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Open Access Article
1 - Legal analysis of the responsibility of cryptocurrency miners and exchanges
asghar khajavi Syed Morteza Ghasem Zadeh Kourosh jafarpourToday, the use of blockchain technology and cryptocurrencies in commercial transactions has raised many legal challenges, and in our country, despite the fact that the mining of cryptocurrencies is permitted by the approval of the Cabinet of Ministers, with the permissi MoreToday, the use of blockchain technology and cryptocurrencies in commercial transactions has raised many legal challenges, and in our country, despite the fact that the mining of cryptocurrencies is permitted by the approval of the Cabinet of Ministers, with the permission of the relevant authorities, an explicit position regarding cryptocurrencies has not yet been taken. Therefore, it seems necessary to identify the contacts and contracts of cryptocurrencies and subsequently formulate appropriate laws. Unlike tax laws, where the obligations and responsibilities of a person who receives cryptocurrencies or profits from transactions with cryptocurrencies are covered by specific laws in many states, in the discussion of civil liability in the field of cryptocurrency relations, there are many contradictions, ambiguities and confusions due to the newness of this The phenomenon is observed.According to the investigation of the nature of smart contracts, cloud mining contracts and the analysis of numerous consumer agreements provided by service providers in the space of cryptocurrencies, the results of this research show that the default rules regarding contractual responsibility in contractual relationships are appropriate and unique in nature. And the complexity of cryptocurrencies whose contract is discussed should not be important for the applicability of civil laws regarding validity, binding and liability issues in cases of violations. In the field of consumer protection, data privacy protection and investor protection law, favorable laws should be enacted. Manuscript profile -
Open Access Article
2 - Identifying and prioritizing the obstacles of cryptocurrencies in Iran
Sadigheh tootian Isfahani leila saeidi zohre Hassanpour -
Open Access Article
3 - The responsibility of the Islamic State in dealing with fake transactions and its solutions
Amir Jawadi Mohammad Babapoor Abdolali Mohammadi JozaniWith the introduction of cryptocurrency into the world of economy, smart contracts were formed based on it and are now partially popular. Experts in this field believe that in case of widespread use of this type of contracts, the possibility of formal transactions will MoreWith the introduction of cryptocurrency into the world of economy, smart contracts were formed based on it and are now partially popular. Experts in this field believe that in case of widespread use of this type of contracts, the possibility of formal transactions will disappear. Despite conducting numerous researches on smart transactions, the discussion of virtual transactions has not been investigated in this field, and this research, using an analytical-descriptive method, is for the first time trying to investigate the responsibility of the Islamic government in this regard. It seems that due to the negative effects of formal transactions in the society, if a special mechanism can eliminate these transactions, the Islamic government is responsible for making them mandatory. According to jurisprudential interpretations, providing social and economic security is the government's duty, which is an example of the mandatory smart contract with the aim of eliminating formal transactions. From a legal point of view, the executive and judicial authorities can send a bill to the Islamic Council regarding the mandatory use of smart contracts in order to provide legal protection and also to prevent the occurrence of crimes. Monopoly in the smart type of contracts is contrary to Islamic Sharia and its partial acceptance is possible like electronic transactions. If the related law is not approved, the executive bodies in charge of certain affairs can use their authority to make these contracts mandatory. The final result is that with the relatively mandatory smart contract and the popularization of cryptocurrency, it is possible to eliminate formal transactions and this action is considered to improve economic security. Manuscript profile -
Open Access Article
4 - An Analysis of the Civil Liability for Environmental Damages Resulted from Cryptocurrency Mining
Mahdi Madadi mohsen ghaemi kharghMining of cryptocurrencies is one of the important phenomenon attracting the attention of a great number of people due to its tremendous profit; however, the said profit for a limited number of people is turning into a challenge for the planet earth. As a result, an inc MoreMining of cryptocurrencies is one of the important phenomenon attracting the attention of a great number of people due to its tremendous profit; however, the said profit for a limited number of people is turning into a challenge for the planet earth. As a result, an increase in the power demand causes an increase in the greenhouse gas emission and eventually leads to two degrees of global warming.This is a library research using the inductive-deductive method. Beside reviewing the equation ratio of “environment” and “economy resulted from Mining cryptocurrency”, this research suggests some strategies for prevention of the said problems and reviews the civil liability of Mining of such currencies. It is concluded that the Mining should bear the consequences of their profitability based on the theories of “No-Damage” and “Risk” and they should try to compensate the damages. Taking into account the existing complex situation of the environment, the method of compensating the damages is in line with the reality. Manuscript profile -
