (a) countries that have legalized cryptocurrency by regulating it; (b) countries that have proposed to regulate it, and (c) countries that have banned cryptocurrency. It discusses a few examples of countries for each category to demonstrate that most progressive jurisdictions fall in the first two categories. The countries that have banned cryptocurrency are generally discussed for their regressive economic and social policies, and India may not want to be a part of that club. In tables A and B to this blogpost, we place many other jurisdictions across the abovementioned three categories.

On the 5th of February 2021, the Central Bank of Nigeria (CBN)1 released a letter addressed to banks and other financial institutions which stated that dealing in cryptocurrencies and facilitating payment for cryptocurrency exchanges are prohibited. The CBN further instructed all banks and other financial institutions to identify individuals or entities who transact in cryptocurrency or operate cryptocurrency exchanges and close the accounts of such persons or entities.

"Some see cryptocurrencies as a potential substitute for fiat money and commercial banking, a new form of exchange resistant to debasement and censorship by governments and financial institutions. This column examines whether cryptocurrency investors are motivated by distrust in fiat currencies or regulated finance, and finds that investors show no differences from the general population in their level of security concerns about either cash or commercial banking services. Cryptocurrency investors tend to be educated and young and to be digital natives. In recent years, a gap in ownership of cryptocurrencies across genders has emerged."

"Cryptocurrency is an attractive target for theft. This digital property is compact, portable, and subject to conversion by simply acquiring the private key, giving unfettered control to the key's associated cryptocurrency. Crypto-theft may occur without any physical interaction with the true owner. Crypto-thieves are difficult to identify and-even when identified-are often out of the practical jurisdictional reach of owners seeking recovery. The blockchain, a public ledger underpinning any cryptocurrency, creates a permanent record of all transactions. A victim of theft can follow the digital transaction trail to identifiable third- parties several orders removed from the actual theft. A true owner's only available remedy may be asserting claims against these innocent third parties. However, the bona fide acquisition rule works to protect good faith purchasers who acquire property without notice of misconduct. Are the principles justifying the bona fide acquisition rule fulfilled if applied to cryptocurrencies?"

According to Chainalysis, cryptocurrency-based crime hit a new all-time high in 2021, with illicit addresses receiving $14 billion over the course of the year, up from $7.8 billion in 2020. However, with the growth of legitimate cryptocurrency usage far outpacing the growth of criminal usage, transactions involving illicit addresses represented just 0.15% of cryptocurrency transaction volume in 2021, versus 0.62% in 2020. The yearly trends suggest that with the exception of 2019 - an extreme outlier year for cryptocurrency-based crime largely due to the PlusToken Ponzi scheme - crime is becoming a smaller and smaller part of the cryptocurrency ecosystem.

"This paper examines the relationship between financial literacy and cryptocurrency ownership using machine learning techniques. Based on 2,121 survey responses, it identifies significant predictors of cryptocurrency ownership, including age, population size, cash transaction weight, bank innovation perception, income level, and self-assessed financial literacy. A noteworthy finding is the importance of financial literacy as a determinant of cryptocurrency ownership. Financial literacy is as statistically relevant as other variables, such as age, in reducing the likelihood of holding cryptocurrencies. "

Switzerland's principal stock exchange now has seven cryptocurrency exchange-traded products (ETPs) listed. They allow investors to either gain exposure to individual cryptocurrencies or invest in portfolios of top cryptocurrencies. Four ETPs track the prices of single cryptocurrencies.

This article aims to analyse the framework, or a lack thereof - of cryptocurrencies in India. The article is divided into various parts viz. Part I, which examines the legal position in India and chronology of legal events with respect to VC's. Part II examines the road ahead, in light of the newly proposed Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, with emphasis laid on the concerns around it. Part III contains the concluding remarks wherein the need for a holistic law is stressed upon along with recommendations drawn from the international framework and overall need for cryptocurrency laws.

There are good reasons not to implement a gains/losses tax on betting games like roulette, poker, or cryptocurrency. Interestingly, a decision to avoid taxing cryptocurrency gains may actually help promote their usage as monetary instruments. Calculating how much tax one owes after each purchase made with cryptocurrency is a pain. Remove that headache and people may be more willing to spend them.

