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Whether Bitcoin, Cryptocurrencies and Blockchain Suitable for Social Economic Development in Emerging Markets in Technology Era

Journal: International Journal of Mechanical and Production Engineering Research and Development (IJMPERD ) (Vol.10, No. 3)

Publication Date:

Authors : ; ;

Page : 9671-9684

Keywords : Bitcoin; Cryptocurrencies; Electric Money; Virtual or Digital Currency; e-Commerce; Blockchain; Technology Era; Policies; Sustainable Development; ICT Technology Law;

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Normally, the development or issuing new currencies to the market need to be guaranteed by the suitable amount of goods or products or services to control inflation well. Therefore, in this paper, we analyze and evaluate the positive and negative of Bitcoin as well as cryptocurrencies, beyond the presence of a central bank. Experiences of other countries such as the United States, Japan, China or the developed countries of the European Union and consequences for the economy became a lesson for well as developing countries. Proper solutions and development orientation as well as risk management for Bitcoin and cryptocurrencies is essential to ensure the role of cryptocurrencies in supply chain financing, in providing effective payment channels, and addressing deficiencies of the commercial banking system. The safety for users and participants in these platforms, and whether crytocurrencies facilitate money laundering and financial crimes is an issue that needs to be discussed, towards the topic of sustainable development for the shadow banking system, thereby contributing to social security, creating diversification of payment and capital to support production and business, thus contributing to the reduction of the rich-poor discrepancies. Blockchain technology, DLT (Distributed Ledger Technology), because of its development through cryptocurrency financial systems, is evolving on further implications in the development of systems in Industry 4.0 around the world. From year to year, many important cross-border and global blockchain consortia and councils are created in the world. They are aimed at developing, supporting experiences, as well as practical application, and implementation of blockchain technology. These institutions are based mainly in the USA, Great Britain, Japan, Canada, China, Luxembourg, and Dubai (eg Blockchain Embassy Asia or Global Blockchain Council - Dubai).

Last modified: 2020-11-12 20:03:06