Search results

1

Challenges of central banks as regulators to the development of the FinTech sector

100%

Folwarski M.

Bezpieczny Bank

|

2019

|

vol. 77

|

issue 4

50-62

EN

Companies from the innovative technologies sector implement their solutions on the financial market. Their dynamic development is, amongst other things, caused both a loss of trust in traditional financial market entities and a change in consumer preferences related to the increasing use of financial services through electronic banking, specifically mobile banking. These trends, as well as legal regulations (e.g. the PSD2 Directive), and also the possibility of obtaining banking licenses by FinTech, have led to revolutionary changes on the financial markets. This is why there is a great challenge for central banks in the regulation and constant monitoring of entities from the FinTech sector that provide financial services. In connection with these changes, a survey was conducted among central banks asking them for opinions on the FinTech sector. As part of the research, numerous opinions were obtained which according to central banks indicate, among others, on: • the positive impact of the FinTech sector on the banking market • the need for cooperation between the banks and the FinTech sector, rather than establish competition • the specific analysis of cybernetic risk as a threat due to the growing scale of FinTech’s operations

2

Independence of Central Bank as a Basis for Institutional Politics of Monetary Policy

100%

Kraś I.

Polish Political Science Yearbook

|

2012

|

vol. 41

444-460

EN

The course of economic processes of economy is regulated by its products and production factors in which supply and demand are equalized. The most important role is given to money as a measurement of value (ensuring valuation), means of payment (allowing the settling the payments) as well as a means of hoarding (allowing savings). Primarily the market economy is a monetary economy. Money is used for buying and selling, for granting loans, accumulating savings. Every functional entity of the market such as enterprises, households are taking part in these processes. An important role of these processes is taken by the purchasing power of money, which has an eff ect on those participating in economy and social life. If the value of the money is constant it brings safety in life not only from the economic but also the social point of view. We can not agree more than to say that stable currency is of great social value. The central bank takes a major role to a guard keeping the currency at a stable level. Proper functioning of the central bank is strictly connected with its independence. It allows the monetary policy to be conducted properly in a country.

3

KOMUNIKACJA BANKU CENTRALNEGO Z RYNKIEM A STABILIZOWANIE OCZEKIWAŃ INFLACYJNYCH

85%

Szyszko M.

Ruch Prawniczy, Ekonomiczny i Socjologiczny

|

2012

|

vol. 74

|

issue 2

161-176

EN

The paper focuses on the central bank’s optimal communication with the market participants, and analyses the impact of the disclosure of the central bank’s intentions on the expectations of the economic agents. The stabilisation of inflation expectations is the main task of the monetary authorities. The main purpose of the paper is to analyse the relationship between the central bank forecasts and expectations. The text is organised as follows: section II describes the ways in which central banks signal their future policy actions. The inflation forecasts as tools influencing the expectations are described in section III. Section IV, in turn, provides an overview of the theoretical and empirical research on inflation forecasts, expectations and other economic variables. The paper also contains the description of pros and cons of publishing the policy path. The analysis of the research together with practical aspects does not lead to any explicit conclusions on the interdependences of inflation forecasts and expectations. The influence of the central bank forecasts is diverse and varies over time. However, central banks include a forecast disclosure in their communication strategy because of its potential advantages.

PL

Artykuł wpisuje się dyskusję poświęconą optymalnej komunikacji banku centralnego z rynkiem. Przede wszystkim akcentuje wpływ publikacji informacji o intencjach banku centralnego na oczekiwania podmiotów gospodarczych. Celem naukowym jest analiza związków między tymi zmiennymi. W kolejnych częściach tekstu opisano sposoby sygnalizowania intencji przez bank centralny (2), scharakteryzowano szczególną rolę prognoz inflacji jako instrumentu wywierającego wpływ na oczekiwania i czynniki wspierające oraz zaburzające wypełnianie tej funkcji (3) oraz dokonano przeglądu badań teoretycznych i empirycznych na temat związków między prognozą inflacji a oczekiwaniami i innym zmiennymi gospodarczymi (4). Opracowanie porusza również wątki kosztów i korzyści związanych z publikacją ścieżki stóp przez bank centralny. Analiza wyników badań oraz argumentów praktycznych nie prowadzi do jednoznacznych wniosków o przełożeniu prognoz inflacji na oczekiwania podmiotów gospodarczych. Wpływ prognoz jest zróżnicowany i zmienny w czasie. Banki centralne, kształtując strategię komunikacji, uwzględniają jednak korzyści związane z publikacją prognoz.

