Dollarization 2.0 a Cryptocurrency: Impact on Traditional Banks and Fiat Currency

Abstract

Globalization aided by the internet has now come to stay, which has brought in cryptocurrency to support local and international financial transactions. This qualitative study used content analysis research techniques to assess the impact of cryptocurrency on traditional banking and fiat currency. The findings of this study were, firstly cryptocurrency has similar features and function of banks and fiat currency, as it operates through the internet. Secondly, cryptocurrency functions as a unit of account, medium of exchange, store of value and an intermediary on fund accumulation and distribution. Thirdly, cryptocurrency which is dollarization 2.0 has come to restore the confidence and convenience of financial globalization in that it eliminates the third party from interfering with the transactional process. Lastly, its influence on central banks and governments is the elimination of seigniorage. What cryptocurrency requires now is the legal tender status through regulations.

Applicability of Blockchain Technology to The Normal Accounting Cycle

“…This research was qualitative and applied content analysis techniques in looking at the applicability of blockchain technology in the normal accounting cycle. By evaluating and coding textual material, the content analysis research design is utilized to establish replicable and accurate findings (Drisko & Maschi, 2016;Peprah et al, 2018). By assessing texts, such as documents, oral communication, and visuals, systematically from websites and books (Krippendorff, 2019).…”

Machine Learning-Based Analysis of Cryptocurrency Market Financial Risk Management

“…Regarding to the report of BIS Annual Economic Report in 2018, the cryptocurrency makes an agreement to update the long-standing financial institution trust with the system of decentralized architecture. Based on the universal aspect of Internet, most of the cryptocurrencies become convenient based on passing from associated financial fees to the system of traditional banking [27]- [29]. Table 1 shows the comparison of the related state-of-the-art in cryptocurrency risk management.…”