Record Details

Effect of crypto currency on the government backed currency

Journal of Social and Administrative Sciences

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Field Value
 
Title Effect of crypto currency on the government backed currency
 
Creator NAMAZI, Marzieh; Southern New Hampshire University
 
Subject Cryptocurrency; Blockchain; Currency; Money; Bitcoin; BIC; SWIFT.
O30; O35; O36.
 
Description Abstract. As international financial systems are becoming political tools to manipulate the exchange of money for good, cryptocurrency, and its potential to avoid the international banking system becomes more popular. Thus, the question becomes what happens to the nation’s monitory system if cryptocurrency’s electronic payment transaction and system replace the current system?  Most nation’s central bank controls the financial systems, which affect institutions, rules, regulations, and laws of the land that affect this system. Robinson (2016) suggests money as a commodity in the national scope. International banks use BIC for transferring money with each other. Cryptocurrency, so far, does not need BIC to transfer money from one location to another.  Bitcoin, the system is a peer-to-peer internet currency allowing verified, and decentralized transfers of value between individuals and businesses. This article is a short introduction discussing the legacy money and cryptocurrency and the potential of cryptocurrency as a new currency and its possible implications.Keywords. Cryptocurrency, Blockchain, Currency, Money, Bitcoin, BIC, SWIFT.JEL. O30, O35, O36.
 
Publisher Journal of Social and Administrative Sciences
Journal of Social and Administrative Sciences
 
Contributor —
 
Date 2020-04-21
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
—
 
Format application/pdf
 
Identifier http://www.kspjournals.org/index.php/JSAS/article/view/2031
10.1453/jsas.v7i1.2031
 
Source Journal of Social and Administrative Sciences; Vol 7, No 1 (2020): March; 62-69
Journal of Social and Administrative Sciences; Vol 7, No 1 (2020): March; 62-69
2149-0406
 
Language eng
 
Relation http://www.kspjournals.org/index.php/JSAS/article/view/2031/2050
 
Rights Copyright (c) 2020 Journal of Social and Administrative Sciences
http://creativecommons.org/licenses/by-nc/4.0