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Reimagining money : Kenya in the digital finance revolution
\"Digital payment technology is rapidly changing the way we think about money. While these services have been slow to take off in the U.S., they are rapidly displacing cash in countries as diverse as China, Kenya, and Sweden. In her book, Reimagining Money, ethnographer Sibel Kusimba offers a rich portrait of how this technology is changing the economic and social landscape of Kenya, which became the first country, in 2007, to use the mobile phone as a payment channel on a broad scale. She argues that these services popularized in Kenya--including M-Pesa and Safaricom--are allowing users to create webs of relationships as they exchange, pool, borrow, lend, and share digital money with user-built networks that will shape the future of financial technologies and their impact on poverty, inclusion, and empowerment\"-- Provided by publisher.
Book
Central bank digital currency research around the world: a review of literature
PurposeThe purpose of this paper is to gain some insight into central bank digital currency research by reviewing the recent advances in central bank digital currency (CBDC) research in a way that would help researchers, policy makers and practitioners to take a closer look at CBDC.Design/methodology/approachThe paper uses a systematic literature review methodology.FindingsThe review shows a general consensus that a CBDC is a liability of the central bank and it has cash-like attributes. The review also presents the motivation and benefits of issuing a CBDC such as the need to increase financial inclusion, the need to improve the conduct of monetary policy and to foster efficient digital payments. The review also shows that many central banks are researching the potential to issue CBDCs due to its many benefits. However, a number of studies have called for caution against over-optimism about the potential benefits of CBDC due to the limiting nature of CBDC design and its inability to meet multiple competing goals. Suggested areas for future research are identified such as the need to find the optimal CBDC design that meets all competing objectives, the need for empirical evidence on the effect of CBDC on the cost of credit and financial stability, and the need to find a balance between limiting the CBDC holdings of users and allowing users to hold as much CBDC as they want, and there is a need to undertake country-specific and regional case studies of CBDC design.Originality/valueThis review paper offers new areas for further research in central bank digital currencies.
Journal Article
From Bitcoin to Central Bank Digital Currencies: Making Sense of the Digital Money Revolution
We analyze the path from cryptocurrencies to official Central Bank Digital Currencies (CBDCs), to shed some light on the ultimate dematerialization of money. To that end, we made an extensive search that resulted in a review of more than 100 academic and grey literature references, including official positions from central banks. We present and discuss the characteristics of the different CBDC variants being considered—namely, wholesale, retail, and, for the latter, the account-based, and token-based—as well as ongoing pilots, scenarios of interoperability, and open issues. Our contribution enables decision-makers and society at large to understand the potential advantages and risks of introducing CBDCs, and how these vary according to many technical and economic design choices. The practical implication is that a debate becomes possible about the trade-offs that the stakeholders are willing to accept.
Journal Article
The cryptocurrency phenomenon : the origins, evolution and economics of digital currencies
\"This book provides a comprehensive analysis of the cryptocurrency phenomenon from a financial/monetary point of view. It offers a unique slant in at least two ways, with the financial perspective as the reference point. An examination of the technicalities surrounding blockchain and the mining of cryptocurrencies is included, but the reading is oriented to those who seek to better understand how these technical issues help to explain the functioning and the potential of cryptocurrencies, without touching on coding aspects. Moreover, the book addresses cryptocurrencies as an evolution of the concept of money, and it frames the analysis to give readers all the knowledge needed to connect the cryptocurrency phenomena with traditional monetary theories. In so doing, cryptocurrencies are not considered as a completely disconnected trend, set apart from traditional financial systems, but as innovations that will push the concept of money forward, without dismantling previous foundations. The book also includes a discussion on central banks, and stresses how their initial diffidence toward cryptocurrencies has turned into a more active approach that includes projects to develop the so-called Central Bank Digital Currencies (CBDC), thereby completing the analysis of the state of the art of the cryptocurrency surge. The mix of theoretical content on the concept of money, the description of payment tools and the functioning of the payment industry, and the analysis of blockchain and the cryptocurrency markets makes the book interesting reading for researchers, scholars and students of economics, finance, or business, enabling them to develop the ability to understand the dynamics of the cryptocurrency phenomenon and its possible evolution\"-- Provided by publisher.
