(Tiểu luận) cryptocurrency money what is it how does it effect to the financial system any potential financial crisis with the existence of cryptocurrency

NATIONAL ECONOMICS UNIVERSITY ADVANCED EDUCATION PROGRAMS  CAPITAL MARKET MID TERM INDIVIDUAL ASSIGNMENT: Cryptocurrency money? What is it? How does it effect to the financial system? Any potential financial crisis with the existence of cryptocurrency? n Elisa Giuliani th Published: 19 September, 2014 Journal of Business Ethics Vu Quynh Anh Student ID: 11180556 n Class: Advanced Finance 60B Lecturer: Assoc Prof BUI HUY NHUONG HANOI NOVEMBER 2020 Vu Quynh Anh Student ID: 11180556 Class: Advanced Finance 60B Lecturer: Assoc Prof BUI HUY NHUONG HANOI NOVEMBER 2020 Elisa Giuliani Published: 19th September, 2014 Journal of Business Ethics CAO PHUONG LINH Student ID: 11192751 Class: Advanced Finance 61B Lecturer: Assoc Prof Dr NGUYEN THI MINH HUE Hanoi, 2022 n Table of Contents I INTRODUCTION OF CRYPTOCURRENCY .2 History of Cryptocurrency 2 Definition of Cryptocurrency a Definition b Distinguish the concepts of Electronic currency, Virtual currency, and Cryptocurrency 3 Types of Cryptocurrency How does Cryptocurrency work? Current situation of Cryptocurrency a Global situation of Cryptocurrency b Current situation of Cryptocurrency in Vietnam II CRYPTOCURRENCY’S EFFECT ON FINANCIAL SYSTEM Definition of Financial system Positive impact of Cryptocurrency on Financial system Negative impact of Cryptocurrency on Financial system n III POTENTIAL FINANCIAL CRISIS WITH THE EXISTENCE OF CRYPTOCURRENCY 10 What causes Financial crises? 10 Will Cryptocurrency cause the next Financial crisis? 11 Conclusion 13 REFERENCES 14 I INTRODUCTION OF CRYPTOCURRENCY History of Cryptocurrency Before Bitcoin Cryptocurrency’s technical foundations date back to the early 1980s when an American cryptographer named David Chaum invented a “blinding” algorithm that remains central to modern web-based encryption The algorithm allowed for secure, unalterable information exchanges between parties, laying the groundwork for future electronic currency transfers About 15 years later, an accomplished software engineer named Wei Dai published a white paper on b-money, a virtual currency architecture that included many of the basic components of modern cryptocurrencies, such as complex anonymity protections and decentralization However, b-money was never deployed as a means of exchange n The late 1990s and early 2000s saw the rise of more conventional digital finance intermediaries Chief among them was PayPal, which made Tesla founder and noted cryptocurrency advocate Elon Musk’s first fortune and proved to be a harbinger of today’s mobile payment technologies that have exploded in popularity over the past 10 years But no true cryptocurrency emerged until the late 2000s when Bitcoin came onto the scene Bitcoin and the Modern Cryptocurrency Boom Bitcoin is widely regarded as the first modern cryptocurrency — the first publicly used means of exchange to combine decentralized control, user anonymity, recordkeeping via a blockchain, and built-in scarcity It was first outlined in a 2008 white paper published by Satoshi Nakamoto, a pseudonymous person or group In early 2009, Nakamoto released Bitcoin to the public, and a group of enthusiastic supporters began exchanging and mining the currency By late 2010, the first of what would eventually be dozens of similar cryptocurrencies — including popular alternatives like Litecoin — began appearing The first public Bitcoin exchanges appeared around this time as well Definition of Cryptocurrency a Definition A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation b Distinguish the concepts of Electronic currency, Virtual currency, and Cryptocurrency n Types of Cryptocurrency Cryptocurrency can be clustered into two distinct categories: coins and tokens - Coins and altcoins Document continues below Discover more from: Capital market 35 documents Go to course Case studies in working capital management and shortsd 13 Capital market 100% (3) De cuong Thi truong chung khoan 42 Capital market 100% (2) n Capital Market Question 22 Capital market 100% (1) Exam statistic - Lecture notes 1.3 63 Capital market None Rules and guidline - no related Capital market None Digital Marketing Assignment Capital market None A coin is any cryptocurrency that uses its own independent blockchain For example, Bitcoin is considered a “coin” because it runs on its own infrastructure Similarly, Ether is operated via the Ethereum blockchain The term “altcoin” is used to refer to any coin other than Bitcoin Many altcoins operate similarly to Bitcoin However, others, such as Dogecoin, are rather different Doge, for instance, offers an unlimited supply of coins compared to Bitcoin’s cap of 21 million coins - Tokens Like coins, tokens are also digital assets that can be bought and sold However, tokens are a non-native asset, meaning that they use another blockchain’s infrastructure These include Tether, which is hosted on the Ethereum blockchain, and others, including TerraUSD, Chainlink, Uniswap, and Polygon Blockchain technology is open source, meaning any software developer can use the original source code and create something new with it There are thousands of cryptocurrencies Ten popular types of cryptocurrency are Bitcoin, Ether, Binance Coin, Tether, Solana, XRP, Cardano, USD Coin, Terra and Avalanche n How does Cryptocurrency work? Cryptocurrencies are not controlled by the government or central regulatory authorities As a concept, cryptocurrency works outside of the banking system using different brands or types of coins – Bitcoin being the major player - Mining Cryptocurrencies (which are completely digital) are generated through a process called “mining” This is a complex process Basically, miners are required to solve certain mathematical puzzles over specially equipped computer systems to be rewarded with bitcoins in exchange tends In an ideal world, it would take a person just 10 minutes to mine one bitcoin, but