4

HOW THE CENTRAL BANK MAKES DECISION ON INTEREST RATES? A COMPARATIVE ANALYSIS OF FORECAST IMPORTANCE

80%

Szyszko M.

Equilibrium. Quarterly Journal of Economics and Economic Policy

|

2017

|

vol. 12

|

issue 2

281-294

EN

Research background: Most of the modern central banks (CBs) acknowledge the role of economic agents’ expectations in monetary policy. To shape these expectations and to over-come the lags occurrence, CBs produce and reveal macroeconomic forecast and declare that it is the input into their deliberations and monetary policy adjustments. This is how central banks implement inflation forecast targeting. The formal assessments of actual forecast importance in central banks’ decisions is not presented in the literature — to the best author’s knowledge. Purpose of the article: The paper is of methodological nature. It presents the index that compares inflation forecast importance in the central banks decisions. The elaboration of such index is the main goal of the paper. The index is tested empirically for Czechia and Sweden. Methods: Comparably to other research presenting the tools that approximate some qualitative variables, the methodological part of the paper offers the description of the factors covered by the index with their justification and point attribution. The index is suitable to assess CBs decision’s accordance with the forecast produced under constant rate assumption as well as under endogenous interest rates. It is designed to cover low quality data as the time series on the central path of the forecast are not always accessible. In this cases only the relation of the forecast to the inflation target is revealed on the fan charts. Findings & Value added: The index elaboration and its calculation for Czechia and Sweden is presented in the paper. It thus contributes to the literature on ex post assessment of the central bank’s actions. This formalized assessment opens the field for making further con-clusions on inflation forecast targeting implementations and possible impact of the forecast on the economic agents' expectations.

5

Introduction of the Concept of an Independent Central Bank into the Polish Political System in Light of the European Experience

80%

Chęciński R., Przychodzki M.

Roczniki Nauk Prawnych

|

2018

|

vol. 28

|

issue 3 English Online Version

5-19

EN

The article is intended to outline the development of central banking in terms of its independence, with particular emphasis on the implementation of the idea of an independent central bank in Poland, also comparison with some other countries. The idea of central-bank independence was presented from personnel, financial and functional perspectives. In the initial phase of their development, central banks were mainly established in the form of capital-based companies. Their position and importance was determined by special privileges. The Maastricht Treaty was a normative act that had a major influence on the shape of the currently dominant concept of an independent central bank, which pursues a free monetary policy at its own discretion. The Constitution of 1997 and the Act 29 August 1997 on the National Bank of Poland of were crucial in guaranteeing the strong position and independence of NBP from state authorities.

6

The Role of the Central Bank in Foreign Exchange Inspection in Selected Countries of the European Union – as seen in the Example of Poland, the Czech Republic and Germany

80%

Kowalewska E.

Review of European and Comparative Law

|

2021

|

vol. 45

|

issue 2

183-206

EN

The activity of central banks in EU states is based on similar assumptions. Their aim is usually to maintain a stable level of prices and to support the state’s economic policy. Central banks are responsible for issuing money and for monetary policy. They have been equipped with adequate instruments to this end. The aim of this research is to demonstrate that legislation in Poland, the Czech Republic and Germany vested another important function in the central banks, namely foreign exchange inspection. However, this function is exercised differently in each of them. The central banks of countries referred to above are not only responsible for currency in circulation within the country but also for the balance of payments. Also, by pursuing their own foreign exchange policy they ensure an adequate position of the national currency in relation to foreign ones. The foreign exchange inspection in each of these countries is based on a different tradition and at the same time outlines the special role of the central bank. The analysis herein makes it possible to establish the scope of this inspection, taking into account the dynamics of changes that occur on the legal ground. What is also important here is whether a given country is only a member of the European Union or a member of the EU and of the euro area. The adopted research methodology is based on analysis of legislation in force with a reference to views expressed by legal commentators.

