Research Article

AN EVALUATION OF THE MACROECONOMIC EFFECTS OF CRYPTOCURRENCY IN MODERN ECONOMY: A LITERATURE REVIEW

Shamsuddeen Muhammad Ahmad1*
1 School of Arts, Management and Social Sciences Skyline University Nigeria
* Corresponding author: shamsuddeenmuhammadahmad@femsbukjournals.org.ng/bjms
Published: Dec, 2023
DOI: 10.67894/bjms.2023.b77h0ecx
Pages: 1-19

Abstract

The macroeconomic consequences of cryptocurrency have been on top of the minds of policymakers (domestic and international), non-governmental organizations, multilateral development banks, and financial services providers. This paper reviewed the previous literature to evaluate the range of macroeconomic implications of the introduction of cryptocurrency in a modern economy. The review showed that cryptocurrency may extend financial accessibility in a modern economy by relying on more effective distribution models that could advance financial deepening and inclusion. The paper also found that cryptocurrency serves as a hedge, diversifier, and safe haven for a range of foreign currencies, and given the absence of regulations, there are no protections to ensure the successful launching of the cryptocurrency market. The paper concludes that public-private partnerships are imperative to help central banks and financial regulators of modern economies keep up with the fast-moving pace of cryptocurrency developments and applications. 

Keywords

Macroeconomics Cryptocurrency Modern Economy PPP

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How to Cite

Ahmad, S. M. (2023). AN EVALUATION OF THE MACROECONOMIC EFFECTS OF CRYPTOCURRENCY IN MODERN ECONOMY: A LITERATURE REVIEW. Bayero Journal of Management Sciences, 5(2), 1-19. https://doi.org/10.67894/bjms.2023.b77h0ecx

S. M. Ahmad, "AN EVALUATION OF THE MACROECONOMIC EFFECTS OF CRYPTOCURRENCY IN MODERN ECONOMY: A LITERATURE REVIEW," Bayero Journal of Management Sciences, vol. 5, no. 2, pp. 1-19, December 2023. doi: 10.67894/bjms.2023.b77h0ecx

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