Digital Currencies Impact on Development of International Trade and Economy Growth

Madan Lal () and Anuj Jatav ()
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Madan Lal: University of Delhi
Anuj Jatav: University of Delhi

Chapter Chapter 13 in Digital Currencies in The New Global World Order, 2024, pp 191-215 from Springer

Abstract: Abstract Digital currencies, often referred to as cryptocurrencies, have emerged as a disruptive force in the world’s financial system. This study examines the significant effects that digital currencies will have on the development of international trade and economic growth. These cutting-edge financial instruments are reshaping the traditional dynamics of global trade and fostering economic growth as they gain increasing popularity. The study begins by elucidating the foundational concepts underlying digital currencies, with a specific focus on their impact on international trade and economic growth. In addition to fostering a decentralised financial environment, this technological revolution has opened up new possibilities for secure and efficient cross-border transactions.The study explores numerous important aspects of institutional attitudes towards digital currencies. It also examines the concept of Central Bank Digital Currency (CBDC). Furthermore, the study delves into potential ways digital currencies could change international trade. For example, by enabling disadvantaged communities and smaller firms to engage in international trade without relying on conventional banking infrastructure, it may be possible to promote economic growth on a global scale. The study investigates the regulatory opportunities and problems involved with the introduction of digital currencies to evaluate their effects on national economies. Globally, policymakers and central banks are grappling with how to balance encouraging innovation with preserving financial security and stability. Additionally, the study examines the potential impact of digital currencies on economic growth. In summary, this study highlights how digital currencies have the power to redefine international trade and spur economic growth. Policymakers and stakeholders must negotiate the regulatory environment as digital currencies continue to develop to take advantage of their advantages while minimising dangers. This study provides a foundation for wise decision-making in the dynamic world of digital currencies and international trade as well as sheds light on the financial revolution that is currently taking place.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-97-4810-5_13

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DOI: 10.1007/978-981-97-4810-5_13

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