BOOK
Household acceptance of central bank digital currency: the role of institutional trust
PurposeThe authors investigate household acceptance of central bank digital currencies (CBDCs) by drawing on the unified theory of acceptance and use of technology and institutional trust theory.Design/methodology/approachThe authors build a research model including six hypotheses and quantitatively analyze it using partial least squares structural equation modeling (PLS-SEM) and importance–performance map analysis (IPMA) based on 282 answers to a survey questionnaire.FindingsThe continuous adoption of CBDCs by households is highly probable and is fostered by its expected high performance, the social recommendations and the existence of facilitating conditions. Nevertheless, institutions' efforts to propose a flexible and understandable currency can benefit its adoption only if these institutions also strive to build households' trust in the currency's system.Originality/valueThe authors provide a full review of the emerging literature on CBDCs and suggest that digital currency offerings can be divided into centralized, semi-centralized and de-centralized control in a meaningful taxonomy. The authors also complement extant studies on CBDCs that mostly apprehend its operational challenges by focusing on the customer side and provide implications to the launching of CBDCs by uncovering the customer-specific determinants of their adoption.
Journal Article
An Empirical Study of User Adoption of Cryptocurrency Using Blockchain Technology: Analysing Role of Success Factors like Technology Awareness and Financial Literacy
The study aims to investigate how an individual’s technology awareness, subjective financial literacy and personal innovativeness characteristics impact the intention to use blockchain-based digital currencies such as cryptocurrency. The UTAUT 2 (Unified Theory of Acceptance and Use of Technology 2) model is extended with crucial constructs to develop the conceptual model. A total of 312 responses are analysed using Covariance-Based Structural Equation Modelling (CB-SEM). The moderation effects are assessed using multi-group analysis. The findings show a significant moderating effect of technology awareness and subjective financial literacy on the relationship between performance expectancy (PE) and behavioural intention to use cryptocurrency (BI). It further identified that performance expectancy (PE) mediates personal innovativeness (PI) and usage intentions (BI). The study adds to the growing literature of digital currency adoption by focusing on individual innovativeness, technology awareness and financial literacy. It also proposes a research model that can be generalised for new-age consumer-based financial technology adoption.
Journal Article
Data money : inside cryptocurrencies, their communities, markets, and blockchains
\"From clay tablets to cigarettes, the materials through which monies can be imagined are limited only by the boundary of human imagination. Despite such a well-documented rich universe of monetary forms, there have been only three globally dominant materialities of fiat currency used within and across politically defined boundaries - metal, paper, and the latest, data. How are we to understand this newly emergent data money? Data Money by Koray Caliskan is an investigation into what cryptocurrency is by developing an understanding of how it is made and exchanged. Crypto is not money in the sense of currency or cash and locates its value in cryptocurrency-making, their markets, and the communities that support them. Through participatory research with two currency exchange communities as well as analysis of the 100 largest currencies, Caliskan covers the history and evolution of blockchains, the workings of exchange platforms and markets, the programmers who create currencies, the rise and fall of the currency Electra, and the future of the crypto-economy. In sum, Caliskan provides an unprecedented vision of data money at the micro and macro levels at a crucial point in their acceptance and expansion\"-- Provided by publisher.
BOOK
Does Previous Experience with the Unified Payments Interface (UPI) Affect the Usage of Central Bank Digital Currency (CBDC)?
In this study, we examined the influence of users’ experiences with the unified payments interface (UPI) system on the usage behavior of central bank digital currency (CBDC) in India. Our research developed a novel conceptual framework that investigated the relationships between technology, cognitive factors, and behavioral intentions towards CBDC use. The framework integrated UPI usage experience as a moderator within existing models of behavioral intentions and use behaviors. We collected data through a survey conducted in major Indian cities during the pilot launch of CBDC. By utilizing a partial least squares structural equation model (PLS-SEM), we analyzed the proposed model and the relationships between the constructs. Our findings revealed the significant impact of hedonic motivation and performance expectancy on users’ behavioral intentions towards CBDC. Social influence also played a significant role in CBDC usage. Furthermore, we identified that prior UPI usage negatively moderated the relationship between performance expectancy and behavioral intention, as well as the relationship between social influence and use behavior. However, prior UPI usage did not significantly moderate the relationships between perceived risk, hedonic motivation, behavioral intention, and use behavior. These findings contribute to our understanding of the factors influencing CBDC adoption and usage behavior in India.
Journal Article