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Original Article
Cryptocurrency in the Digital Economy: A Critical Analysis of Technological Foundations, Evolutionary Trends, and Macroeconomic Implications
Anil Kumar1
Shiv Kumar2
1Assistant Professor, Department of Commerce, Government College Nalwa, Hisar, India. 2Assistant Professor, Department of Commerce, Government College Hansi, Hisar, India.
Published Online: May-June 2025
Pages: 157-160
Cite this article
↗ https://www.doi.org/10.59256/ijrtmr.20250503018
References
1. Antonopoulos, A. M. (2017). Mastering Bitcoin: Unlocking digital cryptocurrencies (2nd ed.). O'Reilly Media.
2. Bank for International Settlements. (2021). CBDCs: Opportunities, challenges and design. https://www.bis.org/publ/bppdf/bispap125.pdf
3. Catalini, C., & Gans, J. S. (2016). Some simple economics of the blockchain. MIT Sloan Research Paper No. 5191-16.
https://ssrn.com/abstract=2874598
4. Chainalysis. (2023). Crypto crime report. https://www.chainalysis.com/reports/
5. CoinDesk. (2023). Crypto adoption index. https://www.coindesk.com/research
6. European Central Bank. (2021). the digital euro – Opportunities and risks.
https://www.ecb.europa.eu/pub/pdf/other/ecb.exploringdigital.euro2021~3aa1d09860.en.pdf
7. Gans, J. S. (2019). The case for an ICO: Building and funding crypto ventures in the 21st century. Innovation Policy and the Economy,
19(1), 69–93. https://doi.org/10.1086/699933
8. International Monetary Fund. (2022). the impact of cryptocurrencies on monetary policy.
https://www.imf.org/en/Publications/WP/Issues/2022
9. Investopedia. (2024). How Bitcoin transactions work. https://www.investopedia.com/tech/how-do-bitcoin-transactions-work/
10. Narayanan, A., Bonneau, J., Felten, E. W., Miller, A., & Goldfeder, S. (2016). Bitcoin and cryptocurrency technologies: A comprehensive
introduction. Princeton University Press.
11. Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. https://bitcoin.org/bitcoin.pdf
12. OECD. (2022). Crypto-assets: Key developments, regulatory concerns and responses. https://www.oecd.org/finance/crypto-assets-key-
developments.htm
13. Reserve Bank of India. (2022). Report on currency and finance: Cryptocurrencies and central bank digital currencies.
https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=1206
14. Tapscott, D., & Tapscott, A. (2016). Blockchain revolution: How the technology behind Bitcoin is changing money, business, and the
world. Portfolio/Penguin.
15. Tapscott, D., & Tapscott, A. (2017). Blockchain research institute reports. https://www.blockchainresearchinstitute.org/
16. World Bank. (2022). the role of digital currencies in financial inclusion. https://www.worldbank.org/en/topic/financialinclusion
17. Yermack, D. (2015). Is Bitcoin a real currency? An economic appraisal. Handbook of Digital Currency, 31–43.
https://doi.org/10.1016/B978-0-12-802117-0.00002-3
18. Zohar, A. (2015). Bitcoin: Under the hood. Communications of the ACM, 58(9), 104–113. https://doi.org/10.1145/2701411
2. Bank for International Settlements. (2021). CBDCs: Opportunities, challenges and design. https://www.bis.org/publ/bppdf/bispap125.pdf
3. Catalini, C., & Gans, J. S. (2016). Some simple economics of the blockchain. MIT Sloan Research Paper No. 5191-16.
https://ssrn.com/abstract=2874598
4. Chainalysis. (2023). Crypto crime report. https://www.chainalysis.com/reports/
5. CoinDesk. (2023). Crypto adoption index. https://www.coindesk.com/research
6. European Central Bank. (2021). the digital euro – Opportunities and risks.
https://www.ecb.europa.eu/pub/pdf/other/ecb.exploringdigital.euro2021~3aa1d09860.en.pdf
7. Gans, J. S. (2019). The case for an ICO: Building and funding crypto ventures in the 21st century. Innovation Policy and the Economy,
19(1), 69–93. https://doi.org/10.1086/699933
8. International Monetary Fund. (2022). the impact of cryptocurrencies on monetary policy.
https://www.imf.org/en/Publications/WP/Issues/2022
9. Investopedia. (2024). How Bitcoin transactions work. https://www.investopedia.com/tech/how-do-bitcoin-transactions-work/
10. Narayanan, A., Bonneau, J., Felten, E. W., Miller, A., & Goldfeder, S. (2016). Bitcoin and cryptocurrency technologies: A comprehensive
introduction. Princeton University Press.
11. Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. https://bitcoin.org/bitcoin.pdf
12. OECD. (2022). Crypto-assets: Key developments, regulatory concerns and responses. https://www.oecd.org/finance/crypto-assets-key-
developments.htm
13. Reserve Bank of India. (2022). Report on currency and finance: Cryptocurrencies and central bank digital currencies.
https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=1206
14. Tapscott, D., & Tapscott, A. (2016). Blockchain revolution: How the technology behind Bitcoin is changing money, business, and the
world. Portfolio/Penguin.
15. Tapscott, D., & Tapscott, A. (2017). Blockchain research institute reports. https://www.blockchainresearchinstitute.org/
16. World Bank. (2022). the role of digital currencies in financial inclusion. https://www.worldbank.org/en/topic/financialinclusion
17. Yermack, D. (2015). Is Bitcoin a real currency? An economic appraisal. Handbook of Digital Currency, 31–43.
https://doi.org/10.1016/B978-0-12-802117-0.00002-3
18. Zohar, A. (2015). Bitcoin: Under the hood. Communications of the ACM, 58(9), 104–113. https://doi.org/10.1145/2701411
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