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Libra Cryptocurrency: Characteristics, Money Decentralization and Challenges
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Libra Cryptocurrency: Characteristics, Money Decentralization and Challenges

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Financial Technology and Innovation".

Deadline for manuscript submissions: closed (30 April 2021) | Viewed by 8644

Special Issue Editor

Dr. Nikolaos A. Kyriazis

E-Mail Website
Guest Editor
Department of Economics, University of Thessaly, 28th October 78 Street, 38333 Volos, Greece
Interests: financial economics; monetary economics; unconventional monetary policies; digital currencies
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

Innovations in the financial system have been the epicenter of academic and financial debate since the launch of cryptocurrencies. The extraordinary bull market of digital currencies during 2017 has led to an increasing number of investors and speculators including Bitcoin and its substitutes in their portfolios. This has generated a trend for seeking alternative forms of liquidity for transactions and investments at a global scale. Central banks have started creating central bank digital currencies in order to provide more stable and controllable digital forms of money. The concept of such currencies is to prove friendlier to the public and investors as they will not suffer from large fluctuations.

In an effort to provide a digital currency with the characteristics of a stablecoin but accessible to billions of people and easy to employ, Facebook announced the launch of its own cryptocurrency, the so-called “Libra”. This is planned to make transactions as simple as sending a text message in Facebook. This project will enjoy the great advantage of already having more than 2.5 billion Facebook users as potential customers. If realized, Libra will become the most decentralized digital currency in the history of monetary economics. Its supporters claim that Libra will provide the necessary alternative form of liquidity for emerging economies that have limited access to traditional international currencies. The significant reduction in preference mismatching, transaction cost, and time spent could spur global prosperity and initiate the tendency for the creation of alternative highly decentralized global digital currencies. However, emphasis should be placed on legal issues and the protection of data privacy when platforms such as Facebook’s WhatsApp are employed in everyday transactions.

Research about Libra, its perils, characteristics, and perspectives generates great potentials for understanding monetary economics and acquiring deep knowledge concerning financial systems. The Libra paradigm can provide important lessons for the eras to come and present the transaction from traditional to highly innovative financial systems that could serve for the reduction of income inequalities. We invite both theoretical and empirical papers as well as cross-disciplinary studies about Libra, its characteristics, its legal issues, and its potential.

Prof. Dr. Nikolaos A. Kyriazis
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • decentralized payment systems
  • financial accessibility
  • low-cost transactions
  • data privacy
  • growth in emerging markets

Published Papers (2 papers)

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17 pages, 517 KiB  
Article
Money Decentralization under Direct Democracy Procedures. The Case of Classical Athens
by Emmanouil-Marios L. Economou, Nicholas C. Kyriazis and Nikolaos A. Kyriazis
J. Risk Financial Manag. 2021, 14(1), 30; https://0-doi-org.brum.beds.ac.uk/10.3390/jrfm14010030 - 11 Jan 2021
Cited by 4 | Viewed by 3108
Abstract
By analyzing the case of Athens during the Classical period (508-323 BCE) the main thesis of this paper is that under direct democracy procedures and the related institutional setup, a monetary system without a Central Bank may function relatively well. We focus on [...] Read more.
By analyzing the case of Athens during the Classical period (508-323 BCE) the main thesis of this paper is that under direct democracy procedures and the related institutional setup, a monetary system without a Central Bank may function relatively well. We focus on the following issues: (i) Τhe procedures of currency issuing in the Athenian city-state, (ii) why the Athenian drachma become the leading international currency in the Mediterranean world (iii) how and towards which targets monetary policy without a Central Bank was possible (iv) defining the targets of monetary policy and the mechanisms for its implementation (v) the role of money in the economy (vi) the issue of deficit spending (vii) the reasons of the replacement of the Athenian drachma as a leading currency by others from the Hellenistic period onwards (viii) the correlation of our findings regarding the decentralized character of monetary policy in Classical Athens to today’s realities, such as the issue of cryptocurrencies. Our analysis shows that monetary policy without a Central Bank was possible, with its foremost aim being the stability of the currency (mainly, silver coins) in order to enhance trust in it and so, make it an international currency which could outcompete other currencies. Since there was no Central Bank like today, monetary policy decisions were taken by the popular assembly of citizens in combination with the market forces themselves. Full article
(This article belongs to the Special Issue Libra Cryptocurrency: Characteristics, Money Decentralization and Challenges)
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Review

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46 pages, 541 KiB  
Review
A Survey on Volatility Fluctuations in the Decentralized Cryptocurrency Financial Assets
by Nikolaos A. Kyriazis
J. Risk Financial Manag. 2021, 14(7), 293; https://0-doi-org.brum.beds.ac.uk/10.3390/jrfm14070293 - 25 Jun 2021
Cited by 15 | Viewed by 4908
Abstract
This study is an integrated survey of GARCH methodologies applications on 67 empirical papers that focus on cryptocurrencies. More sophisticated GARCH models are found to better explain the fluctuations in the volatility of cryptocurrencies. The main characteristics and the optimal approaches for modeling [...] Read more.
This study is an integrated survey of GARCH methodologies applications on 67 empirical papers that focus on cryptocurrencies. More sophisticated GARCH models are found to better explain the fluctuations in the volatility of cryptocurrencies. The main characteristics and the optimal approaches for modeling returns and volatility of cryptocurrencies are under scrutiny. Moreover, emphasis is placed on interconnectedness and hedging and/or diversifying abilities, measurement of profit-making and risk, efficiency and herding behavior. This leads to fruitful results and sheds light on a broad spectrum of aspects. In-depth analysis is provided of the speculative character of digital currencies and the possibility of improvement of the risk–return trade-off in investors’ portfolios. Overall, it is found that the inclusion of Bitcoin in portfolios with conventional assets could significantly improve the risk–return trade-off of investors’ decisions. Results on whether Bitcoin resembles gold are split. The same is true about whether Bitcoins volatility presents larger reactions to positive or negative shocks. Cryptocurrency markets are found not to be efficient. This study provides a roadmap for researchers and investors as well as authorities. Full article
(This article belongs to the Special Issue Libra Cryptocurrency: Characteristics, Money Decentralization and Challenges)
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