Open Access Article
5 - Analysis of financial risk in the cryptocurrency market: Evidence from predicting value at risk
Zahra Bozorgtabar Baei Reza Aghajan Nashtaei Mohammad Hasan GholizadehConsidering the extreme fluctuations of the cryptocurrency market and also the importance of predicting the value at risk in such conditions, the purpose of the present study is to predict the value at risk in the cryptocurrency market and also to compare different mode MoreConsidering the extreme fluctuations of the cryptocurrency market and also the importance of predicting the value at risk in such conditions, the purpose of the present study is to predict the value at risk in the cryptocurrency market and also to compare different models for predicting the value at risk. In addition, the impact of different distributions of model innovation terms has been investigated. In this research, we use different models to predict the value at risk of return of four well-known cryptocurrencies. The data used in the research covers the period from 1/1/2018 to 16/3/2022. This research uses CAViaR and DQR models that directly predict the return distribution quantiles as value at risk. In addition to the mentioned models, several types of common models have been used to predict value at risk. In order to check the performance of the used models, we have used the back-test method, which is one of the common methods for testing the performance of the models. The results show that the models that directly use the quantiles of the return distribution to predict value at risk (specifically CAViaR and DQR models) have a much better performance than other common models for predicting value at risk. Manuscript profile -
Open Access Article
6 - Liquidity and Information Efficiency in Cryptocurrencies Market
Mohammad SalehifarIn this paper, we evaluate the behavior of return, liquidity, and information efficiency in cryptocurrencis market. Cryptocurrencis are a kind of virtual currencies which cryptography technology is a basic element in their designing. They are often managed in an undistr MoreIn this paper, we evaluate the behavior of return, liquidity, and information efficiency in cryptocurrencis market. Cryptocurrencis are a kind of virtual currencies which cryptography technology is a basic element in their designing. They are often managed in an undistributed manner. The sample consists of 13 cryptocurrencies which were traded during 3 years (11/1/2015 until 11/1/2018) consistently. We apply Dickey-Fuller test, Ljung-Box autocorrelation parametric test, Fama-French autocorrelation test, Run and Hurst non-parametric tests to explore momentum and long-run memory in cryptocurrencis market. Findings show that cryptocurrencis return has an unpredictable behavior in markets which are more liquid. Indeed, liquidity has a direct relationship with information efficiency in cryptocurrencis market. Totally, the more liquid cryptocurrencis markets are, the less return predictability will be happened and cryptocurrencis return time series will move to a random walk. Therefore, the efficient market hypothesis will be improved. Manuscript profile -
Open Access Article
7 - Optimal Hardware Accelerator Design for Implementation of BLAKE2b Hash Function Algorithm
Mohsen Dadkhah Atefeh Salimi Nadia HajikhiadaniRecently, there has been a surge in the popularity of cryptocurrencies, which are digital currencies that enabletransactions through a decentralized consensus mechanism. In this paper, one of the most effective Equihashalgorithms subcategories, known as BLAKE2, is prese MoreRecently, there has been a surge in the popularity of cryptocurrencies, which are digital currencies that enabletransactions through a decentralized consensus mechanism. In this paper, one of the most effective Equihashalgorithms subcategories, known as BLAKE2, is presented, and then effort has been made to optimize thecompression function as one of the main and most challenging blocks of the BLAKE2 algorithm. In addition,by cognitive partitioning the algorithm between the software/hardware parts of the device, efforts have beenmade to improve the speed and the number of resource usage. For comparison, implementation was carriedout with high-level vs HDL design methods for full and semi-parallel structures. All three methods wereimplemented using Vivado tools exploiting ZC706 evaluation board. The implementation results indicatedthat the number of resource usage (LUT/FF) and power consumption of the proposed structure is equal to(6575/4726) and 0.316(W) respectively Which has created a significant reduction compared to other methods.Moreover, the hash rate and the energy efficiency of the proposed structure are equal to 50 MHash/s and 6.3(𝑛𝐽/𝐻𝑎𝑠ℎ) respectively Manuscript profile -
