Proceedings of the 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022)

Outlook of Digital Currencies and Future Restrictions on Cryptocurrencies

Authors
Qi Chen1, , *, Suyi Dong2, , Jinqiao Li3,
1Department of Liberal Arts & Science, the University of Illinois at Urbana-Champaign, Champaign, 61820, United State
2Beedie Business School, Simon Fraser University, Burnaby, V5A 4Z1, Canada
3South Kent School, South Kent, 06785, United States of America

These authors contributed equally

*Corresponding author. Email: qic9@illinois.edu
Corresponding Author
Qi Chen
Available Online 26 March 2022.
DOI
10.2991/aebmr.k.220307.130How to use a DOI?
Keywords
Cryptocurrency; Digital Currency; Bitcoin; Restrictions on Cryptocurrency
Abstract

The concept of cryptocurrency first started to come into public awareness in 2009, when Bitcoin was released. Over the years, due to its secrecy and unregulated value, an immense amount of wealth was gathered in the market, leading to a series of problems. This article aimed to identify the potential threats the crypto market brought to society and create suggestions to the government for further regulations. The mining process is a huge energy consumer that not only creates a burden to the electricity of the area but also significantly amplifies the carbon emission to the atmosphere. Besides, the unregulated market, as well as its secrecy, provides a haven for illegal transactions. In China, more than 60% of the population uses digital payment every day. Accompanied by the issuing of e-CNY, the Chinese government should establish strict restrictions to regulate the currency, such as prohibiting mining of all sizes. Shortly, centralized digital currencies, accompanied by government restrictions on cryptocurrency, will continue to prosper and create convenience for the entire society.

Copyright
© 2022 The Authors. Published by Atlantis Press International B.V.
Open Access
This is an open access article under the CC BY-NC license.

Download article (PDF)

Volume Title
Proceedings of the 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022)
Series
Advances in Economics, Business and Management Research
Publication Date
26 March 2022
ISBN
978-94-6239-554-1
ISSN
2352-5428
DOI
10.2991/aebmr.k.220307.130How to use a DOI?
Copyright
© 2022 The Authors. Published by Atlantis Press International B.V.
Open Access
This is an open access article under the CC BY-NC license.

Cite this article

TY  - CONF
AU  - Qi Chen
AU  - Suyi Dong
AU  - Jinqiao Li
PY  - 2022
DA  - 2022/03/26
TI  - Outlook of Digital Currencies and Future Restrictions on Cryptocurrencies
BT  - Proceedings of the 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022)
PB  - Atlantis Press
SP  - 806
EP  - 812
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.220307.130
DO  - 10.2991/aebmr.k.220307.130
ID  - Chen2022
ER  -