International Journal of Accounting and Management Sciences (IJAMS)
DOI https://www.doi.org/10.56830/IJAMSSI202602
Author
Ahmed Sameh
Aya Abdelsalam
Heba Ahmed
Marwa Mohamed
Mohamed Hossam Eldin
Nada Bekhit
Rehab Yehia
Farid Moharam Algarhy
Abstract
This paper examines the evolution of cryptocurrency as a transformative element in global financial technology, tracing its origins from Bitcoin’s 2008 inception through the rise of major digital assets like Ethereum, Binance Coin, Solana, and Ripple. It explores the foundational blockchain technology enabling secure, decentralized transactions and contrasts energyintensive Proof of Work mining with the emerging, sustainable Proof of Stake consensus.
The study assesses the economic impact of cryptocurrencies, emphasizing market volatility, financial integration risks, cross-border payment efficiencies, regulatory challenges, and the emergence of Central Bank Digital Currencies (CBDCs).
Special focus is given to Egypt’s FinTech landscape, where the Central Bank enforces strict prohibitions on cryptocurrency issuance, trading, and promotion due to concerns over volatility, fraud, and illicit use, yet informal crypto adoption and stablecoin use persist amid currency devaluation.
The paper highlights the complex interplay between innovation and governance necessary for ryptocurrencies to mature into stable financial instruments.
Despite significant risks—including technical, regulatory, and environmental—cryptocurrencies offer potential for increased financial inclusion and efficiency if adequately regulated.
The findings suggest that future cryptocurrency integration depends on achieving a balance between technological progress, regulatory oversight, and public trust, with CBDCs representing a promising, institutionally controlled digital currency alternative, particularly within developing economies like Egypt.
Keywords: Financial Technology – FinTech – Digital Currency – Cryptocurrencies
Download Full Article 