- AutorIn
- Sharon Kits Kimathi
- Titel
- Is this our Plumbus?
- Untertitel
- An Exploration of Crypto and Virtual Currencies through a Compliance Lens
- Zitierfähige Url:
- https://nbn-resolving.org/urn:nbn:de:bsz:15-qucosa2-708183
- Quellenangabe
- Compliance Elliance Journal - 6 (2020),1, Compliance in Unprecedented Times
Erscheinungsjahr: 2020
Jahrgang: 6
Heft: 1
Seiten: 74-88 - Erstveröffentlichung
- 2020
- Abstract (EN)
- In this comment piece, I will seek to examine the relationship between cryptocurrencies and virtual currencies from a compliance perspective. I will tie this to the underlying theme from multiple studies, that a lack of knowledge of these products means more needs to be done by policymakers and the crypto industry to form cohesive and understandable standards that unearth what these products are, how they are used and how compliance analysts can be best supported to apply best practice procedures when conducting due-diligence checks. I will seek to lay out the advantages and disadvantages of recent developments and explore the challenges they pose on a socio-economic and macro level. This piece dissects the topic through four chapters. The first ties it into developments that unfolded during the global financial crisis, the use of collateralized debt obligations and other derivatives-based financial instruments, ultimately showing how a lack of knowledge was an underlying theme within the banking system during the 2008 global financial crisis. The second chapter combines the theme of knowledge and awareness of a product with the way in which people view cryptocurrency and digital coins, including regulators, courts and policymakers. The third explores recent developments from international central banks and governments, from sanctioned countries using of the product to help their citizens to international alliances forming across the globe in support of central-bank digital currencies. The final chapter unpacks the advantages and disadvantages of using these financial instruments, from countries in the global south suffering from scams to the pressure it takes on energy efficiency, concluding that more needs to be done to educate users, regulators and everyone in between for the success of the digital currency to be fully realized.
- Freie Schlagwörter (DE)
- Corona Pandemie, Covid-19, Compliance
- Freie Schlagwörter (EN)
- coronavirus pandemic, covid-19, compliance
- Klassifikation (DDC)
- 343
- Publizierende Institution
- Universität Leipzig, Leipzig
- University of Miami, Miami
- Version / Begutachtungsstatus
- angenommene Version / Postprint / Autorenversion
- URN Qucosa
- urn:nbn:de:bsz:15-qucosa2-708183
- Veröffentlichungsdatum Qucosa
- 13.05.2020
- Dokumenttyp
- Artikel
- Sprache des Dokumentes
- Englisch