Open Access Article
8 - Virtual Assets from the Internet of Things Perspective
Mohammad Davarpour Mohammad Ahmadinia -
Open Access Article
9 - A Comparative Study of Cryptocurrencies from Perspectives of the Contract Law and Banking Law
alireza mohamad zade Asghar Mahmoudi Ebrahim Taghizadeh Hassan KhosraviThe current article revolves around the comparative study of the cryptocurrencies from the perspectives of the contract law and banking law by examining the basics of contract law and banking law and taking into account the validity and credibility of the Cryptocurrenci MoreThe current article revolves around the comparative study of the cryptocurrencies from the perspectives of the contract law and banking law by examining the basics of contract law and banking law and taking into account the validity and credibility of the Cryptocurrencies Code in Iran. What present paper is in pursuit of is seeking the application of crypto currencies and their validity in contract law and banking law while taking an effective step in acknowledging the rights to deploy the Cryptocurrencies Code in Iranian trade by elaborating on its dimensions. The results reveal that in Iran, the only law that has been approved on the use cryptocurrency is the approval of the Cabinet dated 06/05/2017 which is in reality based on the Principle 138 of the Constitution of the Islamic Republic of Iran regulated in 6 Articles and 7 Notes. From the perspective of contract law, citing Articles 1 and 2 of the above decree, it can be stated that the use of cryptocurrencies, which is done only by accepting responsibility for risk by traders, is not subject to the support and guarantee of the government and the banking system, and that its use is not permitted in domestic transactions. It needs mentioning that under the mentioned content, the only exception is the case of extracting encrypted processing products whereby mining has been allowed with the permission of the Ministry of Industry, Mines and Trade. In banking law, the use of the cryptocurrencies and the amount of its supply is done solely by the Central Bank of Iran and are totally subject to the laws and regulations of the Islamic Republic of Iran. Manuscript profile -
Open Access Article
10 - Optimal Operation of Electric Vehicle Charging Station Based on 100% Renewable Energy for Supplying Cryptocurrency Mining Farm and Critical Loads in Off-Grid and Grid-Tied States
Reza HemmatiThis research proposes a novel method for utilizing renewable energies in electric vehicle charging stations. In the proposed method, the required energy for charging the electric vehicles, the needed energy for supplying the cryptocurrency mining farm as well as the en MoreThis research proposes a novel method for utilizing renewable energies in electric vehicle charging stations. In the proposed method, the required energy for charging the electric vehicles, the needed energy for supplying the cryptocurrency mining farm as well as the energy for supplying the critical loads of the upstream grid are afforded by 100% renewable resources, and the electric vehicle parking station (i.e., charging station) receives no energy from the utility grid. In this model, the uncertainty of renewable energies and the mismatch between generation and demand are resolved by optimal charging-discharging of electric vehicles. While the utility grid is available, the electric vehicles are fully charged, the cryptocurrency mining farm continues operation at full capacity, and excess renewable energy is sent to the upstream grid to supply the critical loads. The critical loads are supplied from two directions of the grid and parking station. During an outage or blackout of the utility grid, the critical loads are fully supplied by an electric vehicle parking station. In this situation, the cryptocurrency miners are modeled as a responsive load. In the off-grid operation, the proposed planning manages the energy of cryptocurrency miners as well as the charging-discharging pattern of electric vehicles for reaching two objectives of fully charging all the electric vehicles and fully supplying the critical loads. If there is any surplus of energy, it is used to run the cryptocurrency miners. In the proposed model, since no energy is received from the utility grid, the issues related to cryptocurrency mining are inconsequential. The objective function of the proposed method is to minimize the number of discharge cycles on electric vehicles to avoid battery degradation. The problem is formulated as mixed integer linear programming and solved by GAMS software. The wind and solar energy uncertainty are incorporated in the model and an optimal charging-discharging pattern is designed for electric vehicles to confirm feasible operation under all energy variations. Manuscript profile -
Open Access Article
11 - Designing and explaining the dynamic model of comprehensive risk transfer of cryptocurrency in the financial markets of the world
