William M. Maurer (born March 31, 1968) is an American academic scholar of legal and economic anthropology. He currently serves as the dean of the School of Social Sciences at the University of California, Irvine. He has conducted research on money, finance, economy, and law, including the off-shore financial services industry in the Caribbean, alternative currencies, Islamic finance, mobile money, and traditional and emerging payment technologies, as well as cryptocurrencies like Bitcoin and related blockchain technologies. He has been called the “doyen” of the subfield of the anthropology of finance. [1] Maurer is also the founding director of the Institute for Money Technology and Financial Inclusion, a research institute at UC Irvine funded by the Bill & Melinda Gates Foundation, [2] [3] and a fellow of the Filene Research Institute. [4] [5] He was previously the founding co-director of the Intel Science and Technology Center in Social Computing, also at UCI. [6]
Maurer received his BA from Vassar College and, in 1994, his PhD in anthropology from Stanford University. He joined the Department of Anthropology at the University of California, Irvine in 1996. He was chair of the Department of Anthropology at UC Irvine from 2005 to 2011 and was associate dean for research and graduate studies in the social sciences from 2011-13. [7] He was appointed Dean of the School of Social Sciences in July 2013. [8] From 2007-09, Maurer was President of the Association for Political and Legal Anthropology.
Maurer is currently associate editor of the Journal of Cultural Economy and serves as a member of the editorial boards of the Journal of Islamic Accounting and Business Research, Cultural Anthropology, Cultural Critique, and PoLAR: The Political and Legal Anthropology Review. In 2015, he was appointed to the Board on Behavioral, Cognitive and Sensory Sciences of the National Academy of Sciences. [9] He is the recipient of four major National Science Foundation research grants on topics ranging from the cultures of international finance to mobile money and private digital currencies. [10] [11] [12] [13]
In 2012, Maurer consulted on the renovation of the Citi Money Gallery at the British Museum. [14] In 2015, he was invited to provide input with 14 other academics to the United States Department of the Treasury on the redesign of the US$10 bill. [15] [16]
In 2016, Maurer was named a fellow of the American Association for the Advancement of Science for noteworthy advances in the fields of law and economic anthropology, specifically in banking and the meaning of money in different cultures. [17]
Maurer’s research encompasses ethnographic and historical work on the Caribbean offshore tax haven economy, specifically in the British Virgin Islands, Islamic banking and alternative currencies, and the material technologies and cultural practices money, finance, and law.
Maurer’s first book Recharting the Caribbean: Land, Law and Citizenship in the British Virgin Islands shows how the offshore tax haven economy was not a foreign imposition, but rather grew out of local practices of kinship and land ownership and was shaped by local conflicts around class and race. This work highlights the role of colonial legal regimes and national sovereignty claims in the uneven geography of global finance. Maurer’s second book Mutual Life, Limited: Islamic Banking, Alternative Currencies, Lateral Reason compares global Islamic banking and finance with the local and alternative currency movement. Maurer’s work on money, especially his widely cited survey of the anthropology of money, [18] challenges assumptions about money’s effects on social life and calls for a shift in focus away from money’s abstract meanings as a tool for producing equivalence and towards its diverse uses and practices, especially in settings that are not strictly market-based. [19] [20] [21]
More recently, Maurer has studied the cultural and political implications of mobile and digital technologies, especially cryptocurrencies and blockchain technologies. [22]
Maurer is the author of four books, the editor or co-editor of seven collections, and the author of numerous journal articles, book chapters, reviews, working papers, and other publications. His book Mutual Life, Limited: Islamic Banking, Alternative Currencies, Lateral Reason received the Victor Turner Prize for Ethnographic Writing in 2005. He is the Editor of the forthcoming 6-volume series from Bloomsbury Press on A Cultural History of Money.
Digital currency is any currency, money, or money-like asset that is primarily managed, stored or exchanged on digital computer systems, especially over the internet. Types of digital currencies include cryptocurrency, virtual currency and central bank digital currency. Digital currency may be recorded on a distributed database on the internet, a centralized electronic computer database owned by a company or bank, within digital files or even on a stored-value card.
Virtual currency, or virtual money, is a digital currency that is largely unregulated, issued and usually controlled by its developers, and used and accepted electronically among the members of a specific virtual community. In 2014, the European Banking Authority defined virtual currency as "a digital representation of value that is neither issued by a central bank or a public authority, nor necessarily attached to a fiat currency but is accepted by natural or legal persons as a means of payment and can be transferred, stored or traded electronically." A digital currency issued by a central bank is referred to as a central bank digital currency.
Tom Boellstorff is an anthropologist based at the University of California, Irvine. In his career to date, his interests have included the anthropology of sexuality, the anthropology of globalization, digital anthropology, Southeast Asian studies, the anthropology of HIV/AIDS, and linguistic anthropology.
M-PESA is a mobile phone-based money transfer service, payments and micro-financing service, launched in 2007 by Vodafone and Safaricom, the largest mobile network operator in Kenya. It has since expanded to Tanzania, Mozambique, DRC, Lesotho, Ghana, Egypt, Afghanistan, South Africa and Ethiopia. The rollouts in India, Romania, and Albania were terminated amid low market uptake. M-PESA allows users to deposit, withdraw, transfer money, pay for goods and services, access credit and savings, all with a mobile device.
