The role of cryptocurrencies in financial transactions considering modern global conditions

Document Type : Research article

Author

Department of Economics, Faculty of Commerce (Girls), Al-Azhar University (Assiut Branch), 71524 Assiut, Egypt

Abstract

Despite all the fears surrounding cryptocurrencies, the rates of transactions increased and became an undeniable reality, and with the developments of the events that the world is going through, especially since the emergence of the new Corona virus and its declaration of a global pandemic, several important questions have emerged regarding dealing in these currencies considering the current epidemic. This study aims to know the extent to which dealing in cryptocurrencies has been affected by the emergence of the new Corona virus, and will it become a haven for transactions considering the closure decisions adopted by the countries of the world, or whether the uncertainty of the current situation increases the fear of dealing with it, especially as it depends on the forces of demand and supply. The study found that transactions in these currencies decreased at the beginning of the crisis, due to fears of a depreciation in their value, which prompted individuals to sell them on stock exchanges, but with the policies of closure and travel ban, dealing in these currencies increased again. Central banks tended strongly considering this crisis to think about maximizing benefit from dealing in these currencies.

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Archives of Agriculture Sciences Journal
Volume 3, Issue 3
December 2020
Pages 280-288

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