Crypto disruption: blockchain and digital currencies from a CFO’s perspective

Abstract

Blockchain technology and digital currencies have emerged as major disruptive forces in global finance, challenging traditional business models, financial systems, and corporate governance practices. As these technologies gain adoption, they have a profound impact on corporate financial management and, in particular, on the role of the Chief Financial Officer (CFO). The purpose of this master’s thesis is to examine how blockchain technology and cryptocurrencies influence financial management practices and to analyse the evolving responsibilities of the CFO in blockchain-oriented environments. The thesis is grounded in established theoretical frameworks on blockchain technology, distributed ledger systems, cryptocurrencies, decentralized finance (DeFi), centralized finance (CeFi), and digital financial instruments such as stablecoins, central bank digital currencies (CBDCs), initial coin offerings (ICOs), and security token offerings (STOs). These theories are complemented by literature on corporate finance, accounting standards, risk management, regulatory compliance, and technological innovation. Particular attention is given to consensus mechanisms, smart contracts, and the accounting and regulatory challenges associated with digital assets. A qualitative research approach was applied. Empirical data were collected through semi-structured interviews with CFOs and financial experts working in blockchain and fintech-related organizations. The collected data were analysed using thematic analysis to identify recurring patterns, challenges, and strategic responses related to blockchain adoption in financial management. The findings indicate that blockchain technology significantly transforms the CFO’s role by increasing the demand for technological competence, real-time financial oversight, and advanced risk management capabilities. Blockchain and cryptocurrency transactions were found to enhance transparency, improve treasury and working capital management, reduce operational costs through automation, and expand access to innovative financing methods. However, the study also identifies major challenges related to financial volatility, regulatory uncertainty, accounting treatment, and compliance obligations. The thesis concludes that while blockchain technology presents substantial strategic benefits, successful adoption requires CFOs to balance innovation with financial stability, regulatory compliance, and robust governance structures.