in reality, the process takes an estimated 30 days - Buying, selling and storing Users today can buy cryptocurrencies from central exchanges, brokers, and individual currency owners or sell it to them Exchanges or platforms like Coinbase are the easiest ways to buy or sell cryptocurrencies Once bought, cryptocurrencies can be stored in digital wallets Digital wallets can be “hot” or “cold” Hot means the wallet is connected to the internet, which makes it easy to transact, but vulnerable to thefts and frauds Cold storage, on the other hand, is safer but makes it harder to transact - Transacting or investing Cryptocurrencies like Bitcoins can be easily transferred from one digital wallet to another, using only a smartphone Once you own them, your choices are to: use them to buy goods or services, trade-in them, or exchange them for cash If you are using Bitcoin for purchases, the easiest way to that is through debit-cardtype transactions You can also use these debit cards to withdraw cash, just like at an ATM Converting cryptocurrency to cash is also possible using banking accounts or peer-to-peer transactions Current situation of Cryptocurrency a Global situation of Cryptocurrency Every country in the world has different approaches to this new currency If the Netherlands accepts it recklessly, the United Kingdom and the US are more cautious with this currency because of their fear for speculation, and potential risks to the economy In contrast, China, and Thailand tend to adopt increasingly tightening and prudent policies on this kind of currency n b Current situation of Cryptocurrency in Vietnam Bitcoin first appeared in Vietnam at the end of 2013 and at the beginning of 2014 in two major centers, including Hanoi and Ho Chi Minh City At present, Vietnam as well as many countries are still embarrassed about behaving with the cryptocurrency and related activities (exchanging transactions, importing and using digital currency “digging” machine ) In Vietnam, Bitcoin has been traded but not recognized by the Government as a currency or means of payment, and it has not been managed and put under control The informal cryptocurrency transfer activities have been developed relatively, even spreading in rural areas, accompanied by fraudulent activities and lack of transparency In March, 2014, in Vietnam, the first Bitcoin dealer named Bitcoin Vietnam was set up at Bitcoin.vn, forming the Bitcoin VBTC Exchange On June 5th 2016, the first Bitcoin ATM machine existed in Vietnam In years of 2016-2017, nearly 1000 Bitcoin diggers were imported to Vietnam On August 21st 2017, the Prime Minister approved the project of improving the legal framework for management of virtual assets, electronic currency, digital currency, including Bitcoin Over the past time, the SBV has repeatedly issued warnings, affirming that Vietnam has not accepted cryptocurrency as monetary currency; the use of cryptocurrency as payment means violates the law Previously, the State Bank of Vietnam (SBV) submitted the Government to issue Decree 80/2016/ND-CP providing regulation on legal means of payment in Vietnam (excluding Bitcoin and other cryptocurrency) and additional regulations on prohibiting issuance, supply, and use of cryptocurrency n Decree 96/2014/ND-CP stipulated sanctions on administrative fines to illegal issuance, provision and use of payment instruments In essence, the SBV believes that cryptocurrency is virtual assets (often called coins) However, both the Civil Code of 2005 and the Civil Code of 2015 have not yet had definitions and specific regulations on governing virtual properties (including cryptocurrency) II CRYPTOCURRENCY’S EFFECT ON FINANCIAL SYSTEM Definition of Financial system A financial system is an economic arrangement wherein financial institutions facilitate the transfer of funds and assets between borrowers, lenders, and investors Its goal is to efficiently distribute economic resources to promote economic growth and generate a return on investment (ROI) for market participants There are several financial system components to ensure a smooth transition of funds between lenders, borrowers, and investors: ● Financial Institutions: act as intermediaries between the lender and the borrower when providing financial services These include banks, insurance companies, investment companies and brokerage firms ● Financial Markets: These are places where the exchange of assets occurs with borrowers and lenders, such as stocks, bonds, derivatives, and commodities Financial markets help businesses to grow and expand by allowing investors to contribute capital ● Tradable or Financial Instruments: Tradable or financial instruments enable individuals to trade within the financial markets These can include cash, shares of stock (representing ownership), bonds, options, and futures ● Financial Services: Financial services provide investors a way of managing assets and offer protection against systemic risk These also ensure individuals have the appropriate amount of capital in the most efficient investments to promote growth Banks, insurance companies, and investment services would be considered financial services ● Currency (Money): is a form of payment to exchange products, services, and investments and holds value to society Positive impact of Cryptocurrency on Financial system - Cryptocurrency decreases the dependence on Fiat money, leading to inflation hedge One characteristic of cryptocurrency is natural decentralization Crypto assets were created as an alternative to traditional banking infrastructure that don’t need an intermediary and aren’t controlled to the capacity of a centralized government, bank, or agency Instead of relying on centralized intermediaries in these transactions, the n trust is placed in the blockchain code and the distributed nature of the blockchain Therefore, it doesn’t have an impact on traditional currency resulting in the opportunities to be an alternative for fiat money Nowadays, technology is developed rapidly, people depend more on