Assessing the Impact of Cryptocurrency Adoption on Financial Inclusion and the Role of Blockchain Technology in Developing Economies
Title
Assessing the Impact of Cryptocurrency Adoption on Financial Inclusion and the Role of Blockchain Technology in Developing Economies
Authors
Robert Edwin Chester et al.,
Keywords
Cryptocurrency | Blockchain
Publication Details
Vol: 10; No:4 ; Dec 24 | ISSN: 2455-3921
Abstract
Cryptocurrency adoption has emerged as a transformative force in reshaping financial systems globally, particularly in developing economies. This paper explores the dual role of cryptocurrencies and blockchain technology in promoting financial inclusion, addressing the challenges faced by unbanked and underbanked populations. By eliminating traditional barriers like high transaction costs, lack of access to formal banking, and inefficient payment systems, cryptocurrencies provide an alternative pathway to financial services. Blockchain technology, as the underlying framework, ensures secure, transparent, and immutable transactions, fostering trust and reducing systemic inefficiencies. The study examines the potential of cryptocurrency adoption to democratize access to financial services, enabling marginalized populations to participate in the digital economy. Additionally, it highlights the policy implications and infrastructural developments required to maximize the benefits of this innovation. This conceptual exploration aims to shed light on the transformative potential of cryptocurrencies and blockchain while addressing the associated challenges, including regulatory hurdles, volatility, and technological constraints.
Correspondence
Dr. J. Robert Edwin Chester, Associate Professor, Department of Commerce, KL University, Vijayawada, Andhra Predesh, India
