Abstract
The purpose of money is to provide a medium of exchange supported by stability, liquidity, and credibility through an intrinsic value. In our current financial realm, we recognize fiat money, cryptocurrency, and Central Bank Digital Currency (CBDC) as valid forms of currency. The decentralized financial system, driven by the digital revolution, has witnessed the pervasive force of cryptocurrency over the past decade. As this peer-to-peer digital payment system evolves into blockchain-based tokens such as NFTs, the cryptocurrency market continues encountering uncertainties among crypto enthusiasts and cynics, who are equally wary of the future. This uncertainty has arisen due to numerous factors, such as volatility in the cryptocurrency market, cyber-attacks, illegal trades, and manipulative schemes. These challenges have prompted different nations to react and respond in incongruous ways. Given the imminent introduction of CBDC, the current state of affairs calls for unified internal regulation through regional integration. This paper aims to highlight the key areas that require urgent resolution through policy implementation, identified through a qualitative naturalistic observation approach and mind-map** technique. We argue that a comprehensive approach to regional crypto regulations is essential to promote the growth and stability of the cryptocurrency market while mitigating the risks and uncertainties associated with this emerging technology intervention.
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The authors confirm that all data generated or analyzed during this study are included in the references of this article. Furthermore, the secondary sources and data supporting the findings of this study were all publicly available at the time of submission.
Notes
Cryptocurrency Crime and Anti-Money Laundering Report, February 2021 https://ciphertrace.com/2020-year-end-cryptocurrency-crime-and-anti-money-laundering-report/.
2021 Global Threat Intelligence Report https://services.global.ntt/en-us/insights/2021-global-threat-intelligence-report.
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We want to acknowledge Research Sans Frontier, Dubai team members for the insights on the crypto market given for making this manuscript more insightful. Also, we thank the University of Kerala for its support in providing databases to obtain knowledge and information to draft this paper. We Thank the anonymous reviewers for the insightful comments that help us to modify the paper to a final level.
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Biju, A.V.N., Thomas, A.S. Uncertainties and ambivalence in the crypto market: an urgent need for a regional crypto regulation. SN Bus Econ 3, 136 (2023). https://doi.org/10.1007/s43546-023-00519-z
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DOI: https://doi.org/10.1007/s43546-023-00519-z