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Value at Risk method became one of the most used tools in bank management in order to estimate the losses resulting from a foreign currency portfolio. The study aims to estimate the maximum loss for the euro currency due to exchange rate volatility by establishing VaR, starting from the method based on historical simulations. The sample of the research consists of the four commercial banks listed on the Bucharest Stock Exchange (BSE), respectively: Romanian Commercial Bank SA (member of Erste - BCR Group); Romanian Development Bank - Groupe Societe Generale (BRD); Transylvania Bank SA (BT) and Carpatica Bank (BCC), based on a number of 757 observations corresponding to the working days in the period 1 January 2012 - 31 December 2014. The results obtained from the research showed that in case of the analyzed banks the maximum anticipated loss in a future time horizon of 10 days, with a relevance of 1%, does not exceed 2% of the net positions on the euro currency. The study could not be extended to other currencies, because in the information available for the four commercial banks only the net position on the euro currency is separately expressed.

Chapter 2 examines how long currency hedge positions are used to lock in the future costs of purchasing currency, while short hedges are used to lock in the price on the future sale of a currency. The chapter also explains how futures and forward contracts are used for exchange‐rate speculation and how arbitrage governs the prices of currency futures.

The ongoing research and development of digital fiat currency （DFC） have triggered attention of policy makers, regulators and the industrial and academic communities. But there is not yet a clear idea and blueprint of what DFC looks like. This paper establishes a systematic framework to analyze the essence and connotation of DFC from four dimensions： currency value, technical aspects, means of implementation and application scenarios. It is argued that DFC is a credit-based currency in terms of value, a crypto-currency from a technical perspective, an algorithm-based currency in terms of implementation and a smart currency in application scenarios. Compared with existing private digital currencies and electronic currencies, DFC will be equipped with brand new and higher qualities. The goal of Chinese DFC is to contribute to more stable value, more secure data, more powerful regulation, stronger empowerment of individuals in payment activities and smarter application. Chinese DFC should have qualities that enable it to provide better service for the public, to offer effective tools for macroeconomic control and to lay a solid foundation for RegTech development.

CHAPTER I (pg. 106-113). CHAPTER II. CANADA (pg. 114-126). CHAPTER III. AUSTRALASIA (pg. 126-151). CHAPTER IV. SOUTH AFRICA (pg. 151-163). THE UNION OF SOUTH AFRICA [by G. V. Taylor] (pg. 151-160). CHAPTER V (pg. 163-174).

Research background: Because of enabling a greater amount of money circulation and addressing the needs of individuals in specific regions, local and digital currencies have become more important for local economic and sustainable development, especially in last decade. However, their awareness by potential users have become one of major constraints to their extensive usage. In this regard, discount have been used to increase the awareness of individuals.  Purpose of the article: As discount is used as an effective promotional tool. This study pays regard to this indicator and aims to investigate whether the  discount rate is positively associated with local and digital currency awareness of potential users. Moreover, this research also includes job positions and age of the respondents into the analyses due to potential existence of differences in the awareness of people regarding their characteristics. Methods: The research employs a questionnaire survey and acquires data from 407 workers of a local business in Cieszyn Silesia region of the Czech Republic. The researchers run Binary Logistic Regression analyses in IBM SPSS Software to examine the relationship between these specified variables. Findings & Value added: The research substantiates the fact that potential users who demand more discount rates are more likely to be aware of local and digital currencies. Moreover, potential users who work in lower job positions and demand more discounts are more acquainted with these currencies. Although the existence of a relationship between age and local currency awareness is not proved, older people who demand discounts with higher percentages are more informed about digital currencies than younger individuals. Higher elasticity in discount demand, mutual interactions and relations, such as social media and internet usage of potential users, might be the reasons of these results. This study makes significant contributions to the literature by confirming the significance of individuals? ages and occupational statuses in the awareness of local and digital currencies and the positive relationship between their discount propensity and awareness.

Abstract This position paper discusses the challenges of blockchain applications in businesses and the public sector related to an excessive degree of transparency. We first point out the types of sensitive data involved in different patterns of blockchain use cases. We then argue that the implications of blockchains’ information exposure caused by replicated transaction storage and execution go well beyond the often-mentioned conflicts with the GDPR’s “right to be forgotten” and may be more problematic than anticipated. In particular, we illustrate the trade-off between protecting sensitive information and increasing process efficiency through smart contracts. We also explore to which extent permissioned blockchains and novel applications of cryptographic technologies such as self-sovereign identities and zero-knowledge proofs can help overcome the transparency challenge and thus act as catalysts for blockchain adoption and diffusion in organizations.

We present a comprehensive analysis of the shock absorption role of external positions using the currency exposures dataset by Bénétrix et al. (2020). While the literature has frequently studied how the net international investment position and its currency composition determine the direction and scale of valuation effects, we focus on their amplitude. This is of central importance for global financial stability given the large and increasing scale of external balance sheets. To that end, we propose an indicator showing the extent to which external positions absorb or amplify exchange rate shocks. Analysing a set of 50 countries over the period 1990-2017, we find the external shock absorption role to be present for advanced economies, while this was initially not the case for emerging markets economies (EMEs). In recent years, however, EMEs’ external positions increasingly showed a shock absorption capacity. Our regression-based analysis reveals that the level of economic and financial development is associated with a greater capacity to absorb exchange rate shocks.

Depending on the chosen perspective, cryptocurrencies either constitute a unique opportunity to end national patronizing built on debt-based fiat money (currency) or a menace to a well-established financial order that ensures economic stability. A central issue in the heated debate surrounding cryptocurrencies is whether they have any intrinsic value at all. In this conceptual position paper, we briefly summarize existing standpoints and suggest three alternative propositions: (1) to avoid using the term “intrinsic value” for the valuation of cryptocurrencies, (2) to refer to the sum total of all properties that could potentially qualify them as money, and (3) to consider the amount of capital and energy that is needed to create them. These suggestions bear substantial implications for the economic classification of cryptocurrencies.