N\u00eb financ\u00eb (por jo vet\u00ebm) ka filluar era e transaksioneve t\u00eb m\u00ebdha. Nj\u00eb bot\u00eb fakt i ri i teknologjive dixhitale ekspoenciale ku \u00ebsht\u00eb gjithnj\u00eb e m\u00eb e v\u00ebshtir\u00eb t\u00eb kuptohet se cil\u00ebt jan\u00eb kufijt\u00eb e risis\u00eb financiare respektivisht tregut dhe ekonomis\u00eb reale. Produktet e reja e financ\u00ebs s\u00eb strukturuar dhe financ\u00ebs virtuale p\u00ebrfaq\u00ebsojn\u00eb territore t\u00eb paeksploruara q\u00eb duhen kuptuar dhe thelluar nga ana e t\u00eb gjith\u00ebve pasi gjenerojn\u00eb asimetri t\u00eb jasht\u00ebzakonshme informative me sistemin komplesiv t\u00eb investitor\u00ebve, edhe ato profesionale e t\u00eb kualifikuara. Nj\u00eb bot\u00eb e papar\u00eb m\u00eb par\u00eb q\u00eb duhet njohur dhe menaxhuar duke kompensuar asimetrit\u00eb pa i zbutur proceset reale novatore q\u00eb do t\u00eb na \u00e7ojn\u00eb tek e ardhmja. Ka mund\u00ebsi q\u00eb mbesin t\u00eb vlefshme bazat mbi t\u00eb cilat \u00ebsht\u00eb nd\u00ebrtuar financa, t\u00eb mir\u00ebnjohura qysh nga koha e financ\u00ebs s\u00eb Bibl\u00ebs \u2013 n\u00eb Librin e Proverbave t\u00eb Dhiat\u00ebs s\u00eb Vjet\u00ebr lexohet \u201cE akumuluar me ngut, pasuria zvog\u00eblohet. Kush e akumulon dora dor\u00ebs, b\u00ebhet i pasur dhe shkon larg\u201d. Por sigurisht po ndryshojn\u00eb shum\u00eb gj\u00ebra t\u00eb tjera.<\/p>\n
Bota e financ\u00ebs e decentralizuar dhe dilema e tregjeve<\/strong><\/p>\n Le t\u00eb mendojm\u00eb, p\u00ebr shembull, p\u00ebr kriptovalutat. Nj\u00eb kontekst n\u00eb evolucion t\u00eb shpejt\u00eb, ku \u00ebsht\u00eb tashm\u00eb shum\u00eb e v\u00ebshtir\u00eb t\u00eb dallohet me siguri teknike dhe juridike se ku konsistojn\u00eb ligj\u00ebrisht sot monedha dhe produktet financiare, pasi sistemi i operator\u00ebve, si t\u00eb kualifikuar, ashtu edhe retail<\/em>, rrezikon t\u00eb p\u00ebrdor\u00eb metrika vler\u00ebsimi shum\u00eb t\u00eb ndryshme nga ato normative dhe t\u00eb tregut. \u00cbsht\u00eb nj\u00eb ndryshim i thell\u00eb q\u00eb impakton n\u00eb m\u00ebnyr\u00eb t\u00eb jasht\u00ebzakonshme p\u00ebrhapjen e instrumentave kripto dhe q\u00eb shoq\u00ebron zhvillimin e platform economy<\/em> t\u00eb tipit financiar. Duke paraqitur k\u00ebshtu probleme t\u00eb r\u00ebnd\u00ebsishme ndaj sistemit bankar, rregullator\u00ebve dhe pushtetit thuajse \u201cabsolut\u201d t\u00eb bankave qendrore mbi valutat q\u00eb vazhdonte nga fundi i marr\u00ebveshjes s\u00eb Bretton Woods t\u00eb vitit 1971.