Reza Karimi Mirfeiz Falahshams Shadi Shahverdiani Gholamreza zomorodianThe purpose of this article was to provide a dynamic and dynamic model to explain how to transfer the pervasive risk of cryptocurrencies in the world markets. In this regard, the statistical information of the cryptocurrency market index and the data of the Nasdaq, New MoreThe purpose of this article was to provide a dynamic and dynamic model to explain how to transfer the pervasive risk of cryptocurrencies in the world markets. In this regard, the statistical information of the cryptocurrency market index and the data of the Nasdaq, New York, Toronto, London, Frankfort, Madrid, Shanghai, Hong Kong, Tokyo, and Mumbai stock market indices were used. In this research, the data related to the cryptocurrency market and financial markets from July 2012 to July 2022 have been used. In the first part of this study, using the information of the period 2012-2022, based on the frequency of monthly data for the financial markets, the comprehensive risk criterion has been calculated using the method of value at risk, conditional interval and expected loss. In the second part, using multivariate conditional heteroscedastic variance autocorrelation method (MGARCH), the external effects related to pervasive risk related to cryptocurrency were estimated on financial markets. The obtained results indicate that there are spillover effects between financial markets and an increase in pervasive risk in each of the financial markets leads to an increase in pervasive risk in other financial markets. In the second part, using multivariate conditional heteroscedastic variance autocorrelation method (MGARCH), the external effects related to pervasive risk related to cryptocurrency were estimated on financial markets. The obtained results indicate that there are spillover effects between financial markets and an increase in pervasive risk in each of the financial markets leads to an increase in pervasive risk in other financial Manuscript profile -
Open Access Article
12 - Substitution of traditional money with virtual currencies and its effects on macroeconomic variables in the form of DSGE model
mohammad pouraghdam taghi torabi abbas memarnezhad teymor mohammadiThe purpose of this article was to investigate the replacement of traditional money with virtual currencies and its effects on macroeconomic variables with the approach of Dynamic Stochastic General Equilibrium (DSGE) models. For this purpose, the data of the period 201 MoreThe purpose of this article was to investigate the replacement of traditional money with virtual currencies and its effects on macroeconomic variables with the approach of Dynamic Stochastic General Equilibrium (DSGE) models. For this purpose, the data of the period 2018-2019 with seasonal frequency have been used. In the model designed in this article, it is assumed that due to the use of virtual money, a substitution between virtual money and traditional money will happen in people's asset portfolio. In this study, the shock caused by the price and volume of Bitcoin transactions is considered as an indicator for the demand for virtual currency. The results show that the shock from virtual currencies has led to a decrease in the demand for traditional money, in other words, there has been a substitution between holding traditional money and virtual money. In addition, the results indicated that due to the shock of virtual currencies, the amount of consumption in the economy has increased, and on the other hand, the amount of government income from royalties and money printing has decreased. Also, the results showed that the government's tax revenues have also decreased due to the trend of financial resources in the economy towards the demand of virtual currencies. Manuscript profile -
Open Access Article
13 - Analyzing and measuring the systemic risk between cryptocurrencies and real currencies using the value-at-risk and the marginal expected shortfall
Zohre Rahimi Gholamreza Zomorodian Azita Jahanshad Mehdi MadanchizajThe purpose of this paper is to analyze and measure the systemic risk between the cryptocurrency and real currencies using the conditional risk exposure value approach and the expected marginal loss. In this study, statistical data of real and virtual currencies during MoreThe purpose of this paper is to analyze and measure the systemic risk between the cryptocurrency and real currencies using the conditional risk exposure value approach and the expected marginal loss. In this study, statistical data of real and virtual currencies during the years 2015-2021 have been used. For this purpose, systemic risk indices have been calculated using CoVaR and MES indices and then the correlation between systemic risk of currencies has been evaluated. In this study, the statistical data of the currencies of the exchange rate of the pound to the dollar, the exchange rate of the yuan to the dollar, the exchange rate of the lira to the dollar, the exchange rate of the euro to the dollar, bitcoin, atrium, ripple, litcoin and atrium based on daily price returns Currencies and real currencies were used. The results showed that there was a correlation between systemic risk indicators for the studied currencies and virtual currencies had a lower systemic risk index than real currencies. The purpose of this paper is to analyze and measure the systemic risk between the cryptocurrency and real currencies using the conditional risk exposure value approach and the expected marginal loss. In this study, statistical data of real and virtual currencies during the years 2015-2021 have been used. For this purpose, systemic risk indices have been calculated using CoVaR and MES indices and then the correlation between systemic risk of currencies has been evaluated. Manuscript profile -
