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Through the G20 forum, Indonesia raised the issue of digital transformation and collaborated with four ASEAN countries. Indonesia is also taking advantage of ASEAN Digital Economy Framework Agreement (DEFA) formation by advocating the interoperability of digital payment systems in ASEAN. This research aims to find out what efforts Indonesia has undertaken to support the realization of ASEAN’s digital economy, focusing from the initial approval of the Local Currency Settlement (LCS) which was approved by Indonesia, Malaysia, Thailand, and Philippines in 2016 until Singapore’s joining the Local Currency Transaction (LTC) framework in 2022. The study used a qualitative research method. The data used is secondary data originating from journals, documents, books, and official websites that are able to support research. The findings reveal that Indonesia’s efforts in supporting ASEAN’s digital economy are carried out by advocating the realization of interoperability in the payment system conducted by Indonesia through cooperation in using QRIS digital payments through the Local Currency Transaction (LCT) framework.

This paper comprehensively discusses the security mechanism of blockchain-based digital currency transactions, from the application of distributed ledgers, consensus algorithms, smart contracts, to the implementation of multiple signatures and cold storage schemes, to advanced privacy protection technologies, such as zero-knowledge proofs and homomorphic encryption. In particular, we delve into innovative mechanisms for attack prevention, including the fusion of heterogeneous multi-chain architectures with PoW+PoS hybrid consensus models. The article also details the practice of performance evaluation and security testing through a series of carefully designed experiments such as throughput and latency testing under different loads, resource utilization monitoring, and security reviews and comparisons with competitors. Experimental results show that the system exhibits good throughput growth under high load, but with the increase of latency, resource utilization is efficient and tends to saturation, most of the security protection mechanisms meet the standards, but access control problems that need to be optimized and high-risk vulnerabilities to be repaired are also found. We evaluated the performance of the system through a series of carefully designed experiments, including throughput and latency tests under different loads, resource utilization monitoring, and security reviews. The experimental results showed that the system throughput reached 2200 TPS under high load and the average latency was 150 milliseconds. Security testing discovered and fixed multiple vulnerabilities, but unauthorized access issues still need to be urgently addressed.

Purpose This paper aims to investigate the effects of eliminating Riba in foreign currency transactions. Riba or interest arises when foreign currencies are bought and sold at different rates. From the Islamic perspective, the difference between the buying and selling rates of foreign exchange will constitute Riba. Also, this paper examines the effects of eliminating such Riba on major macroeconomic variables. Design/methodology/approach This study is based on the hadith which imply that if buying and selling rates of currencies or foreign exchanges are same, i.e. if one sells BD1 = Dh10 and Dh10 = BD1 on spot, there will be no Riba. This can be guaranteed if the Islamic banking system introduces the technology, often known as FinTech interest-free foreign exchange bank machines (IFfexBM), which will automatically dispense BD10 for Dh100 and vice-versa, both locally and globally, and it will have tremendous positive effects in the economy. Furthermore, the effects of introducing FinTech for eliminating Riba will be analyzed on economic and international trade activities by using aggregate expenditure (AE) and aggregate output model within the tenets of Islamic principles. Findings If Islamic banks (IBs) can introduce FinTech global network system where any client can buy or sell foreign currency at the same rate without any markup, it will increase the market share for IBs by increasing the number of customers and number of branches, and it will increase the inflow of funds and volumes of transactions, especially in international trade, global financial transactions and cross-border shopping. Such an increase in transactions will increase AE and AE will continuously shift up. Such an upward shift will have positive effects on equilibrium output, employment and prosperity. Originality/value This is, perhaps, one of the latest attempts to eliminate Riba from foreign exchange transactions by introducing FinTech IFfexBM in each and every locality. Such elimination of Riba will not only reduce the cost of cross-border transactions but it will also reduce cost in international trade and financial transactions among nations, and therefore, it will have expansionary effects on equilibrium output, employment and global prosperity.

Blockchain is a decentralized transaction and data management technology developed first for Bitcoin cryptocurrency. The interest in Blockchain technology has been increasing since the idea was coined in 2008. The reason for the interest in Blockchain is its central attributes that provide security, anonymity and data integrity without any third party organization in control of the transactions, and therefore it creates interesting research areas, especially from the perspective of technical challenges and limitations. In this research, we have conducted a systematic mapping study with the goal of collecting all relevant research on Blockchain technology. Our objective is to understand the current research topics, challenges and future directions regarding Blockchain technology from the technical perspective. We have extracted 41 primary papers from scientific databases. The results show that focus in over 80% of the papers is on Bitcoin system and less than 20% deals with other Blockchain applications including e.g. smart contracts and licensing. The majority of research is focusing on revealing and improving limitations of Blockchain from privacy and security perspectives, but many of the proposed solutions lack concrete evaluation on their effectiveness. Many other Blockchain scalability related challenges including throughput and latency have been left unstudied. On the basis of this study, recommendations on future research directions are provided for researchers.

