Cryptocurrency and India - Drishti IAS The environmental concern comes from the estimated carbon footprint generated by the power plants providing that energy. This study's main goals are as follows: 1. So far, there are only a few economic models developed to study this new payment technology.3 These models use di erent frameworks the depth of misery. Introduction Crypto currency is electronic money designed to be quicker, cheaper and more reliable than government issued money. The overall positive economic impact of cryptocurrency proves that investing in cryptocurrency can be a beneficial investment. Cryptocurrencies have the capacity to facilitate more convenient access to capital and financial services, which can allow social and economic growth in developing countries. The Covid-19 pandemic may have further accelerated t he pace of digital change. The first crypto currency discussed in this paper as an example is Bitcoin which is technically, "an algorithm that records an ongoing chain of transac-tions between members of a decentralized peer-to-peer network and broad-casts these records to all members of the network" (Ammous, 2015, p. 19). New players have entered the digital economy to provide these services. The effects of crytocurrencies on the banking industry and monetary policy Yet, energy consumption is a critical side effect of this technology and the unsustainable mining practices used are massive barriers for larger adoption. Eventually, thanks to information technology (IT) and the extensive use of blockchain technology, the masses will finally have access to a digital economy, fully independent of the regulation of governments, banks, or other centralized institutions. PDF Future of Cryptocurrency - The Economist A substantial global ecosystem of cryptocurrency trading markets has developed over the past decade, 1 with commentators split over the utility of these new instruments and, hence, the proper level of government involvement. Economic transactions are being global. 1.1 What is the Positive economic impact of cryptocurrency There is no want of middleman. the user's expectations of the future of cryptocurrency. With Bitcoin on the road, USD is up to a big challenge. Sustainability is one topic that needs to be addressed to help ensure a sustainable future for the planet and the global economy. which offer lending cryptocurrency which makes it hard for the currency to be used to facilitate credit. Abstract. The impacts of. The papers in this special issue focus on the emerging phenomenon of cryptocurrencies.
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