For citation:
Naydenov, N. D. (2020). Compliance with Ethical Norms in Digital Financial Relations for Improved Financial Efficiency. Zhurnal Economicheskoj Teorii [Russian Journal of Economic Theory], 17 (3), 732-743.
Abstract:
The article identifies ethical “failures” in the existing system of digital financial relations (misselling, customer fraud, abuse of power, etc.). Although many laws regulating finance are based on ethical standards, some standards may remain outside the legislative process while playing a vital role in financial relations. The article argues that religious financial systems, in particular Islamic finance, are expanding due to the fact that they pay more attention to the ethical aspects of finance. The digital form of value incorporates ethical standards. The article shows that the level of compliance with ethical standards in digital financial relations is an important factor that can improve the efficiency of banking and digital financial technologies in the modern economy.
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