Event Title

“Bitcoin” The Development of Virtual Money in Kosovo

Session

Management, Business and Economics

Description

The economic development of a country is definitely taking care of the wellbeing of citizens, therefore the development of virtual money such as Bitcoin would speed up the transitions of the banking market in Kosovo to offer extreme cheaper fees, that is actually offers today. When we talk about virtual money, they may pose a danger to society but the benefits of its purpose to save money (lower fees) from the actual banking fees have the upper hand. This project intends to present the importance of virtual money and the activities of the Central Bank of Kosovo that should consider while developing the Bitcoin system in Kosovo market. Hence, as a prior goal of this project is the intertwining of different academic opinions regarding virtual money such as Bitcoin and offering proper recommendation to the Central Bank of Kosovo that should offer the support to the market with information in regards to virtual money. To be crystal clear about the role and importance of virtual money, we have also done primary research in the field. We have interviewed people in urban places with private and official positions, in total the data were collected from 66 surveyors, which have answered 12 semi structural questions after they had an informing conversation with the authors of the project. The research was done during the spring of 2019 and the results collected by the research and the analysis of their presentation are presented by the Excel program and the Statistical Package for the Social Sciences (SPSS). The results by the research show that virtual money “Bitcoin” has enough space to work in Kosovo’s market because the fees for national and international transfers are still high and virtual money could give a solution to that. Thus the immediate commitment of the Central Bank to inform the citizen is more than necessary for a stable development in the financial sector.

Keywords:

Bank, Money, Central Bank, Financial Institutions.

Session Chair

Edmond Hajrizi

Session Co-Chair

Naim Preniqi

Proceedings Editor

Edmond Hajrizi

ISBN

978-9951-550-19-2

Location

Pristina, Kosovo

Start Date

26-10-2019 11:00 AM

End Date

26-10-2019 12:30 PM

DOI

10.33107/ubt-ic.2019.330

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Oct 26th, 11:00 AM Oct 26th, 12:30 PM

“Bitcoin” The Development of Virtual Money in Kosovo

Pristina, Kosovo

The economic development of a country is definitely taking care of the wellbeing of citizens, therefore the development of virtual money such as Bitcoin would speed up the transitions of the banking market in Kosovo to offer extreme cheaper fees, that is actually offers today. When we talk about virtual money, they may pose a danger to society but the benefits of its purpose to save money (lower fees) from the actual banking fees have the upper hand. This project intends to present the importance of virtual money and the activities of the Central Bank of Kosovo that should consider while developing the Bitcoin system in Kosovo market. Hence, as a prior goal of this project is the intertwining of different academic opinions regarding virtual money such as Bitcoin and offering proper recommendation to the Central Bank of Kosovo that should offer the support to the market with information in regards to virtual money. To be crystal clear about the role and importance of virtual money, we have also done primary research in the field. We have interviewed people in urban places with private and official positions, in total the data were collected from 66 surveyors, which have answered 12 semi structural questions after they had an informing conversation with the authors of the project. The research was done during the spring of 2019 and the results collected by the research and the analysis of their presentation are presented by the Excel program and the Statistical Package for the Social Sciences (SPSS). The results by the research show that virtual money “Bitcoin” has enough space to work in Kosovo’s market because the fees for national and international transfers are still high and virtual money could give a solution to that. Thus the immediate commitment of the Central Bank to inform the citizen is more than necessary for a stable development in the financial sector.