7

The Russian Central Bank as a Monetary Targeter? An Empirical Analysis

80%

Merkl C., Vinhas de Souza L., Kiel University I. f. W. E. I., Kiel Institute for World Economics

Acta Universitatis Lodziensis. Folia Oeconomica

|

2005

|

vol. 192

PL

W artykule dokonaliśmy przeglądu zasad polityki monetarnej prowadzonej przez bank centralny Rosji. Stosując różne podejścia do tych zasad, testujemy czy bank centralny Rosji reaguje na zmiany inflacji, luki produkcyjnej oraz kursu walutowego w przewidywalny sposób. Nasze badania prowadzą do wniosku, że w latach 1993-2002 bank centralny Rosji przyjmował za kryterium agregat pieniężny jako główny instrument prowadzonej polityki monetarnej.

EN

The paper reviews the recent conduct of monetary policy and the central bank’s rule-based behavior in Russia. Using different policy rules, we test whether the central bank in Russia reacts to changes in inflation, output gap and the exchange rate in a consistent and predictable manner. Our results indicate that during the period of 1993-2002 the Bank of Russia has used monetary aggregates as a main policy instrument in conducting monetary policy.

8

The Origin of the Polish National Loan Fund and Its Operation on the Polish Lands

80%

Komierzyńska-Orlińska E.

Roczniki Nauk Prawnych

|

2018

|

vol. 28

|

issue 3 English Online Version

45-69

EN

The idea of establishing the Bank of Poland as the central bank of the Second Polish Republic and introducing a new currency appeared shortly after Poland regained its independence. At the beginning of 1919, in the economic circles it was believed that one of the initial steps taken by the government would be to establish a new issuing bank in place of the Polish National Loan Fund, which had appeared on the Polish territory in an emergency situation—during the First World War, and which, contrary to the original (both German and Polish) plans survived for 7 years and was transformed after the war into the first bank of issue in the now independent Polish State. The Polish National Loan Fund established by the Germans as an issuing institution by way of the ordinance of December 9, 1916 establishing the Polnische Landes Darlehnskasse was granted the privilege of issuing a new currency, that is a new monetary unit under the name marka polska. The German authorities were guided by various objectives when creating the new issuing institution—first of all, the aim was to limit the area of circulation of the German mark and to create an instrument that would draw in the occupied area of the Polish territory to finance the war, contrary to the assurances of the occupying authorities that the PKKP would be an institution supporting the economy and banking system of the country—the Kingdom of Poland, whose creation was envisaged after the end of World War I.

9

Kryzysowa polityka pieniężna – podstawowe dylematy

80%

Tomkiewicz J.

Management and Business Administration. Central Europe

|

2013

|

vol. 21

|

issue 2(121)

38-48

XX

Purpose: The goal of the text is to show a number of challenges which major central banks must face today. Impressive engagement of the central banks in counter-crisis policy leads to many controversial decisions and its results are not clear both for economic theory and for real economy. For now, one cannot show a full overview of the policy of central banks – on the one hand, thanks to the expansionary monetary policy, recession was quite shallow and the risk in financial markets has declined, but on the other hand, few side effects of this policy can be mentioned, which can jeopardize economic stability in the future. Methodology: The paper has a theoretical character. The findings are based on a literature review and an analysis of the major macroeconomic data. Findings: The text indicates the most important areas which have to be investigated by central banks. There are serious doubts about issues like: inflation targeting as a fundamental part of monetary policy, the efficiency of monetary policy instruments and the side effects of loose monetary policy. Originality: The text presents quite a new approach in analyzing macroeconomic policy by indicating important gaps in contemporary economic knowledge according to which economic policy is conducted.

10

Rada Polityki Pieniężnej jako szczególny organ państwa

71%

Kraś I.

Przegląd Politologiczny

|

2016

|

issue 3

159-170

EN

The paper deals with the topic of the Monetary Policy Council. The main aim of this research paper is to analyze the institutional position of the Council. The first part focuses on the definition of the Monetary Policy Council’s status. The next part concerns the model of the term of office and personal composition of the Council. In this context, proposals for changes are presented which are included in the project of the new law on the National Bank of Poland. A significant part of the paper describes the conceptual requirements for the members of the MPC. They emphasize the importance of the Council in comparison with other state bodies. The ending presents the conclusion that the Monetary Policy Council is a state organ of special importance. The author indicates the need for certain changes to reinforce the actions of the Monetary Policy Council, especially the need to regulate the number of members of the MPC who should be appointed by the relevant bodies and authorities by means of the Constitution. Additionally, the issues concerning legislative competence must be discussed as well.