<\/p>\n Ja nj\u00eb udh\u00ebkryq i ri i gjeneruar nga novatorizmi. P\u00ebr \u00e7far\u00eb po flasim? Valuta dhe mjete k\u00ebmbimi apo instrumenta financiar\u00eb n\u00eb kuptimin e v\u00ebrtet\u00eb t\u00eb fjal\u00ebs? \u00cbsht\u00eb gjith\u00ebsesi nj\u00eb Kuti Pandore e madhe, nj\u00eb dilem\u00eb p\u00ebr t\u2019u zgjidhur sepse ekziston nj\u00eb bot\u00eb paralele, t\u00eb cil\u00ebs shpesh i shp\u00ebtojn\u00eb konturet, q\u00eb r\u00ebndon rreth kriptovalutave, duke filluar nga Bitcoin, i shpikur n\u00eb 2009 nga ajo fantazm\u00eb e bot\u00ebs teknologjike e financiare q\u00eb p\u00ebrgjigjet me emrin Satoshi Nakamoto \u2013 identiteti i t\u00eb cilit deri m\u00eb tani \u00ebsht\u00eb misterioz. Sikur t\u00eb donim t\u00eb gjenim nj\u00eb p\u00ebrkufizim t\u00eb par\u00eb, kriptovaluta \u00ebsht\u00eb nj\u00eb aset<\/em> i bazuar mbi nj\u00eb blockchain<\/em>, dometh\u00ebn\u00eb \u00a0nj\u00eb regjist\u00ebr i ndar\u00eb, i shp\u00ebrndar\u00eb dhe i pandryshuesh\u00ebm pasi \u00e7do operacion i b\u00ebr\u00eb garantohet nga kriptografia, nuk \u00ebsht\u00eb i modifikuesh\u00ebm dhe \u00ebsht\u00eb i v\u00ebrtet\u00eb sepse kryhet n\u00eb koh\u00eb reale (ndoshta) dhe njihet nga t\u00eb gjitha nyjet e rrjetit.<\/p>\n Duke filluar nga nj\u00eb kontekst i till\u00eb, Bitcoin \u00ebsht\u00eb termi q\u00eb identifikon si kriptovalut\u00ebn m\u00eb t\u00eb r\u00ebnd\u00ebsishme, ashtu edhe sistemin e blockchain<\/em> t\u00eb lidhur me t\u00eb. E nj\u00ebjta mund t\u00eb thuhet p\u00ebr kriptovalutat e tjera. Po em\u00ebrtojm\u00eb vet\u00ebm disa, por jan\u00eb shum\u00eb. Duke filluar nga ato q\u00eb v\u00ebrtiten n\u00eb platform\u00ebn Ethereum p\u00ebr t\u00eb arritur tek Cardano, Solana, Xrp, Polkadot, Zcash, Monero, Avalanche, Litecoin, Chainlink, Polygon, Algorand. Vendosim menj\u00ebher\u00eb nj\u00eb pik\u00eb fikse: problemi i evolucionit t\u00eb kriptovalutave private nuk \u00ebsht\u00eb vet\u00ebm ai i \u201cjomonedh\u00ebs\u201d specifike apo i \u201cinstrumentit financiar alternativ\u201d q\u00eb k\u00ebrc\u00ebnon pushtetin e krijuar (nuk ka nj\u00eb bank\u00eb depozitare, nuk \u00ebsht\u00eb as huazues i instanc\u00ebs s\u00eb fundit), por \u00ebsht\u00eb n\u00eb fakt logjika (algoritmi) q\u00eb e gjeneron: kjo \u00ebsht\u00eb natyra konsensuale, e diversifikuar dhe sidomos \u201cbottom up<\/em>\u201d. Jemi n\u00eb fush\u00ebn e \u201cfinanc\u00ebs s\u00eb decentralizuar\u201d \u2013 decentralized finance<\/em> apo DeFi. Nj\u00eb bot\u00eb anarkiste dhe jo konform me nomrat e parakrijuara nga tregjet q\u00eb nj\u00eb pjes\u00eb e operator\u00ebve i konsideron t\u00eb rrezikshme. Pra, nga viti 2016, n\u00eb bot\u00ebn e rregullator\u00ebve ka nj\u00eb preokupim p\u00ebr proliferimin e cryptoasset<\/em> ku volatiliteti ishte shum\u00eb i lart\u00eb dhe likuiditeti i sigurt\u00eb p\u00ebr shuma t\u00eb vogla, por i pak\u00ebt p\u00ebr t\u00eb m\u00ebdhat\u00eb. Pastaj, n\u00eb 2022, ka ardhur kriza e madhe e sistemit Crypto.