NWAFOR, Michael C (2024) THE RISE OF CRYPTOCURRENCIES: ASSESSING THEIR IMPACT AND REGULATORY CHALLENGES. GOUni Journal of Faculty of Management and Social Sciences, 12 (1). pp. 145-152. ISSN 2550-7265
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Abstract
The meteoric rise of cryptocurrencies represents a watershed moment in the evolution of financial systems, driving global discussions on technological innovation, socio-economic transformation, and regulatory adaptation. This paper offers a comprehensive exploration of the multifaceted impacts and challenges posed by cryptocurrencies. Beginning with their potential to democratize global financial systems, it underscores how they might reshape remittance flows and influence both formal and informal financial sectors. While technological innovations, such as blockchain and smart contracts, hold transformative potential, they concurrently introduce notable security challenges. Regulatory responses vary dramatically across jurisdictions, highlighting the global struggle to assimilate this novel force into established frameworks. Based on a synthesis of the presented analyses, the paper adopts a cautiously optimistic stance, recognizing the immense promise of cryptocurrencies while emphasizing the need for robust security measures and adaptive regulations. The study concludes with a call for collaborative efforts to ensure a secure, inclusive, and innovative future for this burgeoning domain.
| Item Type: | Article |
|---|---|
| Subjects: | H Social Sciences > HG Finance |
| Divisions: | Faculty of Management and Social Sciences |
| Depositing User: | mrs chioma hannah |
| Date Deposited: | 18 Nov 2024 13:32 |
| Last Modified: | 18 Nov 2024 13:32 |
| URI: | http://eprints.gouni.edu.ng/id/eprint/4409 |
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