Conclusion

Wars, diseases and inventions have always been the determining factors that started and ended an era in human history. However, from today’s perspective, it is an indisputable fact that the frequency of these events increases even more.

Increasing trade volume in parallel with the population requires Anancial- technology cooperation that can meet the needs of the society without interruption. The phenomenon of digitalization mentioned under the title of “Transformation” comes to the fore at this point, because the unit that will handle the capacity and density in data exchange is no longer the speed of electricity, but the speed of light. However, each unit in the society must be able to provide the minimum compo­nents (computer, smart phone, Internet, etc.) to meet this infrastructure. Even if the money phenomenon takes on a digital form, it will cease to function if individuals cannot access this money. While the provision of technological infrastructure and the evolution of social habits in this direction were the subjects of ongoing debate, the COVID-19 pandemic, which broke out suddenly and affected the world, changed the course of the process. The measures taken to prevent the spread of the pandemic also require changing payment habits.

The sudden acceleration of digital transformation has resulted in cash usage not being preferred due to the transmission risk. Despite the increasing demand, digital infrastructure must be provided and digital currencies must be both accepted and functional throughout the society.

The fact that the telecommunications industry, which is mentioned under the title of technological competence, is not under state administration, that is, it lacks the quality of public expenditure, creates the danger of deprivation of digital infras­tructure in low socio-economic regions in rural and urban areas. While the state is performing digital transformation phases within its own structure, each individual receiving service on the opposite side must be integrated into this transformation with a minimum technological infrastructure. For example, digitizing the taxation process plays an important role in increasing efficiency and making audits more comprehensive and efficient. However, the lack of technical infrastructure and the individuals deprived of that technology to provide this service will make coordina­tion between the administration and the taxpayer difficult. At the same time, it will not be possible to fully realize digital transformation in taxation and audit processes. However, the physical elements (related forms, audit personnel, etc.) in the taxation and audit processes will need to be continued so that taxpayers who do not benefit from digital services are not excluded.

The COVID-19 outbreak has caused companies and factories in many sectors to shrink and many people to lose their jobs. In order for these people to survive, the state has made transfer expenditures to the households. Ideas about making these aids to the individuals in a digital system rather than in cash through the bank come to the fore. This is considered as a development that will change the cash habit in daily life. With the COVID-19 outbreak, if retail shopping evolves in this direction and the private sector’s digital payment applications are accepted by the society, it will be inevitable for electronic currencies to become widespread.

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Dojgancan Akata is Ph.D., graduated from Izmir Katip Celebi University, Faculty of Economics and Administrative Sciences. His research focuses on Public Finance, Economic Crises, Digital Currency, Cryptocurrency and High-Frequency Trading. Dogancan Akata has contributed to book chapters on Payment Methods and Electronic Currencies research areas. His doctoral thesis on Cryptocurrency and High-Frequency Trading is still ongoing.