Bitcoin is the first decentralized cryptocurrency. Nodes in the peer-to-peer bitcoin network verify transactions through cryptography and record them in a public distributed ledger, called a blockchain, without central oversight. Consensus between nodes is achieved using a computationally intensive process based on proof of work, called mining, that guarantees the security of the bitcoin blockchain. Mining consumes large quantities of electricity and has been criticized for its environmental impact.
A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. It has, from a financial point of view, grown to be its own asset class. However, on the contrary to other asset classes like equities or commodities, sectors have not been officially defined as of yet, though abstract versions of them exist.
Ripple is a real-time gross settlement system, currency exchange and remittance network that is open to financial institutions worldwide and was created by Ripple Labs Inc., a US-based technology company. Released in 2012, Ripple is built upon a distributed open source protocol, and supports tokens representing fiat currency, cryptocurrency, commodities, or other units of value such as frequent flier miles or mobile minutes. Ripple purports to enable "secure, instantly and nearly free global financial transactions of any size with no chargebacks". The ledger employs the native cryptocurrency known as XRP.
Litecoin is a decentralized peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license. Inspired by Bitcoin, Litecoin was among the earliest altcoins, starting in October 2011. In technical details, the Litecoin main chain shares a slightly modified Bitcoin codebase. The practical effects of those codebase differences are lower transaction fees, faster transaction confirmations, and faster mining difficulty retargeting. Due to its underlying similarities to Bitcoin, Litecoin has historically been referred to as the "silver to Bitcoin's gold." In 2022, Litecoin added optional privacy features via soft fork through the MWEB upgrade.
Charles Shrem IV is an American entrepreneur and bitcoin advocate. He co-founded the now-defunct startup company BitInstant, and is a founding member of the Bitcoin Foundation. In 2014 he was sentenced to two years in prison for aiding and abetting the operation of an unlicensed money-transmitting business related to the Silk Road marketplace. He was released from prison in 2016. In 2017, he joined Jaxx and served as its chief operating officer, and founded cryptocurrency advisory CryptoIQ.
Bitcoin is a cryptocurrency, a digital asset that uses cryptography to control its creation and management rather than relying on central authorities. Originally designed as a medium of exchange, Bitcoin is now primarily regarded as a store of value. The history of bitcoin started with its invention and implementation by Satoshi Nakamoto, who integrated many existing ideas from the cryptography community. Over the course of bitcoin's history, it has undergone rapid growth to become a significant store of value both on- and offline. From the mid-2010s, some businesses began accepting bitcoin in addition to traditional currencies.
Stellar, or Stellar Lumens, is an open-source, decentralized protocol for digital currency to fiat money low-cost transfers which allows cross-border transactions between any pair of currencies. The Stellar protocol is supported by a Delaware nonprofit corporation, the Stellar Development Foundation, though this organization does not enjoy 501(c)(3) tax-exempt status with the IRS.
Titcoin is a cryptocurrency launched in 2014. Titcoin's blockchain is derived from the Bitcoin source code, with modifications to improve transaction speed and efficiency. Titcoin is intended for the adult entertainment industry to allow users to pay for adult products and services without the fear of incriminating payment histories appearing on their credit cards.
A blockchain is a distributed ledger with growing lists of records (blocks) that are securely linked together via cryptographic hashes. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Since each block contains information about the previous block, they effectively form a chain, with each additional block linking to the ones before it. Consequently, blockchain transactions are irreversible in that, once they are recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.
Andreas Markos Antonopoulos is a British-Greek Bitcoin advocate, tech entrepreneur, and author. He is a host on the Speaking of Bitcoin podcast and a teaching fellow for the M.Sc. Digital Currencies at the University of Nicosia.
Fintech, a portmanteau of "financial technology", refers to the application of innovative technologies to products and services in the financial industry. This broad term encompasses a wide array of technological advancements in financial services, including mobile banking, online lending platforms, digital payment systems, robo-advisors, and blockchain-based applications such as cryptocurrencies. Fintech companies include both startups and established technology and financial firms that aim to improve, complement, or replace traditional financial services.
Bitcoin was designed by its pseudonymous inventor, Satoshi Nakamoto, to work as a currency, but its status as a currency is disputed. Economists define money as a store of value, a medium of exchange and a unit of account, and agree that bitcoin does not currently meet all these criteria.
A cryptocurrency wallet is a device, physical medium, program or an online service which stores the public and/or private keys for cryptocurrency transactions. In addition to this basic function of storing the keys, a cryptocurrency wallet more often offers the functionality of encrypting and/or signing information. Signing can for example result in executing a smart contract, a cryptocurrency transaction, identification, or legally signing a 'document'.
The general notion of cryptocurrencies in Europe denotes the processes of legislative regulation, distribution, circulation, and storage of cryptocurrencies in Europe. In April 2023, the EU Parliament passed the Markets in Crypto Act (MiCA) unified legal framework for crypto-assets within the European Union.
Cryptocurrency in Nigeria describes the extent of cryptocurrency use, social acceptance and regulation in Nigeria. Nigerians are one of the major global users of cryptocurrencies.