Bitcoin as an Ethical Dilemma closing case Bitcoin is an open-source, peer-to-peer digital currency introduced to the world on January 3, , by developer. This course uses several case studies to illustrate the audit and ethical considerations in the newly emerging registrationcode1xbet.website accountants and auditors are. The score is equal to 0 when there is no announced central bank digital currency (CBDC) project; 1 in the case of public research studies on. KAZLIAN BETTING

His focus is on defining and developing a career path for financial professionals aspiring to the Office of the CFO and the Board of Directors. Blair has worked extensively with CPA Canada in recent years to design, develop, and launch the professional certification program. Jen is a dynamic, versatile financial professional with over 20 years of leadership experience. Jen brings to the classroom a broad skill set and experience in all key facets of an organization including operations management, strategic planning, business development, finance, accounting, investor relations, human resources, and project management.

Jen has a passion for making finance more attainable, whether its working to articulate strategy in a financial context or bringing clarity to financial communication. Remittances prices have a consequential effect on funds available for both migrants and their families. Cryptocurrencies such as Bitcoin are a novel solution to this problem. Figure 2 shows from remittance costs have steadily decreased.

However, the costs of remittances vary significantly depending on the region. For example, the cost had substantially decreased from 6. Sub-Saharan Africa remains the most expensive corridor for remittances. Bitcoin can help improve financial inclusion in low-income and middle-income countries.

It provides an alternative for impoverished households with access to limited financial services. Despite these benefits, many issues obstruct cryptocurrencies from being the primary method of transferring funds across borders. Some developing countries lack the digital infrastructure to support cryptocurrency payments.

Several countries do not accept Bitcoin. India encouraged its citizens not to use Bitcoin. The Bank of Thailand asked financial institutions not to engage in cryptocurrency transactions. Both Iran and Nepal officially banned cryptocurrencies. The lack of uniformity can negatively impact vulnerable people in the poorest regions of the world who rely on cryptocurrencies to send funds to their home countries.

The banning of Bitcoin is driven by ethical issues surrounding Bitcoin being the favoured payment method for criminals. Users have reported their Bitcoins stolen due to hacking. Cryptocurrencies pose significant ethical challenges in regards to their use in illicit activities.

However, the ethics concerns arise from the lack of regulations, not from blockchain technology per se. Remittances and Development There are various definitions of remittances. The International Organisation for Migration sees remittances as a personal money transfer from migrant workers to their families in their home countries.

Figure 4: Population, migrants, remittances and past decade growth rates Remittances are a significant form of income for many low-income households in low and middle-income countries. Figure 5: International Capital Flows to Africa A study conducted by the World Bank in found that recorded remittances grew significantly faster than FDI or development assistance.

In , remittance flows in low and middle-income countries increased by an estimated 8. The funds drive economic growth and help finance investment in developing countries. They also raise household income and lead to higher levels of consumption.

They have a multiplier effect on aggregate demand and output. Remittances are a preferable means of reducing poverty over development loans. Loans come with liability and obligations, while remittances do not Pradhan et al. For these reasons, multilateral institutions such as the World Bank, IMF, and the UN are eager to encourage remittances and reduce costs. Clearly, higher costs reduce the money that relatives of migrant workers can receive from transferred funds.

Banks are arguably the most secure form of transferring remittances. Banks can guarantee transfers will successfully cross-borders. Therefore transfer fails are extremely unlikely. However, in rare circumstances where the transfer does fail customers can be reimbursed Metzger et al. But banks are also the most expensive method for funds transfers.

On average customers pay Post offices are cheaper costing 7. Bitcoin is significantly cheaper at a rate of less than 0. Zulhuda and Sayuti. Figure 7: Remittances costs and volume There are several reasons why banks and other non-digital currencies have substantially higher remittance costs. The lack of financial infrastructure is a contributing factor to high remittance costs.

Cash-based transactions demand at the first mile and the last mile of remittance delivery also plays a critical role in costs. A considerable amount of funds are used for consumption purposes rather than savings or investment. The lack of financial services drives the popularity of cash-to-cash practices over cash-to-account. A migrant worker hands the cash over to a money transfer operator. Her relatives receive the funds in cash as they do not possess a bank account. Regulatory compliance is another contributing factor.

However, this increase in compliance costs has increased the loss of money transfer operators. The increase in regulatory standards has led to many banks cutting ties with money transfer operators. This phenomenon is known as de-risking. Companies incur regulatory costs from registration requirements designed to deter fraudulent practices.