Open Access Article
14 - The Effect of Cryptocurrency on Stock Market Using Meta-Analysis Method
Seyed Keivan Khatami Mohammad Khodaei Valahzaghard Seyed Mohammad Abdollahi KeivaniAbstract The present study aims to systematically review the effect of cryptocurrencies on stock market using meta-analysis. In this regard, the researcher evaluated the studies conducted during 2011-2020. The results of the present study, which were conducted using me MoreAbstract The present study aims to systematically review the effect of cryptocurrencies on stock market using meta-analysis. In this regard, the researcher evaluated the studies conducted during 2011-2020. The results of the present study, which were conducted using meta-analysis method and statistically combined the results of studies on the effect of cryptocurrencies on the stock market, indicated that the discovered effect size is significant for most studies. Since the measurement error of the homogeneity test is less than 0.05, the studies are homogeneous and confirm the fixed effects model. In addition, the effect size of the fixed effects model was evaluated based on Rosenthal table. The measurement error of the fixed effects model was less than 0.05, confirming the research hypothesis. Therefore, cryptocurrencies affect the stock market. Manuscript profile -
Open Access Article
15 - A survey on Blockchain: Challenges, Attacks, Security, and Privacy
Alireza Hedayati Hourieh Hosseini -
Open Access Article
16 - An analysis of intellectual property rights challenges regarding non-sexual tokens
Ali Komeylipour MOhsen ShekraiOne of the most valuable concepts in today's world is to solve the concern of intellectual property in the real space and especially in the digital space. Because in order to solve the concern of intellectual property, it is necessary to offer up-to-date solutions MoreOne of the most valuable concepts in today's world is to solve the concern of intellectual property in the real space and especially in the digital space. Because in order to solve the concern of intellectual property, it is necessary to offer up-to-date solutions on the platform of blockchain, so that in their form this space of intellectual property rights becomes a safe and secure area. In order to implement this, today non-fungible tokens are used to acquire the right of ownership of a real or digital asset under the title of a digital document. And blockchain, by creating NFT tokens that are created and moved on the blockchain of digital currencies, has made the artists of the world, including painters, architects, musicians, digital artists, graphic artists, animators and filmmakers, who are mainly created from works of art. They earned their own money. Or sometimes they gave away their intellectual property in order to earn money from works of art. They were always faced with the problem of copying works and the ineffectiveness of copyright laws, as well as the problem of selling fake works and mediation of works of art, to find a special solution. This research seeks to explain the solution to the concern of intellectual property in the real and digital space. Therefore, in this research, we seek to analyze the use of NFT tokens and its impact on intellectual property by taking inspiration from similar materials with a descriptive-analytical method. enactment of appropriate legislation, systematic foundation and creation of desire in governmental and non-governmental institutions to use non-proprietary tokens in further protection of intellectual property rights. Manuscript profile -
Open Access Article
17 - Detecting the variables affecting on Bitcoin price: Bayesian Model Averaging and Weighted Averaging Least Square approach
Mohammad kazem sadeghian kazem yavari abbas alavi radThe purpose of this paper detecting the variables affecting on Bitcoin price using daily Time series data from 2015 to 2019 invoking two method of Bayesian model Averaging and Weighted-Average Least Square. The results of this study show that the price variables of cryp MoreThe purpose of this paper detecting the variables affecting on Bitcoin price using daily Time series data from 2015 to 2019 invoking two method of Bayesian model Averaging and Weighted-Average Least Square. The results of this study show that the price variables of cryptocurrencies with different creation mechanisms from Bitcoin and also the number of circulating cryptocurrencies with similar mechanism to Bitcoin and the volume of liquidity of US dollars affect the price of Bitcoin. On the other hand, the Forex market currency pairs, such as the dollar to Canadian dollar, the dollar to Australian dollar and the dollar to New Zealand dollar, which are less valuable than other major currency pairs in the Forex market, affect the price of Bitcoin. Also, the variables in the number of bitcoins, the number of cryptocurrencies in circulation with a different mechanism from bitcoin, the global price of gold and the number of searches for the word bitcoin in Google on its price have low coefficients. Overall, the results of the two methods of Bayesian averaging and Weighted Averaging Least Square are largely the same, and the use of the optimal pattern selection method confirms this. Manuscript profile -
