Uncertainties and ambivalence in the crypto market: an urgent need for a regional crypto regulation

Ajithakumari Vijayappan Nair Biju () and Ann Susan Thomas ()
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Ajithakumari Vijayappan Nair Biju: University of Kerala
Ann Susan Thomas: University of Kerala

SN Business & Economics, 2023, vol. 3, issue 8, 1-21

Abstract: Abstract The purpose of money is to provide a medium of exchange supported by stability, liquidity, and credibility through an intrinsic value. In our current financial realm, we recognize fiat money, cryptocurrency, and Central Bank Digital Currency (CBDC) as valid forms of currency. The decentralized financial system, driven by the digital revolution, has witnessed the pervasive force of cryptocurrency over the past decade. As this peer-to-peer digital payment system evolves into blockchain-based tokens such as NFTs, the cryptocurrency market continues encountering uncertainties among crypto enthusiasts and cynics, who are equally wary of the future. This uncertainty has arisen due to numerous factors, such as volatility in the cryptocurrency market, cyber-attacks, illegal trades, and manipulative schemes. These challenges have prompted different nations to react and respond in incongruous ways. Given the imminent introduction of CBDC, the current state of affairs calls for unified internal regulation through regional integration. This paper aims to highlight the key areas that require urgent resolution through policy implementation, identified through a qualitative naturalistic observation approach and mind-mapping technique. We argue that a comprehensive approach to regional crypto regulations is essential to promote the growth and stability of the cryptocurrency market while mitigating the risks and uncertainties associated with this emerging technology intervention.

Keywords: Cryptocurrency; Crypto regulation; Crypto frauds; Regional integration; CBDC; Mind-mapping (search for similar items in EconPapers)
JEL-codes: G15 G23 G28 (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/s43546-023-00519-z

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