IDEAS home Printed from https://ideas.repec.org/a/hur/ijarbs/v8y2018i6p341-349.html
   My bibliography  Save this article

Dollarization 2.0 a Cryptocurrency: Impact on Traditional Banks and Fiat Currency

Author

Listed:
  • Williams Kwasi Peprah
  • Amos Oppong Afriyie
  • Joseph A. Abandoh-Sam
  • Emmanuel Oppong Afriyie

Abstract

Globalization aided by the internet has now come to stay, which has brought in cryptocurrency to support local and international financial transactions. This qualitative study used content analysis research techniques to assess the impact of cryptocurrency on traditional banking and fiat currency. The findings of this study were, firstly cryptocurrency has similar features and function of banks and fiat currency, as it operates through the internet. Secondly, cryptocurrency functions as a unit of account, medium of exchange, store of value and an intermediary on fund accumulation and distribution. Thirdly, cryptocurrency which is dollarization 2.0 has come to restore the confidence and convenience of financial globalization in that it eliminates the third party from interfering with the transactional process. Lastly, its influence on central banks and governments is the elimination of seigniorage. What cryptocurrency requires now is the legal tender status through regulations.

Suggested Citation

  • Williams Kwasi Peprah & Amos Oppong Afriyie & Joseph A. Abandoh-Sam & Emmanuel Oppong Afriyie, 2018. "Dollarization 2.0 a Cryptocurrency: Impact on Traditional Banks and Fiat Currency," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 8(6), pages 341-349, June.
  • Handle: RePEc:hur:ijarbs:v:8:y:2018:i:6:p:341-349
    as

    Download full text from publisher

    File URL: http://hrmars.com/hrmars_papers/Dollarization_2.0_a_Cryptocurrency_Impact_on_Traditional_Banks_and_Fiat_Currency_.pdf
    Download Restriction: no

    File URL: http://hrmars.com/hrmars_papers/Dollarization_2.0_a_Cryptocurrency_Impact_on_Traditional_Banks_and_Fiat_Currency_.pdf
    Download Restriction: no

    References listed on IDEAS

    as
    1. Eduardo Levy Yeyati & Tomas Williams, 2014. "Financial Globalization in Emerging Economies: Much Ado About Nothing?," Economía Journal, The Latin American and Caribbean Economic Association - LACEA, vol. 0(Spring 20), pages 91-131, January.
    2. David Yermack, 2013. "Is Bitcoin a Real Currency? An economic appraisal," NBER Working Papers 19747, National Bureau of Economic Research, Inc.
    3. Hyoung-kyu Chey, 2013. "The Concepts, Consequences, and Determinants of Currency Internationalization," GRIPS Discussion Papers 13-03, National Graduate Institute for Policy Studies.
    Full references (including those not matched with items on IDEAS)

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hur:ijarbs:v:8:y:2018:i:6:p:341-349. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Hassan Danial Aslam). General contact details of provider: http://hrmars.com/index.php/pages/detail/IJARBSS .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.