DIGITAL CURRENCY AND ITS IMPACT ON QUALITY OF LIFE

Digital currency has received widespread discussion in practice and academia as a potential alternative to money. Existing research about digital currency largely focuses on building proofs of concept. This paper moves beyond the conventional discussion on this emergent technology to explore what people can do and achieve with it. Based on the theoretical framework of Sen\u27s (1992, 1993) capability approach, the study explores how the adoption of digital currency at the individual level impacts quality of life in a deprived environment, with limited access to banks. We also discuss the antecedents of digital currency adoption based on the Elaboration Likelihood Model(ELM). In this study, we adopt the European Central Bank’s definition of digital currency as a digital representation of value, which can be used as an alternative to money (European Central Bank (ECB), 2012)

A Theoretical Approach to Electronic Money

The paper proposes an analysis of money which starts from electronic money. In open contradiction to the traditional approach, characterized by a general lack of interest by theoreticians towards payment system issues, the paper argues that analysis of the distinctive characteristics of electronic money is bound to contribute to received monetary theory. After indicating the distinguishing properties of electronic money (which derive entirely from its technical features), the paper outlines their consequences on the principles of monetary theory. It is argued that recognition of the fact that electronic money is nominal money issued in an operation of monetary intermediation, provides an analytical framework for a better understanding of electronic money issuance, as well as of the meaning of issuing money. The analysis will show that only a deep analysis into the very nature of bank money can provide a better understanding of phenomena such as electronic money, which is consistent with the evolution of financial and banking innovations, in particular with the rise of interest bearing mediums of exchange.Electronic money monetary theory

A Theoretical Approach to Electronic Money

The paper proposes an analysis of money which starts from electronic money. In open contradiction to the traditional approach, characterized by a general lack of interest by theoreticians towards payment system issues, the paper argues that analysis of the distinctive characteristics of electronic money is bound to contribute to received monetary theory. After indicating the distinguishing properties of electronic money (which derive entirely from its technical features), the paper outlines their consequences on the principles of monetary theory. It is argued that recognition of the fact that electronic money is nominal money issued in an operation of monetary intermediation, provides an analytical framework for a better understanding of electronic money issuance, as well as of the meaning of issuing money. The analysis will show that only a deep analysis into the very nature of bank money can provide a better understanding of phenomena such as electronic money, which is consistent with the evolution of financial and banking innovations, in particular with the rise of interest bearing mediums of exchange.electronic money; monetary theory

Effects of electronic money on velocity of money in Kenya

A Research project Submitted in partial fulfillment of the requirements for the degree of Bachelor of Business Science in Financial Economics at Strathmore UniversityThe purpose of this study is to determine the effect that electronic money has on the velocity of money in Kenya as well as its determinants. The study uses income, exchange rates, expected inflation, interest rates and financial innovation as the determinants of velocity in the model. Monthly time series data from the period 2009-2016 is used and autoregressive distributed lag (ARDL) model is implemented with six measures of velocity of money as the dependent variable. The measures include velocity of; narrow money (Ml), narrow money less electronic money (Ml-EM), broad money (M3), broad money less electronic money (M3-EM), electronic money (EM) and quasi-money (M2). Exchange rate and the number of bank branches were significant in determining all the velocity measures in the long run, with a positive and negative relationship respectively. The presence of electronic money was found to reduce the positive relationship of velocity with exchange rate while the relationship of velocity with the number of bank branches became more positive. This means that increased use of electronic money may help to curb the effects of exchange rate fluctuations while at the same time it increases the velocity of money as more people get access to financial services. The study concludes that the issuance of electronic money should be controlled and closely monitored so as to avoid adverse effects to the monetary system and economy

Influencia de la Tarjetas de Débito sobre la Demanda de Efectivo

Within by the electronic money definition, the plastics have a significant place, both the debit cards and the new option, even in the experimental stage known as the electronic purse or prepayment. The advanced technological changes, especially the incorCash demand, electronic money

Quantum money

The quantum money (q-money) as a possible convenient, socially innovative, technologically attractive and user/issuer friendly value storing/not storing unit, mean of payment and exchange medium in the advanced financial systems of the developed states is a subject of our scientific interest in this research article. The purpose of this research article is to report on a number of topics: 1. The historical evolution of the money in the financial systems within the economies of the scales and scopes over the centuries. 2. The definition on the electronic money in the financial systems within the economies of the scales and scopes. 3. The proposal and definition on the quantum money in the financial systems within the economies of the scales and scopes. 4. The theoretical framework on the quantum money functional principles in the financial systems within the quantum economies of the scale and scopes. 5. The monetary policies toward the quantum money introduction and functioning in the financial systems within the economies of the scales and scopes. 6. The possible change impacts by the quantum money on the central banks’ existing monetary policies and the financial systems structure within the economies of the scales and scopes. We believe that the quantum money is more convenient for the existing financial and economic systems, which can be accurately characterized by the quantum macroeconomic theory in Ledenyov D O, Ledenyov V O (2015h) and the quantum microeconomics theory in Ledenyov D O, Ledenyov V O (2015j) instead of the classic macroeconomics and microeconomics theories. The authors think that the present transition to the quantum money (q-money) from the electronic money (e-money) in the finances can be conditionally compared with the present transition to the quantum devices (lasers, quantum random number generators, quantum computers) from the electronic devices (vacuum tubes, transistors, integrated circuits, analog computers, digital computers) in the electronics

Quantum money

The quantum money (q-money) as a possible convenient, socially innovative, technologically attractive and user/issuer friendly value storing/not storing unit, mean of payment and exchange medium in the advanced financial systems of the developed states is a subject of our scientific interest in this research article. The purpose of this research article is to report on a number of topics: 1. The historical evolution of the money in the financial systems within the economies of the scales and scopes over the centuries. 2. The definition on the electronic money in the financial systems within the economies of the scales and scopes. 3. The proposal and definition on the quantum money in the financial systems within the economies of the scales and scopes. 4. The theoretical framework on the quantum money functional principles in the financial systems within the quantum economies of the scale and scopes. 5. The monetary policies toward the quantum money introduction and functioning in the financial systems within the economies of the scales and scopes. 6. The possible change impacts by the quantum money on the central banks’ existing monetary policies and the financial systems structure within the economies of the scales and scopes. We believe that the quantum money is more convenient for the existing financial and economic systems, which can be accurately characterized by the quantum macroeconomic theory in Ledenyov D O, Ledenyov V O (2015h) and the quantum microeconomics theory in Ledenyov D O, Ledenyov V O (2015j) instead of the classic macroeconomics and microeconomics theories. The authors think that the present transition to the quantum money (q-money) from the electronic money (e-money) in the finances can be conditionally compared with the present transition to the quantum devices (lasers, quantum random number generators, quantum computers) from the electronic devices (vacuum tubes, transistors, integrated circuits, analog computers, digital computers) in the electronics