Opportunities and threats of cryptocurrencies

The issue of recognizing cryptocurrencies has become an important topic of discussion among experts in many disciplines with the development of emerging blockchain technology and the growing demand for digital currencies. This new type of money, which is expected to become the common currency of the 21st century, moves in the form of encrypted codes between individuals or entities connected to peer-to-peer networks. Blockchain technology also plays a major role in the development process of this type of currency and its decentralized transactions. Cryptocurrencies are at the forefront of world economic and financial development today. This has created numerous opportunities and threats in financial markets around the world and has attracted the attention of a significant number of governments, economic actors, and citizens. Accordingly, the number of actors involved in the cryptocurrency trade has increased dramatically in recent years. In this paper, an attempt is made to examine the performance of cryptocurrencies, their impact on the economy, and the threats and opportunities for the development of this technology by studying the experience of three East Asian countries in a descriptive-analytical manner that are pioneers in this field. Due to the novelty of this field of study, the present study is divided into descriptive and explanatory sections.