Cryptocurrencies and their Relationship to the Digital Economy

  • Zahraa Salih Al-Hadba University college (Iraq)
  • Eman Almoola Al-Hadba University college (Iraq)
  • Alaa Alnmurat Department of Educational Planning / Ministry of Education (Jordan)
Keywords: Cryptocurrencies, Bitcoin, Digital Economy, Internet Economy, Digital Currency

Abstract

The research aims to demonstrate the relationship between cryptocurrencies, especially Bitcoin, being the first digital currencies that were invested and traded in the world and the digital economy. As the relationship and impact between the market value of Bitcoin was explained by some indicators of the digital economy represented by the number of Internet users, the number of users of the Bitcoin account, per capita global income, and the global gross domestic product for the period (2010-2017). Digital, and data was used all over the world due to lack of access to data in some countries, whether developed, emerging or developing. And by using the statistical program Mintiab, the results of the simple regression analysis showed first: The results of the analysis show that the market value of Bitcoin has a significant impact on the indicators of the digital economy. Second: Investing and dealing in Bitcoin generates new and good income for those dealing with it, and thus increases the GDP for the individual. As for the most important proposals that the research reached, it is the necessity of establishing international and local legal legislations on the circulation of cryptocurrencies.

Downloads

Download data is not yet available.

References

Baur, D. G., Cahill, D., Godfrey, K., & Liu, Z. F. (2019). Bitcoin time-of-day, day-of-week and month-of-year effects in returns and trading volume. Finance Research Letters, 31, p.p.78-92.‏

Bunjaku, F., Gorgieva-Trajkovska, O., & Miteva-Kacarski, E. (2017). Cryptocurrencies–advantages and disadvantages. Journal of Economics, 2(1).‏ pp31-39

Chaaben, N., & Mansouri, F. (2017). Digital Economic and Social Evolution of Tunisia. In MIC 2017–Management International Conference (pp. 393-404).‏

Dusty, Wunderlich, (2018), A case for cryptocurrency: commodity money for the next industrial revolution. available at online https://www.dustywunderlich.com/wp-content/.../04/A-Case-For-Cryptocurrency.pdf

Dong, H., Habermeier, K., Leckow, R., Haksar, V., Almeida, Y., Kashima, M., ... & Verdugo-Yepes, C. (2016). IMF STAFF DISCUSSION NOTE: Virtual Currencies and Beyond: Initial Considerations. INTERNATIONAL MONETARY FUND Monetary and Capital Markets, Legal, and Strategy and Policy Review Departments.‏ pp1-42. Prepared by an IMF available at online https://www.imf.org/external/pubs/ft/sdn/2016/sdn1603.pdf visited 1/06/2018

Diemers, D., Arslanian, H., McNamara, G., Dobrauz, G., & Wohlgemuth, L. (2018). Initial Coin Offerings, Pricewaterhouse Coopers. Strategy & report. June.‏ p.p1-11. available at online https://www.pwc.ch (Visited 27/09/2018(

Eth, Zurich, (2017), the impact of crypto currencies on the internet of things insights from prototypes, Doctor thesis of sciences, university Heidelberg, Germany

Gestrin, M., & Staudt, J. (2018), The digital economy, multinational enterprises and international investment policy., Paris, p.p2-82. Available at online http://www.oecd.org/daf/competition/The-Digital-Economy-2012.pdf (visited 8/08/2018)

Jasper, V., Renterghem, and Wouter, De Meeleer, (2016), Form Bits to coin: price formation of bitcoin, master of science in the commercial science, university Gent, Holland. pp1-82

Manyika, J., Lund, S., Singer, M., White, O., & Berry, C. (2016). Digital finance for all: Powering inclusive growth in emerging economies. McKinsey Global Institute.‏ p.p 1-124

Murphy, E. V., Murphy, M. M., & Seitzinger, M. V. (2015, October), Bitcoin: Questions, answers, and analysis of legal issues, Library of Congress, Congressional Research Services, pp1-36. www.crs.gov (Visited 19/09/2018)

Nibaeus, G., &, Nylund ,C., (2014), Assessing the viability of bitcoin as a currency and an alternative investment , master thesis of finance , Stockholm School of economic .p.p1-55

Paola , Ceruleo ,(2014), bitcoin :A rival to fiat money or a speculation financial asset , master thesis global economic challenges , Free university international of the study social Louis, Italy.

Plassaras, N. A. (2013). Regulating digital currencies: bringing Bitcoin within the reach of IMF. Chi. J. Int'l L., 14, 377-407.‏ online http://chiagounbound.unchicage.edu/cjil/vaiu/iss1/12 (visited 17/09/2018)

Rai, A., Bhavsar, D., & Saraswat, Y. (2018). Cryptocurrency: The Emerging or Engulfing Currency. Int. J. Innov. Eng. Technol., Vol.10, Isse.3. p.p21-23

Stahl, M., & Bregman, S. (2014). HORIZON RESEARCH GROUP.‏

http://horizonkinetics.com/wp-content/uploads/Bitcoin-Cash-Investment-Thesis_Oct-2017.pdf (visited 9/6/2018)

Published
2021-06-06
How to Cite
Salih, Z., Almoola, E., & Alnmurat, A. (2021). Cryptocurrencies and their Relationship to the Digital Economy. Roa Iktissadia Review, 11(1), 83-93. Retrieved from https://roair.info/index.php/roair/article/view/228
Section
Articles