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Economic Analysis of Cryptocurrency: Technical Foundations, Monetary Policy Logic, and Regulatory Challenges

In: Proceedings of the 2025 International Conference on Hybrid Commerce, Human Capital, and Economic Dynamics (ICHCH 2025)

Author

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  • Yuhan Yan

    (University of Birmingham, Business School)

Abstract

Since the time of Bitcoin’s issuance, cryptocurrencies have gradually become an important development trend in the field of financial science and technology, and their operating logic is fundamentally different from that of the traditional monetary system. The rules for the issuance and distribution of cryptocurrencies are usually built into the program code, and the total amount, the pace of issuance, and the incentive mechanism are all set by algorithms, forming a decentralized and self-executing ‘monetary policy’, thus replacing the regulatory function of the central bank. At the same time, it realizes the functions of data tampering, node consensus, and automatic execution of smart contracts through blockchain technology, and builds a financial infrastructure without the need for trust intermediaries. Based on the technical principles of cryptocurrencies, this paper focuses on analyzing their intrinsic laws of operation and economic implications, assessing their feasibility as a monetary tool, and exploring the challenges facing the existing regulatory system. The study aims to clarify the institutional logic of cryptocurrencies and enhance the systematic understanding of their economic functions and policy risks.

Suggested Citation

  • Yuhan Yan, 2026. "Economic Analysis of Cryptocurrency: Technical Foundations, Monetary Policy Logic, and Regulatory Challenges," Advances in Economics, Business and Management Research, in: Ata Jahangir Moshayedi (ed.), Proceedings of the 2025 International Conference on Hybrid Commerce, Human Capital, and Economic Dynamics (ICHCH 2025), pages 51-56, Springer.
    • Handle: RePEc:spr:advbcp:978-2-38476-585-0_7
    DOI: 10.2991/978-2-38476-585-0_7
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