Outlook of Digital Currencies and Future Restrictions on Cryptocurrencies
These authors contributed equally
- 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.
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 -