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A CRTICAL ANALYSIS OF CRYPTO CURRENCY AND ITS DEPENDABILITY IN ECONOMIC DEVELOPMENT
With
its promises of decentralization, transparency, and security, cryptocurrency
has become a disruptive force in the global financial environment. The
reliability of cryptocurrencies in promoting long-term, sustainable economic
growth is examined in this rigorous examination. Proponents contend that
digital currencies such as Bitcoin and Ethereum lower transaction costs and
promote financial inclusion, but detractors highlight significant issues with
volatility, regulatory ambiguity, and security. This study explores both
viewpoints by assessing the financial effects of cryptocurrencies in
established and developing nations, as well as their significance in
international trade, investment prospects, and financial market integration.
The report also looks at how blockchain technology affects conventional banking
institutions and how decentralized finance (DeFi) can upend established
economic systems. The research findings indicate that although cryptocurrencies
have noteworthy prospects for financial innovation, their stability as a
fundamental component of economic growth is still questionable in the absence
of strong regulatory structures, technical breakthroughs, and increased
cultural acceptability. This sophisticated approach emphasizes the need of
taking a balanced approach, considering the dangers and benefits of
cryptocurrencies in terms of long-term economic advancement. In order to ensure
that cryptocurrency can be safely integrated into the financial system, the
study also recommended that governments and financial regulators work towards
establishing a comprehensive and internationally coordinated regulatory
framework that strikes a balance between innovation and security and addresses
issues like market volatility, investor protection, and the prevention of
illicit activities.
Keywords: Crypto Currency, Dependability
and Economic Development
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ISSN(Hardcopy)
2630 - 7200
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2659 - 1057
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