<\/p>\n Kriza e madhe e sistemit Crypto dhe dilema e likuiditetit<\/strong><\/p>\n P\u00ebr t\u00eb kuptuar se pse ka shp\u00ebrthyer kriza e madhe e sistemit kripto (por edhe ajo e sistemit financiar tradicional) n\u00eb 2022, duhet t\u2019i kujtojm\u00eb vet\u00ebvetes nj\u00eb reflektim baz\u00eb mbi t\u00eb cilin qem\u00eb t\u00eb vet\u00ebdijsh\u00ebm prej shum\u00eb kohe, edhe pse do t\u00eb donim t\u00eb vazhdonim ta harronim, p\u00ebr t\u00eb jetuar gjithmon\u00eb n\u00eb bot\u00ebn fantastike t\u00eb helicopter money<\/em> \u2013 emetime t\u00eb m\u00ebdha likuiditeti n\u00eb sistemin monetar apo Quantitative Easing<\/em>. \u00cbsht\u00eb e v\u00ebrtet\u00eb se \u201cwhatever it takes<\/em>\u201d e Mario Draghi (dhe e bankier\u00ebve qendror\u00eb t\u00eb tjer\u00eb n\u00eb dekad\u00ebn e dyt\u00eb e k\u00ebtij shekulli) ka shp\u00ebtuar euron dhe nj\u00eb sistem ekuilibri n\u00eb platformat monetare e bankave qendrore t\u00eb m\u00ebdha, por \u00ebsht\u00eb po aq e v\u00ebrtet\u00eb se shum\u00ebfishimi galopant i monedh\u00ebs reputacionale t\u00eb bankave qendrore ka gjeneruar deformime t\u00eb thella n\u00eb tregjet financiare. Ishte nj\u00eb mas\u00eb \u201cbooster<\/em>\u201d q\u00eb mund t\u00eb kishte t\u00eb drejt\u00eb t\u00eb ekzistonte n\u00eb horizonte t\u00eb kufizuara n\u00eb koh\u00eb p\u00ebr t\u00eb shtypur krizat e p\u00ebrkohshme t\u00eb tregjeve dhe t\u00eb ekonomis\u00eb reale, por q\u00eb p\u00ebrve\u00e7 limiteve kohore t\u00eb nd\u00ebrhyrjes emergjente ka gjeneruar nj\u00eb bot\u00eb virtuale ku, p\u00ebr ta th\u00ebn\u00eb me nj\u00eb metafor\u00eb danteske:<\/p>\n Nj\u00eb sistem paralel me realiteti, nj\u00eb metavers financiar q\u00eb ka jetuar p\u00ebr shum\u00eb vite pasi i dopuar nga taksat negative dhe nj\u00eb WACC (Weight Average Capital Cost<\/em>, kosto mesatare e kapitalit) inekzistente n\u00eb terma rrezik\/rendiment t\u00eb krahasuesh\u00ebm me nj\u00eb investim alternativ. Me fjal\u00eb t\u00eb tjera, p\u00ebr \u00e7do operator vlente t\u00eb rrezikohej investimi n\u00eb aksione apo n\u00eb kripto pasi t\u00eb gjitha alternativat qen\u00eb ekuivalente n\u00eb termat e rrezikut apo m\u00eb pak konveniente si rendiment. Ka qen\u00eb nj\u00eb \u201cbot\u00eb p\u00ebrgjys\u00ebm\u201d e re pa track record<\/em> dhe seri historike ku e ardhmja nuk ishte shkruar dhe ku sistemi dukej i lir\u00eb nga politikat fiskale t\u00eb qeverive dhe nga politikat monetare