The lack of uniformity regarding registration requirements among countries has led to cost increases. Driven by technological innovations such as digital currencies entering the international money transfer markets, the cost of remittances has been decreasing. While the average MTO and bank remittance costs from to were static and Post Office costs increased, overall average costs decreased World Bank Group b due to newcomers entering the market. The latter usually follow a strategy of low costs to enter the market and offer the customer an affordable alternative to bank channels.

Metzger et al. Cryptocurrencies as a Means of Transferring Remittances For Venezuela, cryptocurrencies provide a better method of payment than the national currency. Poor financial institutions, hyperinflation, a weak economy and deteriorating payment systems attracted Venezuelans to Bitcoin. Bitcoin has provided Venezuela with a faster and cheaper gateway for sending money home than traditional payment methods. For example, South African schools have used blockchain technology as a method of combating fraud and corruption.

School donors can buy electricity using Bitcoin and the money is transferred to a blockchain-enabled smart meter without the need for an intermediary. In addition, donors keep track of how much electricity is being consumed and calculate the amount of power their donations buy Kshetri. Digital technologies play a vital role in developing countries.

Even when poor households in developing countries lack electricity and drinking water, they still have access to mobile phones Pilkington and Crudu. Supported by existing digital technology, cryptocurrencies seem to be a credible solution in financially including the unbanked. But cryptocurrencies in developing countries face significant challenges. The last-mile delivery problem plays a critical role in the rising remittance costs.

It also creates an issue in transferring funds through digital currencies. Cash remains the most widely used payment instrument in many developing regions of the world, such as Sub-Saharan African Countries. This indicates a growing need for cash in day-to-day transactions. A small number of countries have been able to reduce the prevalence of cash; most of those countries are in Europe and the Oceania region.

Thus, even though Bitcoin is an efficient means of transferring funds between mobile devices, the demand for cash withdrawals would require cash-out locations or local exchanges. The last miler would need to possess the necessary liquidity to convert cryptocurrencies to cash. Not all countries have the liquidity to meet local demand or the trust to absorb Bitcoin.

The digital divide has a considerable effect on the use of Bitcoin to transfer remittances. Although mobile technology is prevalent in developing countries, there is a lack of internet access. The mobile industry connects over 3.

As cryptocurrencies are heavily reliant on accessible digital infrastructure, relatives of migrant workers may find difficulty in accessing Bitcoin from a lack of internet connectivity. Further, a currency should function as a medium of exchange and should thus be a commonly accepted means and payment method for current transactions.

Lastly, the price volatility and the insecurity about future performance rules out Bitcoin taking over the function of the store of value and the medium of deferred payments which both require expected long term stability.

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Contrary to popular belief, bitcoin does not create absolute online lawlessness where law enforcement authorities are powerless to enforce the law. Instead the currency requires a move from preventive online enforcement to reactive enforcement.

When other currencies are used online to make transactions they must do so through third party payment providers such as Paypal or Mastercard. Those using these providers are more easily identifiable than those using bitcoin and the providers can also be regulated by governments. Providers can refuse suspicious payments or payments that are clearly part of illegal transactions.

This means that law enforcement exerts a level of prevention in regards to illegal transactions online, which is something it cannot do in the case of bitcoin. Instead, law enforcement must act after a criminal exchange has been committed. In this respect law enforcement becomes powerless to stop the law being broken, but still maintains a level of power to enforce the law after it has been transgressed.

This in some respects creates greater levels of individual freedom. However, it also creates definite problems for law enforcement because of the greater ease of carrying out illegal transactions in the first place. While the use of bitcoin for trading does not necessarily lead to the type of lawless market place some fear, it will take a significant degree of engagement between government law enforcement agencies, bitcoin exchanges and banks to ensure regulation is enforced to minimise the risk of bitcoin being used to fund unethical activity.

Even with this being the case bitcoin may never allow for the level of preventive online law enforcement common with other currencies. This problem is particularly pertinent in the case of child pornography, where there has been an increasing trend to use bitcoin to purchase such material. There have so far been some positive steps by bitcoin exchanges to attempt to prevent this, with several of the largest exchanges currently working with Internet Watch Foundation, a charity with a mission to reduce the presence of child pornography on the internet, to find ways to stop bitcoin being used for such ends.

Circumventing Government Pressure While the bypassing of a centralised money transferring service means that criminal activities cannot be pre-emptively curtailed, it also means that funds moved for legitimate reasons in totalitarian states or in cases where the government may be compelled to put pressure on third party payment providers not to accept certain transactions cannot be pre-emptively stopped. A case in point in regards to governments putting pressure on third party payment providers is with the funding of Wikileaks.

