This study examines the nexus between oil prices, economic policy uncertainty and stock markets in a panel of selected major oil importing countries between June 2014 and October 2020. We analyzed China, India, Germany, Italy and Japan in the study because these countries are among the largest oil importer countries in the economic policy uncertainty index developed by Economics Policy Uncertainty Platform. We split the period into three sub-

No abstract

The aim of the article: The purpose of this study is to provide a thorough review of the current state of cryptocurrency market and how governments perceive and deal with the threats and opportunities brought by the block chain technology. Cryptocurrencies were certainly the most popular investment in the last decade with a skyrocketing trading volume. However, cryptocurrency abilities in money laundering, financing terrorism and tax evasion overshadow the great opportunities and potential of this new technology. Therefore, the major economies in the world have been working on an efficient and effective strategy to control and tax the cryptocurrency market. In this study, the current state in Turkey regarding cryptocurrency taxation is analysed and a tax system is proposed. The authors claim that the Tobin tax, or in other words, low tax rates would be the best tax system to be applied in Turkey. Methodology: The study is based on a detailed literature review on the subject, academic papers, news releases and legal acts of the USA, Europe and Turkey. Different attitudes of varied groups are discussed and proposed solutions in the subject are being considered. Results of the research: Cryptocurrency market has a great potential and block-chain technology is full of opportunities. However, it is essential to control this market without harming the appeal of cryptocurrencies, yet this is not an easy task. Therefore, we argue that Turkey should extend the usage of cryptocurrencies, create a tax strategy with low tax rates and we claim that a regulation similar to the Tobin tax application would be effective here.

ÖzetBitcoin, sahibi ve merkezi otoritesi bulunmayan, yeni bir ödeme sistemidir ve bu sistemin sanal para birimidir. Reel ekonomiye doğrudan etki etme gücüne sahip olan Bitcoin, kısa sürede ilgi uyandırmış ve kullanılmaya başlamıştır. Bitcoin kullanımındaki artış ve yatırım aracı olarak görülmeye başlaması, Bitcoin kullanıcılarının, yatırımcılarının ve borsalarının ortaya çıkmasına neden olmuştur. Bitcoin borsalarının işleyişi ve Bitcoin fiyatlarının oluşumu, çalışma kapsamında ele alınmış olup, Bitcoin piyasası analize tabi tutulmuştur. Bu kapsamda Bitcoin'in fiyatlandırılması incelenmiş, Bitcoin borsalarının etkinliği, likiditesi ve oynaklığı analiz edilmiştir. Sonuç olarak, Bitcoin artan popülerliğine ve kullanım alanına rağmen, henüz rüştünü ispat etmemiş bir para birimidir. Yatırım aracı olarak ele alındığında da yüksek getirisine rağmen, güvenilir bir araç olmadığı, volatilitesinin çok yüksek olduğu ve spekülatif kullanıma açık olduğu görülmüştür.

No abstract