Problems and Prospects of Cryptocurrency Usage in China and Cambodia

Abstract

The transformation of the digital economy has been constantly evolving in the society of the 4.0 industrial revolution, particularly under the governmental policies of developed countries. One of the most popular tools in digital economy activities is cryptocurrency, which has led to a rise in digital awareness among people who are more inclined to live their lives electronically and digitally. The aim of this study is to explore the problems and prospects associated with the usage of cryptocurrency and identify ways to address these issues using the governmental roadmap in China and Cambodia. The methods employed in this study include descriptive, explanatory, and comparative analyses. The results demonstrate that the adoption of cryptocurrency presents both opportunities and threats to the Chinese and Cambodian economies. These opportunities and threats need to be carefully considered and balanced by policymakers and stakeholders. The conclusion drawn from the study is that there is still no official acceptance and recognition of cryptocurrency by the Chinese and Cambodian governments. This is primarily due to the fact that the risks and challenges associated with cryptocurrencies are deemed to be greater than the foreseeable opportunities, making them difficult to manage effectively.

Keywords

• cryptocurrency
• blockchain
• bitcoin
• digital transformation
• central bank digital currency
• regulation
• china
• cambodia