BLOCKCHAIN AND CRYPTOCURRENCY: A DOUBLE-EDGED SWORD FOR FINANCIAL INCLUSION AND REGULATION

Abstract

This chapter explores the transformative impact of cryptocurrencies and blockchain technology on finance. It delves into blockchain's decentralized ledger, disrupting industries and promoting financial inclusion. Examining cryptocurrencies like Bitcoin and Ethereum, it discusses their benefits, challenges, and the importance of comprehensive regulation. Real-world applications, regulatory challenges, and collaborative efforts are highlighted. Opportunities for regulatory organizations, including CBDCs, RegTech, and regulatory sandboxes, are discussed with examples. The chapter underscores the global significance of collaboration for establishing uniform regulatory frameworks for cryptocurrencies, providing a comprehensive overview of the evolving financial landscape.