Blockchain technology provides a data structure with inherent security properties that include cryptography, decentralization, and consensus, which ensure trust in transactions. It covers widely applicable usages, such as in intelligent manufacturing, finance, the Internet of things (IoT), medicine and health, and many different areas, especially in medical health data security and privacy protection areas. Its natural attributes, such as contracts and consensus mechanisms, have leading-edge advantages in protecting data confidentiality, integrity, and availability. The security issues are gradually revealed with in-depth research and vigorous development. Unlike traditional paper storage methods, modern medical records are stored electronically. Blockchain technology provided a decentralized solution to the trust-less issues between distrusting parties without third-party guarantees, but the “trust-less” security through technology was easily misunderstood and hindered the security differences between public and private blockchains appropriately. The mentioned advantages and disadvantages motivated us to provide an advancement and comprehensive study regarding the applicability of blockchain technology. This paper focuses on the healthcare security issues in blockchain and sorts out the security risks in six layers of blockchain technology by comparing and analyzing existing security measures. It also explores and defines the different security attacks and challenges when applying blockchain technology, which promotes theoretical research and robust security protocol development in the current and future distributed work environment.

Blockchain networks are based on cryptographic notions that include asymmetric-key encryption, hash functions and consensus protocols. Despite their popularity, mainstream protocols, such as Proof of Work or Proof of Stake still have drawbacks. Efforts to enhance these protocols led to the birth of alternative consensus protocols, catering to specific areas, such as medicine or transportation. These protocols remain relatively unknown despite having unique merits worth investigating. Although past reviews have been published on popular blockchain consensus protocols, they do not include most of these lesser-known protocols. Highlighting these alternative consensus protocols contributes toward the advancement of the state of the art, as they have design features that may be useful to academics, blockchain practitioners and researchers. In this paper, we bridge this gap by providing an overview of alternative consensus protocols proposed within the past 3 years. We evaluate their overall performance based on metrics such as throughput, scalability, security, energy consumption, and finality. In our review, we examine the trade-offs that these consensus protocols have made in their attempts to optimize scalability and performance. To the best of our knowledge, this is the first paper that focuses on these alternative protocols, highlighting their unique features that can be used to develop future consensus protocols.

We assess the properties of currency value strategies based on real exchange rates. We find that real exchange rates have predictive power for the cross-section of currency excess returns. However, adjusting real exchange rates for key country-specific fundamentals (productivity, the quality of export goods, net foreign assets, and output gaps) better isolates information related to the currency risk premium. In turn, the resultant measure of currency value displays considerably stronger predictive power for currency excess returns. Finally, the predictive information content in our currency value measure is distinct from that embedded in popular currency strategies, such as carry and momentum.

We provide the first systematic study of liquidity in the foreign exchange market. We find significant variation in liquidity across exchange rates, substantial illiquidity costs, and strong commonality in liquidity across currencies and with equity and bond markets. Analyzing the impact of liquidity risk on carry trades, we show that funding (investment) currencies offer insurance against (exposure to) liquidity risk. A liquidity risk factor has a strong impact on carry trade returns from 2007 to 2009, suggesting that liquidity risk is priced. We present evidence that liquidity spirals may trigger these findings.

After more than a decade, investors and legislators still don't fully understand bitcoin. While it may not be suitable for all investors, misinformation makes it harder to identify opportunities. Here, Johnson talks about bitcoin. Any new mediums of exchange will have shortcomings and legitimate concerns, crypto included. As investors inevitably weigh all the competing equities and study the veracity of these concerns, they may come to the conclusion that the alternatives have their own flaws and will decide to take their chances with a decentralized network with no axe to grind and no unelected gatekeepers to swing it.

Differences in real interest rates across developed economies are puzzlingly large and persistent. I propose a simple explanation: bonds issued in the currencies of larger economies are expensive because they insure against shocks that affect a larger fraction of the world economy. I show that, indeed, differences in the size of economies explain a large fraction of the cross-sectional variation in currency returns. The data also support additional implications of the model: the introduction of a currency union lowers interest rates in participating countries, and stocks in the nontraded sector of larger economies pay lower expected returns.