Cryptocurrency systems based on proof of stake (PoS) grant governance rights to the holders of currency tokens and therefore are vulnerable to attack by adversaries who buy tokens in order to gain control. To evaluate the robustness of PoS cryptocurrencies to such attacks, we model the market for tokens and determine how the cost of attacking the system depends on the level and shape of token supply and demand. We show that, contrary to popular belief, the appreciation of tokens in response to demand by attackers plays a small role in securing the system. In particular, stablecoins can be less vulnerable to attack than cryptocurrencies that are freely floating. Moreover, PoS cryptocurrencies that primarily function as mediums of exchange are vulnerable to attack if the velocity of money is high.

According to Statista, reliance on remittances and the prevalence of P2P phone payments have led to a steep rise of cryptocurrency use in Nigeria. Almost a third of Nigerians said this applied to them. Recently, businesses in the country have been adding crypto plugins to their phone payment options, adding another way in which Nigerians can use cryptocurrency in their everyday lives. The second and third highest rates of cryptocurrency use in the survey were recorded in Vietnam and the Philippines, respectively. Again, remittance payments play a role in the widespread use of cryptocurrency.

A Bank of Russia consultation paper has called for a ban on issuing, trading, investing in and mining cryptocurrency. The central bank proposed preventing financial institutions from carrying out any operations with cryptocurrencies and said mechanisms should be developed to block transactions aimed at buying or selling cryptocurrencies for fiat currencies.

"Eliminating the need for banks is one of the motivations behind the creation of many cryptocurrencies, including bitcoin. However, should a cryptocurrency become an important part of the financial system, banks are likely to arise for some of the same reasons they exist in the current financial system. These cryptocurrency banks are likely to face the same risks as existing banks, but central banks and governments are likely to be in a weaker position to mitigate those risks."

"Perpetual futures -- swap contracts that never expire -- are by far the most popular derivative traded in cryptocurrency markets, with more than $100 billion traded daily. Perpetuals provide investors with leveraged exposure to cryptocurrencies, which does not require rollover or direct cryptocurrency holding. To keep the gap between perpetual futures and spot prices small, long position holders periodically pay short position holders a funding rate proportional to this gap. The funding rate incentivizes trades that tend to narrow the futures-spot gap. But unlike fixed-maturity futures, perpetuals are not guaranteed to converge to the spot price of their underlying asset at any time, and familiar no-arbitrage prices for perpetuals are not available, as the contracts have no expiry date to enforce arbitrage. Here, using a weaker notion of random-maturity arbitrage, we derive no-arbitrage prices for perpetual futures in frictionless markets, and no-arbitrage bounds for markets with trading costs. These no-arbitrage prices provide a useful benchmark for perpetual futures and simultaneously prescribe a strategy to exploit divergence from these fundamental values. Empirically, we find that deviations of crypto perpetual futures from no-arbitrage prices are considerably larger than those documented in traditional currency markets. These deviations comove across cryptocurrencies, and diminish over time as crypto markets develop and become more efficient. A simple trading strategy generates large Sharpe ratios even for investors paying the highest trading costs on Binance, which is currently the largest crypto exchange by volume."

"We develop a general-equilibrium model of a cryptocurrency. We use the model to obtain a condition that rules out double spending and study the optimal design of cryptocurrencies. We also quantify the welfare costs of using a cryptocurrency as a payment instrument."

This paper analyzes remittance operations with and without cryptocurrency and blockchain technologies in general and present pros and cons of Libra for cross-border payments and money transfers. We also present a brief discussion on challenges posed by global cryptocurrencies to central bank governing bodies all over the world and policy implications arising out of potential conflicts between sovereign currencies and future of global cryptocurrencies such as Libra.

The World Economic Forum (WEF) Global Future Council on Cryptocurrencies published its inaugural report on digital assets entitled, Crypto, What Is It Good For? An Overview of Cryptocurrency Use Cases. It highlights a non-exhaustive list of companies, protocols and projects that represent the diversity of use cases that cryptocurrencies and the networks which they power can enable. The report highlights a series of "base layer" protocols, second layers, and service providers. It touches upon both financial services applications as well as non Fintech related services.

Cryptocurrency adoption is growing around the world. As a leading cryptocurrency payments company, we strive to offer key statistics to help businesses better understand the cryptocurrency market-how you can reach untapped markets and grow your business.