e bankave qendrore t\u00eb m\u00ebdha, me financ\u00ebn e decentralizuar q\u00eb imponohej si model alternativ n\u00eb nj\u00eb hap\u00ebsir\u00eb t\u00eb re dhe t\u00eb \u00e7liruar nga kusht\u00ebzimet. Pa harruar pastaj se euforia e tre viteve t\u00eb fundit ka qen\u00eb e ushqyer edhe nga situata e ve\u00e7ant\u00eb e krijuar nga pandemia q\u00eb duke i mbyllur t\u00eb gjith\u00eb n\u00eb sht\u00ebpi i ka shtyr\u00eb shum\u00eb njer\u00ebz t\u00eb kalojn\u00eb m\u00eb shum\u00eb koh\u00eb n\u00eb pajisje elektronike pa pasnj\u00eb nd\u00ebrmjet\u00ebsim. \u00c7nd\u00ebrmjet\u00ebsimi, mang\u00ebsit\u00eb e barrierave n\u00eb hyrje, anonimati, mungesa e nj\u00eb autoriteti qendror jan\u00eb faktor\u00eb q\u00eb kan\u00eb krijuar ndjesin\u00eb e nj\u00eb finance \u201cpr\u00eat-\u00e0-porter<\/em>\u201d p\u00ebr t\u00eb gjith\u00eb. \u201cNj\u00eb vlen nj\u00eb\u201d n\u00eb bot\u00ebn e financ\u00ebs s\u00eb decentralizuar n\u00ebnkupton se kushdo mund ta b\u00ebj\u00eb tregun si bankier qendror.<\/p>\n Praktikisht bota e Eliz\u00ebs n\u00eb Bot\u00ebn e \u00c7udirave. Pastaj koha ka ndryshuar. Kan\u00eb ardhur inflacioni (nga k\u00ebrkesa p\u00ebr Shtetet e Baskuara apo nga kostot e energjis\u00eb p\u00ebr Europ\u00ebn), lufta, dhe, duke vijuar, ngusht\u00ebsia monetare e FED e BQE dhe nga bankat e tjera qendrore. Ja q\u00eb WACC ka ndryshuar thell\u00ebsisht dhe, me t\u00eb, alternativat m\u00eb termat rrezik?rendiment mbi investimin (n\u00eb ve\u00e7anti) n\u00eb kriptovaluta. Dhe ja d\u00ebshtimet e platformave dhe produkteve kripto t\u00eb 2022. Exchange\u00a0C<\/em>elsius, stablecoin<\/em>\u00a0Terra USD\u00a0dhe, n\u00eb periudh\u00ebn e fundit, superkriza e FTX. Nd\u00ebrsa fati i\u00a0Gemini\u00a0dhe\u00a0Genesis ende nuk \u00ebsht\u00eb i qart\u00eb. P\u00ebr t\u00eb mos cituar platformat e shumta t\u00eb tjera, q\u00eb n\u00eb muajt e fundit kan\u00eb bllokuar t\u00ebrheqjet: CoinFlex, Babel Finance, Zipmex dhe Vauld, si edhe kuotimet e Bitcoin me 30% respektivisht me maksimumet. Nd\u00ebrkaq shum\u00eb e kan\u00eb kuptuar nj\u00eb gj\u00eb themelore. N\u00eb munges\u00eb t\u00eb nj\u00eb huazuesi t\u00eb instanc\u00ebs s\u00eb fundit (bank\u00eb qendrore me monedh\u00eb q\u00eb ka kurs ligjor) apo t\u00eb nj\u00eb banke depozitare (p\u00ebr vlefshm\u00ebrin\u00eb e njohur t\u00eb portofolit t\u00eb investimeve), investimet n\u00eb kripto kan\u00eb probleme sepse:<\/p>\n \u00c7far\u00eb horizontesh t\u00eb tjer\u00eb akoma? Dikush mund t\u00eb mendoj\u00eb p\u00ebr Bitcoin, q\u00eb megjith\u00ebse n\u00eb kriz\u00ebn e thell\u00eb ka ende nj\u00eb vler\u00eb t\u00eb konsiderueshme n\u00eb