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Bitcoin - Legal Aspects and Regulation
Moravec, Jiří ; Kohajda, Michael (advisor) ; Kotáb, Petr (referee)
in English The motivation for this thesis is to analyze Bitcoin as Bitcoin is still a new phenomenon and requires an economical, legal, and legislative evaluation. In this thesis we seek an answer to the question what is Bitcoin. This thesis is divided into three main blocks, within them we use analytical, descriptive, and comparative methods. In the first part, we aim mostly on the economic side of Bitcoin, comparing Bitcoin to money in general sense. In the second part, we argue whether Bitcoin shall be considered a thing in a legal sense under the Czech law. In the third part, we describe the current Bitcoin's regulatory situation and suggest a drafting of Bitcoin specific regulation. The conclusion of this thesis is that Bitcoin is a digital medium of exchange that cannot be considered money or currency. To the extent, Bitcoin might be interpreted in ways where it does not satisfy the legal definition of a thing in legal sense, but for regulatory purposes it shall be, at least for now, considered a thing in legal sense. We also suggest that Bitcoin shall be systematically regulated by imposing various duties on persons who's scope of business is relating to the Bitcoin.
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Political geography of monetary unions
Čechová, Barbora ; Riegl, Martin (advisor) ; Kofroň, Jan (referee)
The aim of this work is to introduce a coherent summary of monetary unions in the world and subsequently to present research of their current economic and political situations. In addition, the question of viability of present and potential monetary unions is also examined. The work also focuses on the geographical aspects of these problems. The comparative method and the method of conformity and difference were used for the research. In the research were found different magnitudes of proportions of various criteria between single members of the monetary unions. Selection of them was inspired by Mundell's A Theory of Optimum Currency Areas and by the methodology of Fragile States Index. Three economic and three political indicators were analysed and afterwards the monetary unions were evaluated as member states and whole monetary unions from a geographical perspective. We discovered from our research that between all of the selected African monetary unions, there exist relatively big differences in political criteria for single member states. Smaller differences were found between the member states of the fourth selected monetary union, that is, East Caribbean Currency Union. The differences were smaller in the economic domain. It was discovered on the basis of evaluation of the countries with the...
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Law regulation of banknotes and coins circulation in the Czech Republic
Vrba, Jan ; Kotáb, Petr (advisor) ; Kohajda, Michael (referee)
This thesis focuses on the law regulation of the paper currency, coins and money circulation in the Czech Republic. It is divided into six chapters. The first chapter is intended to introduce the issue of the currency to a reader by explaining the concept of money, currency, legal tenders and related matters. It describes also the process of money creation and historical evolution of money in the world and within the Czech Republic as well. The second chapter examines the current law regulation regarding to the currency and the money circulation in the Czech Republic. It provides brief explanation of source of law concept and specifies the fundamental legal regulations relating to the currency and money circulation. The third chapter is concentrated on the role of the Czech national bank as the central bank of the Czech Republic. The fundamental activities performed by the Czech national bank upon the laws, such as the issuance of the fiat money and the management of the circulation of currency, are discussed in this chapter. The fourth chapter is dedicated to the Czech coinage. The chapter describes structure of currency in circulation in the Czech Republic, reveals what is the legal tender in the Czech Republic and identifies certain loophole (error in law) in the regulation regarding the...
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Relationship between liquidity and volatility of selected exchange rate pairs
Kotek, Martin ; Krištoufek, Ladislav (advisor) ; Benčík, Daniel (referee)
The thesis explores relationship between volatility and liquidity of ten selected exchange rate pairs. Several volatility and liquidity measures are computed and the relationship between volatility-liquidity pairs is tested for cointegration and Granger causality; impulse response functions are computed as well. We find that volatility measures provide similar information (are cointegrated), while volatility measures differ to a large extent. A few cointegrating relationships between volatility and liquidity are found, but they are specific to only some currency pairs. Granger causality tests give different results for different currency pairs, but in general, the relationship between volatility and liquidity is two-way (feedback). Shocks in volatility or liquidity have little impact on the other and quickly fade away, usually within one or two days. Powered by TCPDF (www.tcpdf.org)
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Political geography of monetary unions
Čechová, Barbora ; Riegl, Martin (advisor) ; Kofroň, Jan (referee)
In today's present world we can find five currency unions worldwide with many of the currency unions ending in the past, we can talk about few of them as about de facto currency unions, but primarily there are plans for the future with projects for establishment of new currency unions. These tendencies have recently displayed especially in Africa, where states strive to improve the situation of both the whole country and its inhabitants. It concerns not only political and economical questions, but also the social and geographical ones. And precisely these criteria can tell us more about the facts, whether there are real chances for the new currency unions to be functional in the future. The problem of viability of the currency unions is not just a problem of the future ones, but it equally concerns the present currency unions. Political, economical, social and also geographical criteria can provide a rough concept about the actual situation of individual member states in the thing of how big are the differences in the whole union and also about the possible situation in the future. Especially in Africa where we can see many social problems, a high percentage of the population live below the poverty line, their life conditions are dismal and for the situation is deteriorating that the threat of new...
