An exploratory case study: Romania’s digital innovation opportunities due to rise of digital currencies

Cristina Sbîrneciu and Nicoleta-Valentina Florea
Additional contact information
Cristina Sbîrneciu: Valahia University of Târgoviște, Târgoviște, Romania
Nicoleta-Valentina Florea: Valahia University of Târgoviște, Târgoviște, Romania

Journal of Financial Studies, 2023, vol. 14, issue 8, 143-164

Abstract: This article examines the rise of digital currencies in the Eurozone. By probing into the National Strategy regarding the Digital Agenda for Romania 2020 (Romanian Government, 2015), we are aiming to present future researchers with a set of propositions to continue the inquiry on possible opportunities derived from emerging opportunities associated with innovation in the Decentralized Financial sector. This exploratory case study is determined to identify a positive and advantageous moment for Romania while planning the governmental digital strategy in the Field of action III – eCommerce, research and development, and innovation in Information Technology & Communication (IT&C). Given the strong influence of a well-executed implementation plan to achieve strategic objectives, we consider it crucial to prioritize this subject. In this exploratory case study, we analyzed the development of centralized digital currencies in some European National Central Banks and examined the impact of blockchain technology on the financial sector. Additionally, we provided a detailed analysis of the advantages and disadvantages associated with the increasing popularity of digital currencies. It was concluded that due to the lack of in-depth empirical studies, and due to a relatively young and highly volatile digital currency market, we cannot ignore the chances Romania has to assimilate and develop the latest technologies in the financial sector or to improve the existing e-commerce framework and promote investment in innovation. The outcome of the case study is that there are specific and unique opportunities to improve the existing traditional financial system, by creating digital solutions, flexible and accessible to all consumers in Romania, and beyond.

Keywords: centralized digital currencies; digital euro; financial innovation; cryptocurrencies. (search for similar items in EconPapers)
JEL-codes: G11 G14 G15 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://revista.isfin.ro/wp-content/uploads/2023/0 ... Valentina-Florea.pdf (application/pdf)
https://revista.isfin.ro/2023/05/22/an-exploratory ... -digital-currencies/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fst:rfsisf:v:14:y:2023:i:8:p:143-164

DOI: 10.55654/JFS.2023.8.14.10

Access Statistics for this article

Journal of Financial Studies is currently edited by Raluca Ladaru

More articles in Journal of Financial Studies from Institute of Financial Studies Contact information at EDIRC.
Bibliographic data for series maintained by Cosmin Catalin Olteanu ().