treg, por k\u00ebtu fitet n\u00eb loj\u00eb shtylla tjet\u00ebr e vler\u00ebsimeve financiare: koha n\u00eb absolute dhe, n\u00eb momentin aktual, koha relative n\u00eb termat e kostove t\u00eb energjis\u00eb. Faktikist vlera e Bitcoin n\u00eb k\u00ebt\u00eb moment rezulton shum\u00eb m\u00eb e ul\u00ebt nga kostoja e prodhimit. Nga ana tjet\u00ebr, p\u00ebr t\u00eb siguruar operativitetin dhe sigurin\u00eb e transaksioneve \u00ebsht\u00eb e nevojshme nj\u00eb fuqi llogarit\u00ebse e madhe. \u201cMiners<\/em>\u201d (minator\u00ebt) \u2013 q\u00eb faktikisht jan\u00eb ekuivalenti i decentrailzuar i zyr\u00ebs q\u00eb pret monedh\u00ebn \u2013 e v\u00ebn\u00eb n\u00eb dispozicion t\u00eb sistemit dhe, p\u00ebr t\u00eb zgjedhur kompjuterin q\u00eb do t\u00eb menaxhoj\u00eb pages\u00ebn \u00e7do her\u00eb i n\u00ebnshtrohet nj\u00eb gare n\u00eb kuptimin e v\u00ebrtet\u00eb t\u00eb fjal\u00ebs: ai q\u00eb e fiton \u00ebsht\u00eb ai q\u00eb arrin ta zgjidh\u00eb nj\u00eb problem matematikor kompleks p\u00ebrpara t\u00eb tjer\u00ebve. P\u00ebr ta arritur q\u00eb ta fitojn\u00eb,\u00a0miners<\/em>\u00a0investojn\u00eb n\u00eb pajisje t\u00eb reja dhe fuqi llogarit\u00ebse, q\u00eb k\u00ebrkojn\u00eb nj\u00eb sasi energjie n\u00eb rritje. \u00c7mimi jan\u00eb Bitcoin e rinj t\u00eb \u201cnxjerr\u00eb\u201d: kompjuteri q\u00eb do t\u00eb kryej\u00eb transaksionin dhe do t\u00eb shtoj\u00eb pra nj\u00eb bllok t\u00eb ri blockchain<\/em> do t\u00eb shpr\u00ebblehet me nj\u00eb shum\u00eb t\u00eb re n\u00eb Bitcoin t\u00eb rinj. Por sa m\u00eb shum\u00eb Bitcoin do t\u00eb nxirren, aq m\u00eb shum\u00eb sistemi do t\u00eb k\u00ebrkoj\u00eb fuqi llogarit\u00ebse n\u00eb rritje p\u00ebr t\u00eb menaxhuar transaksionet dhe \u00e7mimi m\u00eb shum\u00eb se i p\u00ebrgjysmuar, pas ngushtic\u00ebs s\u00eb bankava qendrore t\u00eb m\u00ebdha, kontribuon n\u00eb uljen e fitimeve. Ja pse Bitcoin jan\u00eb n\u00eb kriz\u00eb si t\u00eb gjitha kriptot e tjera.<\/p>\n Nga kriptovalutat private tek Central Bank Digital Currencies<\/em> (CBDC\u2019s)<\/strong><\/p>\n Ja filmi q\u00eb po shohim. Ngushtic\u00eb monetare, kosto e energjis\u00eb n\u00eb qiell, kriz\u00eb e platformave t\u00eb exchange<\/em>, kuotime t\u00eb kriptos n\u00eb r\u00ebnie t\u00eb lir\u00eb. Me fjal\u00eb t\u00eb tjera, nj\u00eb histori q\u00eb rr\u00ebfen ferrin e ri t\u00eb bot\u00ebs s\u00eb financ\u00ebs s\u00eb decentralizuar. Jemi n\u00eb momentin e \u201cgame \u00a0over<\/em>\u201d p\u00ebr bot\u00ebn kripto? Fatkeq\u00ebsisht ose p\u00ebr fat nuk \u00ebsht\u00eb gjith\u00e7ka kaq e thjesht\u00eb. Roli vendimtar p\u00ebr k\u00eb pret valut\u00eb \u00ebsht\u00eb