PL

Artykuł poświęcony jest Radzie Polityki Pieniężnej. Celem opracowania jest analiza ustrojowej pozycji Rady. Określenie statusu prawnego RPP stanowi początek rozważań. W dalszej części przedstawiono model kadencyjności i skład osobowy RPP. W tym kontekście omówione zostały propozycje zmian zawarte w projekcie ustawy o NBP. Istotną częścią artykułu jest kwestia wymogów merytorycznych stawianych członkom RPP. Podkreślają one pozycję Rady na tle innych organów państwa. Zakończenie zawiera wnioski potwierdzające, że RPP to szczególny organ państwa. Autor wskazuje również, że należałoby dokonać pewnych zmian wzmacniających działanie RPP, a mianowicie konstytucyjnie uregulować liczbę wybieranych do niej członków przez uprawnione do tego organy i uregulować kwestie kompetencji prawotwórczych.

11

Selected aspects of the independence of the National Bank of Poland in the context of Polish political practice

71%

Myślak E.

Przegląd Politologiczny

|

2013

|

issue 3

173-182

PL

Niezależność banku centralnego jest pojęciem złożonym i wielostronnym, a jego podstawową przesłanką jest dbałość o wartość współczesnego pieniądza i założenie, że autonomiczny bank jest bardziej odporny na oddziaływanie pozostałych uczestników życia polityczno-gospodarczego. Przyjęte w Polsce rozwiązania ustrój owo-prawne gwarantująNarodowemu Bankowi Polskiemu wysoką pozycję w strukturze organów państwa oraz duży stopnień niezależności w trzech podstawowych aspektach:personalnej, finansowej i funkcjonalnej. Świadczy o tym zarówno sposób powoływania organów banku centralnego i ich kadencyjność, kompetencja wyłącznego prawa do ustalania i realizowania polityki pieniężnej, zakaz bezpośredniego finansowania przez bank centralny deficytu budżetowego oraz w znacznym stopniu ograniczony nadzór Sejmu i rządu nad działalnością NBP. W obliczu prób pozbawienia choćby części autonomii NBP warto podkreślić, że polityka monetarna dla swej skuteczności wymaga realizowania celów długofalowych, co stoi w sprzeczności z krótkoterminową polityką rządu zdeterminowaną programem politycznym i kalendarium wyborów. Potwierdził to wyrok Trybunału Konstytucyjnego w sprawie bankowej komisji śledczej wskazując na niezależność Narodowego Banku Polskiego oraz jego uprawnienie do realizacji autonomicznej polityki pieniężnej wolnej od wpływów politycznych, co stanowi gwarancję wartości polskiego złotego.

EN

Central bank – the fourth estate – is the decisive entity for the issue of money and the obligation to protect its value, provided, however, that at the same time it retains independence in three main areas: personal, financial and functional. The political system and legal solutions adopted in Poland provide the National Bank of Poland with a high position in the structure of state bodies and a large degree of independence. Unsuccessful attempts to deprive the autonomy of National Bank of Poland showed that Poland is a country of law and confirmed the independence of the Polish National Bank, and its right to carry out an autonomous monetary policy free from political influence, which is a guarantee of the value of the Polish zloty.

12

The Idea of Central Banking in the Final Years of the First Polish Republic

70%

Łopuszyński K.

Roczniki Nauk Prawnych

|

2018

|

vol. 28

|

issue 3 English Online Version

89-100

EN

The need to establish a national bank in the Polish Republic was addressed in 1763 by Fr Stanisław Konarski in his O skutecznym rad sposobie. The need to secure the issue of Polish money increased as a result of the crisis caused by the flooding of the Polish market with Polish coins counterfeited in Prussia. The discussion was joined by proponents of mercantilism, who saw the possibility of keeping good Polish money in circulation by using dead capital in “deposit coffers.” However, only the Sejm could establish a central bank. The first drafts saw the light during the sessions of the Four-Year Sejm (1788–1792). Among them, the proposal of the famous Warsaw banker Jędrzej Kapostas deserves our attention, who in 1789 published a work entitled O banku narodowym w Polszcze and Planta ułożenia projektu Banku Narodowego in the next year. Paper money in Poland appeared in circulation during the Kościuszko Uprising. To this end, the Treasury Notes Administration was established, which issued so-called “assignments.” They survived until the fall of the uprising. The Third Partition of Poland put an end to the discussion of the establishment of a central bank.