When this organisation began to publish secret U. Although this was perfectly legal, third party payment providers bowed to the pressure put on them by the U. A government is unable to exert such pressure if bitcoin is used for payments. In the case of the Wikileaks Foundation bitcoin payments have been used by U. In this way bitcoin helps prevent governments interfering with the actions of their citizens for self-interested or any other purpose.

The currency helps strengthen individual freedom and the freedom of organisations that challenge government powers by making it harder for governments to avoid exerting power through formal legal proceedings. This decentralisation of power can help to increase democracy in a society. Reducing Inflation Risk Another way in which bitcoin may offer greater levels of personal liberty compared to centrally controlled, government backed currencies, is how the currency acts during inflation.

Bitcoin is mined by powerful computers that help to generate new bitcoins and will continue to do so until the limit of 21 million is reached. This means the value of bitcoin will not be able to be artificially inflated by the creation of further currency once this limit is reached. This characteristic differs from fiat currencies that are at times subject to inflation from governments printing money, often to help them work their way out of fiscal trouble.

Those with a particularly idealistic vision of bitcoin may further argue that as governments often print money to help manage the heavy financial costs of wars, if bitcoin was to become a major currency it potentially acts as a tool to dissuade governments from entering into armed conflicts. As well as a direct cap on inflation as a result of the limited number of units that may ever become available, bitcoin also may be able to curb the artificial inflation of other currencies. Friedrich Hayek argues it is beneficial to have a number of privately created currencies available to individuals concurrently, rather than having one centralised government backed currency.

According to Hayek this type of currency system creates a level of competition between currencies based on their stability. Over time one or at most a few of these currencies emerges as the most stable for individuals to hold and competition ensures stability is maintained. Given that individuals are likely to use currencies with the lowest levels of inflation, this behaviour in theory keeps the level of currency inflation down. If in future bitcoin becomes a major currency, there is at least the potential it would act as a competitor to other currencies and produce the effect Hayek describes.

The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. As a currency it is based on unbreakable contracts between individuals not reliant on, or influenced by, any third party. In this respect bitcoin has clear advantages in terms of personal economic freedom.

While the debate about the level of economic freedom that individuals should be able to enjoy is too lengthy to engage with adequately here, given the failure of banks and governments during the financial crisis, greater personal independence and a move towards currencies backed by cryptographic proof rather than trust is, at the very least, an understandable aim.

To do so, requires greater stability to be both an effective medium of exchange and an effective store of value and unit of account. The question of whether bitcoin will or even can reach such a level of stability is debatable. One of the most significant issues affecting the stability of bitcoin is the level of speculation on the currency in comparison with its use for trading. Bitcoin has been criticized for not being backed by anything with inherent value, making the currency unstable. However, the argument fails to account for the fact that a majority of currencies are now fiat currencies, and while state backed fiat currencies can be used to pay taxes, they still derive a large part of their value from the faith shown in them by their users.

When an individual uses bitcoin she does so with a level of confidence that the bitcoin will retain a similar value in the future the same way an individual using the USD believes the dollar will retain its value in the future. The level of faith in bitcoin may not currently be as strong as found in other currencies, but there is certainly scope for greater confidence in the future. But investors are already starting to place their bets, even if sustainability is not the driving factor.

The question now is whether the slow process of creating rules and passing laws will be able to keep up with the rapidly evolving world of cryptocurrency. But forensics investigators are getting savvier at scrupulously mapping activity on blockchains and figuring out who is behind specific accounts. And foreign websites providing such services to Chinese citizens online is also an illegal activity, it said. Advocates for creating digital dollars say the new currency would have all the advantages of cryptocurrencies but none of the drawbacks.

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Some argue Bitcoin is evil. Is it? The video analyzes the ethics of the product and its uses. As of today, according to Realtime , there are currently 15 million Bitcoins in circulation. Several reasons are cited for this renewed buying interest in the currency.

First, established financial companies are focusing on the currency because of its blockchain technology which Morgan Stanley, Goldman Sachs and JPMorgan believe may improve the trading of securities, derivatives and loans. The Difficulty in Law Enforcement Charge Prosecutions of those using bitcoin for illegal activities have occurred after individuals were linked to bitcoin addresses, with one of the most significant being that of Ross Ulbricht.

He is the founder of Silk Road, an online market place, dealing in drugs and various other illegal products, that only accepts bitcoin for payment. Contrary to popular belief, bitcoin does not create absolute online lawlessness where law enforcement authorities are powerless to enforce the law.

Instead the currency requires a move from preventive online enforcement to reactive enforcement. When other currencies are used online to make transactions they must do so through third party payment providers such as Paypal or Mastercard. Those using these providers are more easily identifiable than those using bitcoin and the providers can also be regulated by governments. Providers can refuse suspicious payments or payments that are clearly part of illegal transactions.