jasht\u00eb \u00e7do dyshimi, n\u00eb pik\u00ebn q\u00eb sot vlen akoma v\u00ebzhgimi i baronit Nathan Rothschild: \u201cM\u00eb jepni kontrollin e valut\u00ebs s\u00eb nj\u00eb kombi dhe nuk m\u00eb intereson aspak se kush i b\u00ebn ligjet\u201d. Sot problemi strategjik \u00ebsht\u00eb ai i qeveris\u00eb ndaj monedh\u00ebs dhe investimeve, por jo vet\u00ebm. Rreziku q\u00eb privat\u00ebt t\u00eb fillojn\u00eb t\u00eb presin monedh\u00eb sigurisht q\u00eb e ka p\u00ebrshpejtuar procesin e krijimit t\u00eb valutave dixhitale t\u00eb bankave t\u00eb m\u00ebdha qendrore me q\u00ebllim evitimin e \u201cboshll\u00ebqeve t\u00eb pushtetit\u201d monetar dhe fiskal, por tema qendrore mbetet ajo e qeverisjes s\u00eb t\u00eb dh\u00ebnave, floriri i v\u00ebrtet\u00eb i s\u00eb ardhmes. Ja pse bankier\u00ebt e m\u00ebdhenj qendror\u00eb (q\u00eb tani \u201cgog\u00ebsijn\u00eb\u201d prej kriz\u00ebs s\u00eb bot\u00ebs kripto) nuk mund t\u00eb rrijn\u00eb t\u00eb qet\u00eb. Sepse, n\u00ebse \u00ebsht\u00eb e v\u00ebrtet\u00eb se dollar\u00ebt, eurot dhe jen\u00ebt e ardhsh\u00ebm dixhital\u00eb do t\u00eb ishin me perceptim imediat reputacional n\u00eb terma t\u00eb siguris\u00eb respektivisht kriptoaseteve t\u00eb tjera, edhe CBDC\u2019s paraqesin megjithat\u00eb tema novatore respektivisht tregjeve tradicional\u00eb financiar\u00eb, si problemet strategjike t\u00eb privat\u00ebsis\u00eb pasi p\u00ebr sa pseudoanonimizuar n\u00eb terma t\u00eb dh\u00ebnash, n\u00eb realitet jan\u00eb gjithmon\u00eb t\u00eb gjetsh\u00ebm.<\/p>\n Nj\u00eb bot\u00eb ku bankat qendrore (dhe shtetet) do t\u00eb ishin n\u00eb gjendje t\u00eb mblidhnin edhe informacionet m\u00eb par\u00eb jo t\u00eb disponueshme, duke arritur n\u00eb nj\u00eb identifikim t\u00eb pazakont\u00eb dhe m\u00eb t\u00eb thell\u00eb t\u00eb p\u00ebrdoruesve dhe t\u00eb kapacitetit t\u00eb flukseve t\u00eb pagesave. P\u00ebr pasoj\u00eb, n\u00ebse nuk p\u00ebrdoren si\u00e7 duhet, CBDC\u2019s mund t\u00eb favorizojn\u00eb nj\u00eb koncentrim t\u00eb paprecedent informacionesh dhe nj\u00eb devijim ndaj atij q\u00eb quhet \u201ckapitaliz\u00ebm survejimi\u201d. P\u00ebr shembull, t\u00eb kihet parasysh p\u00ebr pushtetin inkuizitor t\u00eb nj\u00eb Agjencie t\u00eb Hyrash eventuale (taksat apo ark\u00ebtimi i kartelave t\u00eb aplikuara direkt n\u00eb wallet<\/em> dixhitale) apo i vet\u00eb bankave qendrpre n\u00eb termat e taksave negative t\u00eb aplikuara top-down<\/em> mbi t\u00eb gjitha depozitat ku, me monedhat fizike, masa t\u00eb tilla mund t\u00eb shmangen leht\u00ebsisht duke t\u00ebrhequr parat\u00eb kesh p\u00ebr t\u2019i magazinuar tjet\u00ebrkund. Ja pse