Examining the Drivers and Economic and Social Impacts of Cryptocurrency Adoption
This study investigates the key drivers and the economic and social impacts of cryptocurrency adoption. Based on panel data across 37 countries from 2020 to 2023, this research examines the interplay between cryptocurrency adoption and technology development, monetary policies, and economic and soci...
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| Format: | Article |
| Language: | English |
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MDPI AG
2025-01-01
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| Series: | FinTech |
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| Online Access: | https://www.mdpi.com/2674-1032/4/1/5 |
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| author | Yongsheng Guo Ezaddin Yousef Mirza Muhammad Naseer |
| author_facet | Yongsheng Guo Ezaddin Yousef Mirza Muhammad Naseer |
| author_sort | Yongsheng Guo |
| collection | DOAJ |
| description | This study investigates the key drivers and the economic and social impacts of cryptocurrency adoption. Based on panel data across 37 countries from 2020 to 2023, this research examines the interplay between cryptocurrency adoption and technology development, monetary policies, and economic and social development. Employing a mixed-methods approach, the research incorporates panel data analysis across multiple countries to explore correlations and causal relationships between these variables. The study found that technology development, measured by the Network Readiness Index (NRI) enables cryptocurrency adoption. Economic conditions measured by higher national inflation rates and monetary policy indicators, including lower interest and exchange rates are the key drivers for cryptocurrency adoption. The empirical findings reveal that cryptocurrency adoption has negative relationships with economic development measured by the GDP growth rate, unemployment rate, and social development represented by the governance quality corruption index. It implies that cryptocurrency is used as a virtual anchor (digital gold) for national inflation. Findings reveal how network readiness, economic conditions, and monetary policies contribute to fostering cryptocurrency adoption, while resulting in impacts on economic growth, labour markets, and governance. The research contributes to the literature by integrating technological, economic, and governance perspectives to elucidate the role of cryptocurrency in reshaping the global economic and social systems. |
| format | Article |
| id | doaj-art-e6ed30db84804530a21b5bb3c8beb0e7 |
| institution | DOAJ |
| issn | 2674-1032 |
| language | English |
| publishDate | 2025-01-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | FinTech |
| spelling | doaj-art-e6ed30db84804530a21b5bb3c8beb0e72025-08-20T02:42:29ZengMDPI AGFinTech2674-10322025-01-0141510.3390/fintech4010005Examining the Drivers and Economic and Social Impacts of Cryptocurrency AdoptionYongsheng Guo0Ezaddin Yousef1Mirza Muhammad Naseer2International Business School, Teesside University, Middlesbrough TS1 3BX, UKInternational Business School, Teesside University, Middlesbrough TS1 3BX, UKInternational Business School, Teesside University, Middlesbrough TS1 3BX, UKThis study investigates the key drivers and the economic and social impacts of cryptocurrency adoption. Based on panel data across 37 countries from 2020 to 2023, this research examines the interplay between cryptocurrency adoption and technology development, monetary policies, and economic and social development. Employing a mixed-methods approach, the research incorporates panel data analysis across multiple countries to explore correlations and causal relationships between these variables. The study found that technology development, measured by the Network Readiness Index (NRI) enables cryptocurrency adoption. Economic conditions measured by higher national inflation rates and monetary policy indicators, including lower interest and exchange rates are the key drivers for cryptocurrency adoption. The empirical findings reveal that cryptocurrency adoption has negative relationships with economic development measured by the GDP growth rate, unemployment rate, and social development represented by the governance quality corruption index. It implies that cryptocurrency is used as a virtual anchor (digital gold) for national inflation. Findings reveal how network readiness, economic conditions, and monetary policies contribute to fostering cryptocurrency adoption, while resulting in impacts on economic growth, labour markets, and governance. The research contributes to the literature by integrating technological, economic, and governance perspectives to elucidate the role of cryptocurrency in reshaping the global economic and social systems.https://www.mdpi.com/2674-1032/4/1/5cryptocurrencyinflationmonetary policiesGDP growthgovernance quality |
| spellingShingle | Yongsheng Guo Ezaddin Yousef Mirza Muhammad Naseer Examining the Drivers and Economic and Social Impacts of Cryptocurrency Adoption FinTech cryptocurrency inflation monetary policies GDP growth governance quality |
| title | Examining the Drivers and Economic and Social Impacts of Cryptocurrency Adoption |
| title_full | Examining the Drivers and Economic and Social Impacts of Cryptocurrency Adoption |
| title_fullStr | Examining the Drivers and Economic and Social Impacts of Cryptocurrency Adoption |
| title_full_unstemmed | Examining the Drivers and Economic and Social Impacts of Cryptocurrency Adoption |
| title_short | Examining the Drivers and Economic and Social Impacts of Cryptocurrency Adoption |
| title_sort | examining the drivers and economic and social impacts of cryptocurrency adoption |
| topic | cryptocurrency inflation monetary policies GDP growth governance quality |
| url | https://www.mdpi.com/2674-1032/4/1/5 |
| work_keys_str_mv | AT yongshengguo examiningthedriversandeconomicandsocialimpactsofcryptocurrencyadoption AT ezaddinyousef examiningthedriversandeconomicandsocialimpactsofcryptocurrencyadoption AT mirzamuhammadnaseer examiningthedriversandeconomicandsocialimpactsofcryptocurrencyadoption |