Open Access Article
18 - Algorithm Trading Application and Persistence in the Cryptocurrency Market
Saeed Moradpour Mojtaba DastooriThis article, had been analyzed the persistence in cryptocurrency market. At the beginning of the process, the autocorrelation of the time series data of four cryptocurrencies Bitcoin, Light Coin, Ripple and Ethereum during the period 2017 to 2020 has been studied. The MoreThis article, had been analyzed the persistence in cryptocurrency market. At the beginning of the process, the autocorrelation of the time series data of four cryptocurrencies Bitcoin, Light Coin, Ripple and Ethereum during the period 2017 to 2020 has been studied. The data of this research are obtained daily from the investing database showed significant autocorrelation among cryptocurrencies. Long-term memory methods such as R/S analysis and fraction integration are used for analysis of market persistence. The results of this study showed that this market is persistence. That means there is a positive correlation between past and future values, and its level and value change over time. These results provide evidence for market inefficiency. Using the pair trading algorithm and redefining it, profit has been made and the results show a return of 1463% in 2 years from 2018 to 2020. The use of trading algorithms based on market memory and cointegration has the potential to generate profits, and the development of models and algorithms can help investors to generate returns and on the other hand lead to more efficient market in the long term. Manuscript profile -
Open Access Article
19 - The Comparison of Cryptocurrency Returns Prediction Based on Geometric Brownian Motion and Wavelet Transform
Ahmad Shojaei Alireza Heidarzadeh HanzaeiIn the present study the accuracy of predicting cryptocurrencies return was compared through two approaches of Geometric Broanian Motion (GBM) and Wavelet Transforms (WT). In order to do that, 5 cryptocurrencies of BTC, ETH, XRP, BCH and EOS as representatives of risky MoreIn the present study the accuracy of predicting cryptocurrencies return was compared through two approaches of Geometric Broanian Motion (GBM) and Wavelet Transforms (WT). In order to do that, 5 cryptocurrencies of BTC, ETH, XRP, BCH and EOS as representatives of risky assets were studied with daily frequency during the one year period of 2018 to 2019. Two measures of RMSE and MAE were employed to compare the accuracy of approaches in prediction of returns. In geometric Brownian modeling, the Brownian process-based stochastic differential model for asset prices leads to the fact that the logarithmic return of an asset has a normal distribution with time-dependent parameters. The results of logarithmic returns prediction by both of methods showed that WTs have less error than GBM in returns prediction of BTC, ETH, XRP and BCH cryptocurrencies and for each of accuracy measures, an specific approach has desirable performance for prediction of EOS returns. citing these results it can be concluded that WT in prediction of risky assts returns has less error than GBM method. Manuscript profile -
Open Access Article
20 - Financial Contagion Investigation of the Systemic Risk of Currency and Cryptocurrency in the Global Financial Markets (BEKK Approach)
Ali Baghban Reza Gholami Jamkarani Mir Feyz Fallah Hamidreza KordlouieThe present study has investigated the contagious risk of turbulence.In this study, the contagious effect of real and virtual currency (Bitcoin) fluctuations has been measured. In this regard, the method of self-regression vector analysis (VAR) and the conditional autor MoreThe present study has investigated the contagious risk of turbulence.In this study, the contagious effect of real and virtual currency (Bitcoin) fluctuations has been measured. In this regard, the method of self-regression vector analysis (VAR) and the conditional autoregressive model on the heterogeneity of multivariate generalized variances (MGARCH) have been used.The data used in this study, including the exchange rate of the dollar based on the euro and the price of bitcoin in the period 01/2015 and 2020/01, were collected and examined by the generalized multivariate conditional variance heterogeneity (BEKK) method. The present study is based on the classification of research based on method, nature and direction, respectively descriptive survey, applied and post-event. The results of this study confirm the relationship between the volatility of real currency and virtual currency. In other words, the main hypothesis of the research on the contagion of virtual and real exchange rate fluctuations has been confirmed unilaterally from virtual exchange rate to real exchange rate. Manuscript profile -
Open Access Article