zhvillimi i nj\u00eb rregullimi t\u00eb bot\u00ebs s\u00eb monedhave dixhitale \u00ebsht\u00eb ende n\u00eb faz\u00eb fillestare. Nga ana tjet\u00ebr, si\u00e7 ka th\u00ebn\u00eb Robert Kiyosaki, n\u00ebse investitori nuk \u00ebsht\u00eb ekspert, \u00e7do investim i tij do t\u00eb jet\u00eb i rriskuar dhe, p\u00ebr pasoj\u00eb, q\u00eb \u00ebsht\u00eb n\u00eb rrezik nuk \u00ebsht\u00eb investimi, por investitori. Nj\u00eb paradoks p\u00ebr t\u2019u mbajtur n\u00eb konsiderat\u00ebn e duhur dhe nj\u00eb motiv m\u00eb shum\u00eb p\u00ebr t\u00eb p\u00ebrhapur dijen mbi DeFi dhe mbi valutat dixhitale. Duke shtuar k\u00ebshtu vet\u00ebdijen e investitor\u00ebve p\u00ebr nj\u00eb t\u00eb ardhme q\u00eb ka ende shum\u00eb territore t\u00eb paeksploruara p\u00ebr t\u2019u thelluar.<\/p>\n (nga Aspen Institute<\/em>)<\/p>\n Pergatiti<\/strong><\/p>\n ARMIN TIRANA<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" N\u00eb financ\u00eb (por jo vet\u00ebm) ka filluar era e transaksioneve t\u00eb m\u00ebdha. Nj\u00eb bot\u00eb fakt i ri i teknologjive dixhitale ekspoenciale ku \u00ebsht\u00eb gjithnj\u00eb e m\u00eb e v\u00ebshtir\u00eb t\u00eb kuptohet se cil\u00ebt jan\u00eb kufijt\u00eb e risis\u00eb financiare respektivisht tregut dhe ekonomis\u00eb reale. Produktet e reja e financ\u00ebs s\u00eb strukturuar dhe financ\u00ebs virtuale p\u00ebrfaq\u00ebsojn\u00eb territore t\u00eb …<\/p>\n","protected":false},"author":4,"featured_media":33746,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42],"tags":[],"class_list":["post-33745","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-kulture"],"_links":{"self":[{"href":"https:\/\/rdnews.al\/index.php\/wp-json\/wp\/v2\/posts\/33745","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rdnews.al\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rdnews.al\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rdnews.al\/index.php\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/rdnews.al\/index.php\/wp-json\/wp\/v2\/comments?post=33745"}],"version-history":[{"count":0,"href":"https:\/\/rdnews.al\/index.php\/wp-json\/wp\/v2\/posts\/33745\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rdnews.al\/index.php\/wp-json\/wp\/v2\/media\/33746"}],"wp:attachment":[{"href":"https:\/\/rdnews.al\/index.php\/wp-json\/wp\/v2\/media?parent=33745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rdnews.al\/index.php\/wp-json\/wp\/v2\/categories?post=33745"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rdnews.al\/index.php\/wp-json\/wp\/v2\/tags?post=33745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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