Future of Currency: Crypto
Keywords:
Cryptocurrencies, Decentralization, Financial inclusion, Disruption, Payment ProcessingAbstract
The rise of cryptocurrencies is transforming the global currency landscape, offering an alternative to traditional money. Digital currencies like Bitcoin and Ethereum are revolutionizing financial transactions with decentralization, transparency, and security. This research explores the potential of cryptocurrencies to disrupt the financial system, particularly in banking, payment processing, and financial inclusion. Using a mixed-methods approach, combining qualitative and quantitative data, this study provides a comprehensive view of the opportunities and challenges of cryptocurrencies. Unlike other research, this study focuses on the intersection of cryptocurrency adoption and financial inclusion, and incorporates expert interviews and case studies to provide a nuanced understanding of the complex relationships between cryptocurrencies and traditional financial systems
References
Agarwal, R., & Narain, S. (2021). The Role of Central Bank Digital Currencies in Future Financial Systems. Journal of Financial Technology, 11(2), 15-30. This article examines the development and adoption of CBDCs and how they might coexist with decentralized cryptocurrencies in future monetary systems.
Allen, D. W. E., & Berg, L. (2020). Cryptocurrency Regulation: A Comparative Review of Global Approaches. Journal of Financial Regulation and Compliance, 28(1), 89-112.
This article compares the regulatory approaches toward cryptocurrencies across various countries, providing an in-depth analysis of their effectiveness and global policy implications.
Arslanian, H., & Fischer, F. (2019). The Future of Financial Power: How Cryptocurrencies Could Reshape Global Economic Power. Harvard Business Review
This article discusses how the adoption of cryptocurrencies could alter global power dynamics, influencing international finance and geopolitical relations.
Bank of England. (2020). Central Bank Digital Currency: Opportunities, Challenges and Design.
This paper from the Bank of England discusses the concept of Central Bank Digital Currencies, including their potential impact on the existing financial system and their role in the future of currency.
Böhme, R., Christin, N., Edelman, B., & Moore, T. (2015). Bitcoin: Economics, Technology, and Governance. Journal of Financial Markets, 18(2), 192-221. This paper explores the economic and regulatory implications of Bitcoin, looking at its potential to disrupt traditional financial institutions and global markets.
Buterin, V. (2014). A Next-Generation Smart Contract and Decentralized Application Platform. https://ethereum.org/en/whitepaper This paper presents Ethereum’s blockchain platform, which expands the use of blockchain to include smart contracts and decentralized applications (dApps), essential for the growth of decentralized finance (DeFi).
European Central Bank. (2020). The Impact of Cryptocurrencies on Financial Markets. ECB Economic Bulletin, Issue 8.
This ECB report discusses the challenges posed by cryptocurrencies in relation to financial markets and the need for consistent global regulatory frameworks.
Mersch, Y. (2020). Central Bank Digital Currencies: A New Form of Money for the Digital Age. European Central Bank Speech The speech provides an overview of the implications of CBDCs for monetary policy, the banking sector, and the wider economy, outlining the potential benefits and risks associated with their implementation.
Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. https://bitcoin.org/bitcoin.pdf
This foundational paper introduces Bitcoin and the blockchain technology that underpins cryptocurrencies, offering essential insights into the potential of decentralized financial systems.
Narayanan, A., Bonneau, J., Felten, E., Miller, A., & Shmatikov, V. (2016). Bitcoin and Cryptocurrency Technologies. Princeton University Press. This comprehensive text provides technical and practical insights into how cryptocurrencies can be leveraged to improve financial access in underbanked regions.
Narayanan, A., Bonneau, J., Felten, E., Miller, A., & Shmatikov, V. (2016). Bitcoin and Cryptocurrency Technologies. Princeton University Press. This textbook provides a comprehensive exploration of Bitcoin’s technology and its potential to become a widely accepted medium of exchange, despite challenges related to volatility and scalability.
Narula, R., & Dunning, J. H. (2019). Financial Inclusion and Cryptocurrencies: A Global Perspective. International Business Review, 28(3), 566-576.
This paper examines the potential of cryptocurrencies to provide financial inclusion for the unbanked and underbanked populations, particularly in developing countries.
Shiller, R. J. (2017). The Cryptocurrency Conundrum: Will Digital Currencies Become a Global Medium of Exchange? The Economist, 26
This article examines the challenges cryptocurrencies face in becoming everyday mediums of exchange, focusing on their volatility and adoption barriers.
Stablecoin Initiative Report. (2020). Stablecoins: The Key to Cryptocurrencies Becoming a Medium of Exchange? This industry report explores the rise of stablecoins, which aim to reduce the volatility that traditional cryptocurrencies face, and assesses their potential to be used as reliable mediums of exchange in global transactions. Tapscott, D., & Tapscott, A. (2016). Blockchain Revolution: How the Technology Behind Bitcoin and Other Cryptocurrencies is Changing the World. Penguin Random House.
This book explores the transformative power of blockchain technology, including its implications for cryptocurrency adoption and the future of decentralized finance
World Bank Group. (2018). Fintech and Financial Inclusion: A Study of Cryptocurrencies in Emerging Economies. This report explores the role of digital currencies in fostering financial inclusion, focusing on their impact on access to financial services and remittances in emerging markets.
Yermack, D. (2013). Is Bitcoin a real currency? An economic appraisal. The Economic Journal, 123(573), 45-59.
This article provides an economic analysis of Bitcoin’s role as a potential currency and its broader impact on financial systems and markets.
Zohar, E. (2015). Bitcoin: Under the Hood. Communications of the ACM, 58(9), 104- 113.
This paper discusses the technical and regulatory challenges of Bitcoin, including issues around security and the need for legal frameworks to govern digital currency.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Mayuri Gosai, Monil Kotadia, Jignesh Vidani
This work is licensed under a Creative Commons Attribution 4.0 International License.