13

Europejska sieć bezpieczeństwa finansowego. Rozwiązania pokryzysowe

70%

Iwanicz-Drozdowska M.

Studia BAS

|

2018

|

issue 1(53)

7-24

EN

The author reviews the EU financial supervisory and regulatory architecture which was introduced in 2010 as a response to the global financial crisis. The aim of this paper is to discuss the gaps identified in the financial safety net, as well as the decisions made by policymakers to strengthen financial regulation and supervision. Special attention is given to the financial stability mandate, micro- and macroprudential supervision, and resolution mechanism. The changes implemented are expected to reduce the severity of any future financial crisis.

14

Pozycja Narodowego Banku Polskiego w systemie naczelnych organów władzy państwowej. Analiza wybranych zagadnień

70%

Myślak E.

Politeja : Pismo Wydziału Studiów Miedzynarodowych i Politycznych Uniwersytetu Jagiellońskiego

|

2014

|

issue 1(27)

61-79

EN

The National Bank of Poland obtained the status of an independent constitutional body as a result of legal norms and political practice: its organization, functions and powers, and consequently the relationships with supreme state authorities, has significantly changed. The method and shape of regulations made by the legislator is an expression of preference for the entire banking model adopted in Poland: a two‑stage model, in which there is one central bank of the state and other commercial banks. The granting of exclusive rights to the NBP to issue money and to formulate and implement monetary policy as well as a prohibition on covering the budget deficit by way of contracting credit obligations to the State’s central bank in a meaningful way influenced on the NBP’s position: the bank became independent from the executive and the legislature. The control of the bank is limited as the consequence of the bank’s political neutrality and high degree of independence. As the result of not sufficient level of democratic supervision the central bank has been deprived of competence to issue generally binding legislation. Although the Polish National Bank is independent, it is obliged to cooperate with other authorities in the formulation and implementation of economic policy, assuming that does not infringe the implementation of monetary policy. NBP does not find his place in the Montesquieu’s tripartite separation of powers, but the scope of its functions and constitutional legal grounds justify fully its current position in the state.

15

The influence of the return to the standard monetary policy on the economies of developing countries – the case of Argentina

70%

Skibińska-Fabrowska I.

FINANSE Czasopismo Komitetu Nauk o Finansach PAN

|

2018

|

issue 1(11)

89-105

EN

The correlations and the influence of the monetary policy pursued by the central banks of developed countries, primarily by the Federal Reserve System (the central bank of the United States), on the economies of developing countries is a subject of research, especially since the outbreak of the last financial crisis. Decisions concerning shifts in attitudes in the monetary policy taken by the monetary authorities of the largest economies, influence investors’ behaviour. Due to globalization and financialization, short-term capital flows occur very quickly and on a significant scale. Argentina is an illustration of the consequences of monetary policy tapering by the FRS for the economy of a developing country. Argentina was supported during the period of disturbances by the International Monetary Fund. Nevertheless, it seems that this solution is insufficient in view of the globalization of the effects of the monetary policy pursued by the economically strongest countries.

16

European System of Central Banks: How does it work?

70%

Krejčí M.

Czech Journal of Social Sciences, Business and Economics

|

2013

|

vol. Volume 2

|

issue 1

49-59

EN

This paper summarizes the description of European Banking System. European economic integration finished on the EMU stage with three institutions connecting EU national banks. The work is focused on the closer look on them and it also compares Eurosystem with FED and Bank of Japan. Relevant conclusions are driven and the advice is given for further researches which could examine quality of the Eurosystem.

17

Panika roku 1907 – kryzys finansowy 2008. Sto lat budowania kreatywnego kapitalizmu

70%

Kwaśnicki W.

Ekonomia XXI Wieku

|

2014

|

issue 2(2)

9-33

EN

Usually, current financial crisis of 2008 is compared to the Great Depression of 1929. But there are some evidence that our current financial crisis has much more similarities and analogies to the crisis initiated by the panic in 1907. A brief analysis of both crises is presented. This analysis is conducted on the basis of the history of the United States of America, where both mentioned crises were initiated. However, we will search for the answer to the basic question, namely: how events in the early twentieth century shaped the history of the economies in the next hundred years, and how expected changes in the institutional arrangements after 2008 may be comparable to the revolutionary changes of the social order after 1907 (e.g., appearance of the FEDeral Reserve System in 1913, the adoption of the 16th Amendment of the U.S. Constitution, enabling the collection of taxes on personal income, growth and omnipotence of government agencies)?

