Crypto-hesitancy: is regulation the answer?

Abstract

Purpose The purpose of this paper is to explore and address the possible reasons for the hesitancy in accepting cryptocurrency as an asset class by the world governments and central banks. The behaviour of delaying the acceptance or using cryptocurrency has been termed as crypto-hesitancy. Design/methodology/approach To establish the conceptual understanding of crypto-hesitancy, the bibliometric analysis was performed through Bibliometrix and VOSviewer. Through keyword search technique this study has located 507 useful studies in Scopus database, which were used for the bibliometric analysis. Findings The findings of the study reveal that the government of developed and developing nations and central banks hesitate to regulate and accept cryptocurrency due to the following reasons: cryptocurrency’s ties to illegal activity, speculation and cryptocurrency’s capacity to circumvent government-imposed capital controls. The findings of this study can be used as platform to develop the construct – crypto-hesitancy – further and explore the empirical insights of it. Originality/value To the best of the authors’ knowledge, the construct crypto-hesitancy has not been evolved yet, which makes this study the first attempt to theoretically understand the concept and its evolution.

Recognition and Measurement of Crypto-Assets from the Perspective of Retail Holders

“…The cyber risk and fraud risk might appear more frequently and have a higher impact [77]. As such, in line with Ojih et al [78] we consider that cryptoassets should be strictly regulated while not impeding technical innovation. While the MiCa Regulation aims to ensure the integrity of crypto markets, a new accounting standard on crypto-assets would protect investors and increase investor confidence [6].…”

Illuminating the dark corners: a qualitative examination of cryptocurrency’s risk

“…Regulatory issues. Cryptocurrency raises certain regulatory concerns (Ojih et al, 2023). It is more difficult to rely on it since it is decentralised and operates independently on a private blockchain-based cryptography system (Erevelles et al, 2022).…”

Guest editorial: Innovative practices in business, trade and commerce – challenges and opportunities

“…The first paper under this theme by Ojih et al (2023) addresses the growing research on cryptocurrency, which continue to draw significant interest from both investors and researchers despite being banned in many countries due to their perceived adverse impacts on the economy and financial system (Sousa et al, 2022). have discussed these issues in the paper titled, "Crypto-hesitancy: is regulation the answer?"…”

“…The first paper under this theme by Ojih et al (2023) addresses the growing research on cryptocurrency, which continue to draw significant interest from both investors and researchers despite being banned in many countries due to their perceived adverse impacts on the economy and financial system (Sousa et al , 2022). have discussed these issues in the paper titled, “Crypto-hesitancy: is regulation the answer?” with the objectives to explore and address the possible reasons for the hesitancy in accepting cryptocurrency as an asset class by the various countries governments and central banks in the World.…”