This means that law enforcement exerts a level of prevention in regards to illegal transactions online, which is something it cannot do in the case of bitcoin. Instead, law enforcement must act after a criminal exchange has been committed. In this respect law enforcement becomes powerless to stop the law being broken, but still maintains a level of power to enforce the law after it has been transgressed.

This in some respects creates greater levels of individual freedom. However, it also creates definite problems for law enforcement because of the greater ease of carrying out illegal transactions in the first place. While the use of bitcoin for trading does not necessarily lead to the type of lawless market place some fear, it will take a significant degree of engagement between government law enforcement agencies, bitcoin exchanges and banks to ensure regulation is enforced to minimise the risk of bitcoin being used to fund unethical activity.

Even with this being the case bitcoin may never allow for the level of preventive online law enforcement common with other currencies. This problem is particularly pertinent in the case of child pornography, where there has been an increasing trend to use bitcoin to purchase such material.

There have so far been some positive steps by bitcoin exchanges to attempt to prevent this, with several of the largest exchanges currently working with Internet Watch Foundation, a charity with a mission to reduce the presence of child pornography on the internet, to find ways to stop bitcoin being used for such ends. Circumventing Government Pressure While the bypassing of a centralised money transferring service means that criminal activities cannot be pre-emptively curtailed, it also means that funds moved for legitimate reasons in totalitarian states or in cases where the government may be compelled to put pressure on third party payment providers not to accept certain transactions cannot be pre-emptively stopped.

A case in point in regards to governments putting pressure on third party payment providers is with the funding of Wikileaks. When this organisation began to publish secret U. Although this was perfectly legal, third party payment providers bowed to the pressure put on them by the U.

A government is unable to exert such pressure if bitcoin is used for payments. In the case of the Wikileaks Foundation bitcoin payments have been used by U. In this way bitcoin helps prevent governments interfering with the actions of their citizens for self-interested or any other purpose. The currency helps strengthen individual freedom and the freedom of organisations that challenge government powers by making it harder for governments to avoid exerting power through formal legal proceedings.

This decentralisation of power can help to increase democracy in a society. Reducing Inflation Risk Another way in which bitcoin may offer greater levels of personal liberty compared to centrally controlled, government backed currencies, is how the currency acts during inflation. Bitcoin is mined by powerful computers that help to generate new bitcoins and will continue to do so until the limit of 21 million is reached.

This means the value of bitcoin will not be able to be artificially inflated by the creation of further currency once this limit is reached. This characteristic differs from fiat currencies that are at times subject to inflation from governments printing money, often to help them work their way out of fiscal trouble.

Those with a particularly idealistic vision of bitcoin may further argue that as governments often print money to help manage the heavy financial costs of wars, if bitcoin was to become a major currency it potentially acts as a tool to dissuade governments from entering into armed conflicts. As well as a direct cap on inflation as a result of the limited number of units that may ever become available, bitcoin also may be able to curb the artificial inflation of other currencies.

Friedrich Hayek argues it is beneficial to have a number of privately created currencies available to individuals concurrently, rather than having one centralised government backed currency. According to Hayek this type of currency system creates a level of competition between currencies based on their stability. Over time one or at most a few of these currencies emerges as the most stable for individuals to hold and competition ensures stability is maintained.

Given that individuals are likely to use currencies with the lowest levels of inflation, this behaviour in theory keeps the level of currency inflation down. If in future bitcoin becomes a major currency, there is at least the potential it would act as a competitor to other currencies and produce the effect Hayek describes.

The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. As a currency it is based on unbreakable contracts between individuals not reliant on, or influenced by, any third party. In this respect bitcoin has clear advantages in terms of personal economic freedom.

While the debate about the level of economic freedom that individuals should be able to enjoy is too lengthy to engage with adequately here, given the failure of banks and governments during the financial crisis, greater personal independence and a move towards currencies backed by cryptographic proof rather than trust is, at the very least, an understandable aim.

To do so, requires greater stability to be both an effective medium of exchange and an effective store of value and unit of account. The question of whether bitcoin will or even can reach such a level of stability is debatable. One of the most significant issues affecting the stability of bitcoin is the level of speculation on the currency in comparison with its use for trading.

Bitcoin has been criticized for not being backed by anything with inherent value, making the currency unstable. However, the argument fails to account for the fact that a majority of currencies are now fiat currencies, and while state backed fiat currencies can be used to pay taxes, they still derive a large part of their value from the faith shown in them by their users.

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