18

On the growing accountability of central banks for financial stability–the macroprudential perspective

70%

Matysek-Jędrych A.

Economics and Business Review

|

2018

|

vol. 4(18)

|

issue 4

30-45

EN

The aim of this paper is to identify and assess, on a comparative, intra-country basis, the existing practices and developments in central bank accountability for financial stability, from a new–macroprudential policy–perspective. The paper aims to contribute to the ongoing debate on institutional arrangements for macroprudential policy. The debate as to whether the combination of monetary policy and financial supervision within one institution is not new. Nevertheless it is far from being resolved. The paper points to the need to establish clear, formal and robust mechanisms of central bank involvement in the process of executing macroprudential policy, at least as a data collection and analyzing institution.

19

Currency and Moral Practice—Navigating the Commercial Environment

70%

Campbell J.

Dialogue and Universalism

|

2024

|

issue 1

83-93

EN

This article investigates the ethical foundations for both personal and commercial conduct, placing these a) for natural individuals with Kant’s categorical imperative as the standard for verification and b) for entities defined to conduct business with markets that freely determine prices among the participating actors at the moment of exchange. Pervasive digitization of transactions is noted. The concepts of currency and money are defined and examined in practice, drawing on the statements of international and US government agencies, economists as well as investigative reporters.

20

Legal Aspects on the Currency Policy, Currency Regime, Currency Market and Virtual Currency

70%

Pirvu A.

Studia Prawnicze: rozprawy i materiały

|

2019

|

issue 1(24)

69-76

EN

The concept of “currency” designates the cash that is used in international transaction, other than the one used for national transactions. Foreign currency is, practically, the national “coin” of another state or the “coin” used by a monetary union of some states. While the monetary policy of a state represents a set of measures meant to ensure the internal stableness of a national currency, the currency policy is a set of measures being taken to ensure and maintain the stableness of the national currency at a foreign level. The virtual currency is, according to ESMA (European Security and Market Authority), “the virtual representation of the value, which is not issued by a central bank, credit institution or institution of electronic currency, and which can be used as an alternative to the legal currency in certain circumstances”.

Refine search results

Challenges of central banks as regulators to the development of the FinTech sector

Independence of Central Bank as a Basis for Institutional Politics of Monetary Policy

KOMUNIKACJA BANKU CENTRALNEGO Z RYNKIEM A STABILIZOWANIE OCZEKIWAŃ INFLACYJNYCH

HOW THE CENTRAL BANK MAKES DECISION ON INTEREST RATES? A COMPARATIVE ANALYSIS OF FORECAST IMPORTANCE

Introduction of the Concept of an Independent Central Bank into the Polish Political System in Light of the European Experience

The Role of the Central Bank in Foreign Exchange Inspection in Selected Countries of the European Union – as seen in the Example of Poland, the Czech Republic and Germany

The Russian Central Bank as a Monetary Targeter? An Empirical Analysis

The Origin of the Polish National Loan Fund and Its Operation on the Polish Lands

Kryzysowa polityka pieniężna – podstawowe dylematy

Rada Polityki Pieniężnej jako szczególny organ państwa

Selected aspects of the independence of the National Bank of Poland in the context of Polish political practice

The Idea of Central Banking in the Final Years of the First Polish Republic

Europejska sieć bezpieczeństwa finansowego. Rozwiązania pokryzysowe

Pozycja Narodowego Banku Polskiego w systemie naczelnych organów władzy państwowej. Analiza wybranych zagadnień

The influence of the return to the standard monetary policy on the economies of developing countries – the case of Argentina

European System of Central Banks: How does it work?

Panika roku 1907 – kryzys finansowy 2008. Sto lat budowania kreatywnego kapitalizmu

On the growing accountability of central banks for financial stability–the macroprudential perspective

Currency and Moral Practice—Navigating the Commercial Environment

Legal Aspects on the Currency Policy, Currency Regime, Currency Market and Virtual Currency