The Growth of Cryptocurrency across the Globe: Its Challenges and Potential Impacts on Legislation

Abstract

Many tasks in our everyday lives are now completed electronically as a result of the information and communications technology’s rapid technical growth, making them more flexible and efficient. The number of online users has been expanding quickly, and fostered the creation of the “Virtual World”, which in turn has helped create a brand-new phenomenon in business called “cryptocurrency,” which makes it easier to conduct financial transactions including buying, selling, and trading. Cryptocurrency in the context of electronic business is a Virtual world, social networks, online social games, peer-to-peer networks, and other applications and networks handle valuable and immaterial items electronically. Virtual currencies have been employed extensively in numerous systems in recent years. This research seeks to investigate consumer expectations for the development of cryptocurrencies. The essay also looks at customers’ trust in using cryptocurrencies at a time when such virtual currency is not fully regulated and supervised.