Abstract :

This study aimed to investigate the impact of cryptocurrency on global trade and commerce. The research objectives included examining the extent to which the adoption of cryptocurrency has disrupted traditional financial systems and affected cross-border transactions, as well as investigating the potential benefits and challenges of using cryptocurrency for global trade and commerce. A mixed-methods research design was used, incorporating both quantitative and qualitative data collection and analysis techniques. The study involved an extensive literature review, a survey of businesses involved in international trade, and interviews with key stakeholders. The results showed that cryptocurrency offers benefits such as reduced transaction costs, faster settlement times, and increased transparency in transactions. However, there are also challenges such as regulatory and legal hurdles, security concerns, and limited understanding of cryptocurrency. The study also highlights the factors that influence the adoption of cryptocurrency in international trade, including regulatory and legal frameworks, security concerns, awareness and understanding of cryptocurrency, transaction costs, and integration with existing systems. Finally, the attitudes and perceptions of businesses towards cryptocurrency are discussed, with the study showing that confidence in the reliability and security of cryptocurrency is a significant factor for adoption. Overall, the study provides insights into the potential opportunities and challenges presented by cryptocurrency in global trade and commerce, and the implications for policymakers, businesses, and investors.

---

Keywords :

Adoption, Commerce, Cross-border transactions, Cryptocurrency, Global trade, Traditional financial systems.

---

References :

1. Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. Retrieved from https://bitcoin.org/bitcoin.pdf
2. Kshetri, N. (2018). Blockchain’s roles in meeting key supply chain management objectives. International Journal of Information Management, 39, 80-89.
3. Swan, M. (2015). Blockchain: blueprint for a new economy. O’Reilly Media, Inc.
4. Böhme, Rainer, et al. “Bitcoin: Economics, Technology, and Governance.” Journal of Economic Perspectives, vol. 29, no. 2, 2015, pp. 213-238.
5. European Central Bank. “Virtual Currency Schemes – A Further Analysis.” ECB Report, 2018.
6. Rancic, Milica, and Jelena Stankovic. “The Use of Cryptocurrencies in Trade Finance.” Facta Universitatis, Series: Economics and Organization, vol. 16, no. 2, 2019, pp. 151-166.
7. World Bank. “Remittance Prices Worldwide.” World Bank Report, 2018.
8. Ali, Imran, et al. “Cryptocurrencies and SMEs: Toward a Research Agenda.” Journal of Small Business Management, vol. 57, no. 4, 2019, pp. 1993-2009.
9. Demir, Ibrahim, et al. “Blockchain Technology for Social Impact: Opportunities and Challenges Ahead.” Journal of Economic and Social Policy, vol. 20, no. 1, 2018, pp. 1-18.
10. International Monetary Fund. “Fintech Notes: The Rise of Digital Money.” IMF Report, 2018.
11. United Nations Development Programme. “Blockchain and Distributed Ledger Technology in the UN System.” UNDP Report, 2019.
12. Ali, Imran, et al. “Cryptocurrencies and SMEs: Toward a Research Agenda.” Journal of Small Business Management, vol. 57, no. 4, 2019, pp. 1993-2009.
13. Cambridge Centre for Alternative Finance. “Global Cryptoasset Regulatory Landscape Study.” University of Cambridge, 2018.
14. International Chamber of Commerce. “ICC Working Group on Digital Trade: Blockchain and Distributed Ledger Technologies in Trade.” ICC Report, 2019.
15. “Financial Services Technology 2020 and Beyond: Embracing Disruption.” PwC Report, 2018.
16. World Economic Forum. “Building Block(chain)s for a Better Planet.” World Economic Forum Report, 2018.
17. Böhme, R., Christin, N., Edelman, B., & Moore, T. (2015). Bitcoin: Economics, technology, and governance. Journal of Economic Perspectives, 29(2), 213-238.
18. Chen, H., & Zhang, Y. (2019). Blockchain-based decentralized cryptocurrency exchanges. Electronic Commerce Research and Applications, 35, 100830.
19. Jiang, L., & Zhang, X. (2021). Cryptocurrency as an Investment Tool: A Critical Review. Frontiers in Blockchain, 4, 31.
20. Liao, M. (2021). A survey of blockchain technology applied to digital asset trading. Journal of Business Research, 136, 509-516.
21. Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. Consulted, 1(2012), 28.
22. Swan, M. (2015). Blockchain: blueprint for a new economy. O’Reilly Media, Inc.
23. Kshetri, N. (2018). Blockchain’s roles in meeting key supply chain management objectives. International Journal of Information Management, 39, 80-89.
24. World Trade Organization. (2021). Trade in the Digital Economy: An Overview. Retrieved from https://www.wto.org/english/res_e/publications_e/digital_economy_report21_e.pdf
25. (2021). Cryptocurrency: What Executives Need to Know. Retrieved from https://www.pwc.com/us/en/services/consulting/library/digital-innovation/cryptocurrency-what-executives-need-to-know.html

26. Chuen, D. L. K., Nadarajah, S., & Zhu, H. (2018). Handbook of Blockchain, Digital Finance, and Inclusion: Cryptocurrency, FinTech, InsurTech, and Regulation. Academic Press.
27. (2020). Global Blockchain Survey 2020. Retrieved from https://www2.deloitte.com/content/dam/Deloitte/cn/Documents/financial-services/deloitte-cn-fs-global-blockchain-survey-2020-en-201007.pdf