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Agent-based modeling of dual currency economy
Vlk, Bořivoj ; Skuhrovec, Jiří (advisor) ; Klinger, Tomáš (referee)
1 Abstract Thesis describes close relationship between Dynamic programming and rein- forcement learning algorithms on the example of a model of a dual currency economy. Dynamic programming is methodology used for deriving equilibria of Search-Theoretic equilibrium monetary models, which provide evidence for emergence of fiat currency or emergence of internationally circulating curren- cies without any human institutions. Particular previously published Search- Theoretic framework of dual currency economy is used as a background for de- velopment of Agent-based Computational model. Both models are compared based on their ability to reach specified equilibria and their assumptions, with the conclusion, that models are closely related and with the same assumptions would have the same results. Agent-based model also provides possibility of relaxing assumptions on perfect information distribution and static environ- ment. In this setting, the model will reach different equilibria, that correspond better to the real human behavior, observed in previously published laboratory experiments. JEL Classification D83, E40 Keywords Agent-based Modeling, Currency, Currency switch, Dollarization Author's e-mail borivoj.vlk@gmail.com Supervisor's e-mail jskuhrovec@gmail.com
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Issuance of money by the central bank and its prospect after accession to the European Monetary Union
Moravec, Jaroslav ; Karfíková, Marie (advisor) ; Kohajda, Michael (referee) ; Dřevínek, Karel (referee)
Issuance of money by the central bank and its prospect after accession to the European Monetary Union (abstract) The presented thesis analyzes the problems of issuance of money by the Central Bank in the Czech Republic. The issuance of money is analyzed particularly from the viewpoint of its legal regulation but attention is also paid to its practical implementation in the official practice of our Central Bank. The aim of the thesis is to comprehensively elaborate substantial part of the legal regulation in this area. Attention is paid particularly to applicable legal regulation but also to regulations that have been repealed in the period from establishment of the Czech Republic to the present time. This area of our day to day life has not been frequently explored and there is only minimum related financial-law literature. This, on the other hand, provides more space for the analysis of little known information from official practice. The first part of the thesis provides an overview of the history of issuance of money in our territory after 1918. Initially, it deals with the Austro-Hungarian crown currency and its banknotes and coins that had been circulating in this country after the establishment of the independent Czechoslovak state. It further analyzes the development of cash circulation of the...
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The currency reform in Czechoslovakia in 1953
Stromšík, Jakub ; Kuklík, Jan (advisor) ; Rákosník, Jakub (referee)
Resumé The Currency Reform in Czechoslovakia in 1953 The currency reform in Czechoslovakia in 1953 was significant because of many reasons. People lost their long-term savings, they understood the reform as theft of their honestly earned money. Communist propaganda could not change the people's feelings. The confidence in bank savings and life insurance was undermined. The result of the currency reform was cancellation of rationing but in fact the standard of living of Czechs and Slovaks dropped. In centrally controlled economy it was impossible to overcome the supply problems, which played into the hands of the shadow economy. Old-age and disability pensioners were also in difficult financial situation because they lost their income from their bound deposits and life insurance. The biggest group affected by the currency reform was labour class. That was the reason why the planned increase in industrial production failed. The monetary reform was a necessary condition for the continuation of extensive development of heavy industry, in the coming years to allow increased investments in this sector. Further, there have been general assumptions, that the corporate debts would be removed, however in contrary the debts substantially increased. Bankruptcy was unthinkable for many political reasons, and loans were...
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The Currency Exchange Effect on the Financial Situation of the Company
Česalová, Iveta ; Burget, Jaroslav (referee) ; Rompotl, Jaroslav (advisor)
This work deals with the currency exchange effects on the financial situation of the company, whose incomes are made up of exports in particular. The theoretical part is aimed at the definition of basic concepts such as currency, exchange rate, currency risk, appreciation and terminology of the financial analysis. The second part deals with the theory of financial derivatives market. The practical part is concentrated on the financial analysis of selected company and its change because of the fluctuation rate of the Czech crown. In the last section provides suggestions for improvement of protection against foreign exchange risk.
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