Title: Developing a context specific model in the euro zone for data security within the financial system in anticipation for digital currencies and blockchain

Authors: Israel Dollo Hauwanga; Vito Bobek; Tatjana Horvat

Addresses: University of Applied Sciences (FH Joanneum Graz), Eggenberger Allee 11, 8020 Graz, Austria ' University of Applied Sciences (FH Joanneum Graz), Eggenberger Allee 11, 8020 Graz, Austria ' Faculty of Management, University of Primorska, Cankarjeva 5, p.p. 761. SI-6101 Koper, Slovenia

Abstract: It is no longer just a matter of analysing and discussing the utensils of crypto-currencies and the introduction of block-chain technology in the euro zone. This paper explores the key issues related to data security and cryptographic currencies and block chaining, and reassesses the emergence of the digital central bank currency and the arguments against issuing digital central bank money. This paper also starts from the premise that digital currency can be the vice that spreads the fervour of the euro in inter-cultural transactions and that there is a direct relationship between a nation's currency and culture and its image. The questions for assessing the adequacy of the market infrastructure and the digitalised currencies extend the premonition of arguments about the weaknesses of the euro Central Bank Digital Currencies in an effort to develop a context-specific model for the euro zone.

Keywords: crypto-currencies; crypto-assets; socio-cultural factors; cultural change management; decentralised consensus networks; cross-cultural transactions.

DOI: 10.1504/IJDIPE.2020.111010

International Journal of Diplomacy and Economy, 2020 Vol.6 No.2, pp.121 - 138

Received: 15 Mar 2020
Accepted: 18 Mar 2020

Published online: 05 Nov 2020 *

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