21 - Cryptocurrencies as a source of value
mohamad mahdi nasiri mohammadreza Kashfy NishaburiFor long-term savings purposes, cryptocurrency is considered a controversial asset because the value of the cryptocurrency changes significantly several times during the week. Despite the fact that the value of the cryptocurrency has changed since the beginning of the y MoreFor long-term savings purposes, cryptocurrency is considered a controversial asset because the value of the cryptocurrency changes significantly several times during the week. Despite the fact that the value of the cryptocurrency has changed since the beginning of the year, the cryptocurrency may lose a lot of its value. Cryptocurrency is an innovation that has created many questions even for experts in various industries. In some countries, cryptocurrency has not only become a means of payment, but also an investment tool that is included in the investment portfolio of cryptocurrency fans. In this article, focusing on cryptocurrency as a source of value, cryptocurrency is examined from the perspective of the role of money. Cryptocurrency can be useful as a form of money and has the characteristics of money such as divisibility, durability, dynamism and other features. The function of cryptocurrency is not based on physical assets such as gold and silver, but on mathematical principles. The actual price of a cryptocurrency is determined by the demand from people who want the coins and Manuscript profile -
Open Access Article
22 - Examining the reaction of the total and equal-weighted index of the stock market to the fluctuation of cryptocurrencies under the influence of investors' emotions (evidence from the Iranian stock market)
Nader Khedri tayebeh darvishpoor Ali Reza jorjor zadeh Houshang AmiriThe emergence and expansion of the virtual currency market in recent years have attracted the attention of investors to these capital assets, and investors in Iran have not been exempted from this. And since asset markets are competitors in attracting investors, now a n MoreThe emergence and expansion of the virtual currency market in recent years have attracted the attention of investors to these capital assets, and investors in Iran have not been exempted from this. And since asset markets are competitors in attracting investors, now a new competitor, the cryptocurrency market, is emerging in this market. Therefore, this study investigated the influence of cryptocurrencies on the total and equal-weighted indices of the Iranian stock market and considered the role of investors' sentiment as one of the influential factors. To carry out this study, the total Indice and the equal weight Indice of the stock market were extracted from the beginning of 2016 to September 2021, and the effect of the cryptocurrency market Indice, Bitcoin, and Ethereum, as the most well-known and most traded cryptocurrency, on the mentioned indicators was investigated using multivariate regression models.The findings showed that there was a negative and significant relationship between the Indices of Bitcoin, Ethereum, and the Indice of the cryptocurrency market with the total Indice and the Indice of equal weight in the Iranian stock market, and the sentiments of investors were effective on these relationships. Manuscript profile -
Open Access Article
23 - Hedging investments with cryptocurrencies in Iran
Raziyeh Eskandari Hossein Panahian Rasol Eskandari Hasan Ghodrati Ghzaani Mahdi Madanchi ZajObjective: Knowing the capability of cryptocurrencies in the country's economy can lead to targeting investments and stabilizing the value of the portfolio. Use of cryptocurrencies to risk Hedging of investments can be a new potential to maintain the value of the p MoreObjective: Knowing the capability of cryptocurrencies in the country's economy can lead to targeting investments and stabilizing the value of the portfolio. Use of cryptocurrencies to risk Hedging of investments can be a new potential to maintain the value of the portfolio. Accordingly, in this research, the effective factors on risk hedging using cryptocurrencies for Iranian common investment methods and their communications have been identified. Method: By reviewing the literature, research variables have been extracted. Then, using the opinion of experts, the relationships between the variables have been determined and based on the interpretive structural modeling approach, the model of factors affecting investment risk coverage in Iran using cryptocurrencies has been presented. Results: The results of the present study showed that the most effective parameters are international political factors and global gold and oil prices. On the other hand, the most dependent variables are related to the lack of knowledge of users and laws in the field of cryptocurrency in the country. Conclusion: According to the quality of the relationships obtained, it is clear that the effective factors in the quality of recognition and use of cryptocurrencies have no effect on the risk of investment methods in Iran. In addition, in the discussion of risk hedging using cryptocurrencies, international factors are considered the most effective factors. Manuscript profile
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