BOON OR A BANE: A QUALITATIVE STUDY TO EXPLORE THE CRYPTOCURRENCY AFFECT THE TRADITIONAL FINANCIAL SYSTEM IN A DEVELOPING ECONOMY

Authors

  • Atif Ali Gill Department of Business Administration, University of Sahiwal, Pakistan
  • Babar Ali Govt. Technical Training institute Sahiwal, Pakistan
  • Khadija Rafia Kazmi Department of Business Administration, University of Sahiwal, Pakistan

DOI:

https://doi.org/10.52567/pjsr.v4i03.724

Abstract

Cryptocurrency is the top trend of the current era. It gained popularity quickly because of its advantages, such as cost-effectiveness, convenience, and secure medium of exchange. However, it suffers from the problem of money laundering, the mining process, and the outflow of the dollar. The current study aims to find cryptocurrency’s impact on the traditional financial system. For this purpose, the current research conducted interviews with ten different persons that know the use of cryptocurrency. After making different themes from transcribed data, NVivo software is used to analyze with the help of Word Tag Cloud, Word Tree Map, and Hierarchy Chart of the Word Tree. This study finds that cryptocurrency can be beneficial for the traditional financial system in case of its centralization under proper legislation to avoid money laundering and outflow of the dollar because it is more convenient, cost-effective, and secure than a traditional transaction system.

Keywords: Cryptocurrency, medium of exchange, family food environment, family mealtimes, thematic analysis, Covid-19 pandemic, Pakistan

Author Biographies

  • Atif Ali Gill, Department of Business Administration, University of Sahiwal, Pakistan

    Faculty

  • Babar Ali, Govt. Technical Training institute Sahiwal, Pakistan

    Instructor

     

  • Khadija Rafia Kazmi, Department of Business Administration, University of Sahiwal, Pakistan

    Faculty

     

Additional Files

Published

2022-09-30

Issue

Vol. 4 No. 03 (2022): Pakistan Journal of Social Research PJSR

Section

Research Article

License

Copyright (c) 2022 Atif Ali Gill, Babar Ali, Khadija Rafia Kazmi

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

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How to Cite

[1]
“BOON OR A BANE: A QUALITATIVE STUDY TO EXPLORE THE CRYPTOCURRENCY AFFECT THE TRADITIONAL FINANCIAL SYSTEM IN A DEVELOPING ECONOMY”, Pak. J, Soc. Sci., vol. 4, no. 03, pp. 357–364, Sep. 2022, doi: 10.52567/pjsr.v4i03.724.

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