digital transferring services because of its convenience, especially the high speed of transferring Using crypto to be a payment method can decrease the dependence on traditional or authorized money, therefore, contributing to inflation hedge Because mineable cryptocurrencies with a limited supply cap, like Bitcoin, Litecoin, and Monero, to name a few, are thought to be good hedges against inflation Since the 1970s, confidence in U.S banks has consistently decreased And in countries where the domestic currency is constantly fluctuating, causing living conditions to plummet, cryptocurrency can be used to circumvent these situations - Cryptocurrency supports customer’s transactions 1.7 billion people worldwide don’t have a bank account They are financially disadvantaged and often must resort to dangerous lending practices Interestingly, a large number of this population possess a cell phone, and because cryptocurrencies can be transacted through mobile applications, cryptocurrency can easily become a viable option for them An added advantage of cryptocurrency is that it’s completely decentralized, which means that for citizens living in countries with currency instability, cryptocurrency allows them to trade freely across borders with citizens of more well-off countries, creating a level of economic equality - Cryptocurrency creates potential for an effective payment system Traditional monetary and electronic payment systems involve a number of intermediaries, such as government central banks and private financial institutions To carry out transactions, these institutions operate and maintain extensive electronic networks and other infrastructure, employ workers, and require time to finalize transactions To meet costs and earn profits, these institutions charge various fees to users of their systems Advocates of cryptocurrencies hope that a decentralized payment system operated through the internet will be less costly than the traditional payment systems and existing infrastructures n In addition, as can be seen from the characteristics of the cryptocurrency, there are many aspects that can support this system to be an effective one: ● Unlimited possibilities of transaction – each of the wallet holders can pay to anyone, anywhere, and any amount The transaction can not be controlled or prevented, so you can make transfers anywhere in the world ● Speed of transaction – it is possible to process thousands of transactions in less than one second ● Secure and private ● Anonymity – It is completely anonymous and at the same time fully transparent Any company can create an infinite number of bitcoin addresses without reference to name, address, or any other information custody services for customers - Cryptocurrency is eliminating previous imperfections in the banking system 10 Traditional banking was seen as a convenient way of making financial transactions Nonetheless, advances in technology have left banks vulnerable to data breaches and other governance & compliance issues Cryptocurrencies are playing an integral role in addressing these imperfections For instance, crypto banks are more immune to data hacks compared to traditional banks Similarly, cryptocurrency transactions are anonymous and secure If someone makes a payment to you using paper cash, there’s a possibility that the money could be counterfeit This isn’t the case with crypto-cash since you cannot counterfeit a cryptocurrency Negative impact of Cryptocurrency on Financial system - Cryptocurrency is a threat to traditional banks When cryptocurrency becomes popular or virtual currency transactions increase, people reduce the amount of short-term deposits they normally use to pay for credit card or bank transactions because they view cryptocurrencies as a new asset class Furthermore, with the basic advantage in virtual currency transactions being smart contracts, which settle transactions between two parties independently without the need for a third party, virtual currency has a decentralized nature that breaks normal currency transaction channels Hence, commercial banks will witness a decline in n their revenues and might lead to the bankruptcy of some small banks Indeed, In its annual 10-K filing with the Securities and Exchange Commission (SEC), released Feb 22, Bank of America Corp (BAC) listed cryptocurrencies among the risk factors that could impact the bank's competitiveness and reduce its revenues and profits French banking giant, BNP Paribas released a report where they discussed the technology behind cryptocurrency and how it could lead to making the traditional banks redundant - Cryptocurrency supports money laundering Criminals and terrorists are more likely to conduct business in crypto and to hold crypto as a digital asset than to use financial intermediaries such as banks, in part because crypto is anonymous and allows them to avoid establishing relationships with and records at financial institutions that may be subject to anti-money laundering reporting and compliance requirements Since the Bitcoin digital currency is not controlled by any organization or government, the application of monetary policies to Bitcoin is completely impossible The decentralized nature of cryptocurrency transactions may similarly provide a means for criminals to hide their financial 11 dealings from authorities Therefore, the emergence of cryptocurrencies with absolute anonymity and security makes the control and prevention of money laundering much more difficult - Cryptocurrency causes price volatility risk Because there is no specific regulatory market, the price of cryptocurrencies can go up and down by the day, by the hour without any remedy The volatility can lead to investment bubbles because for some reasons Firstly, cryptocurrency isn’t intrinsically valuable, so it is affected by the laws of supply and demand Secondly, unlike fiat currency, some cryptos are in limited supply (for instance, Bitcoin supply is limited to 21 million) Therefore, some entities have major holdings in crypto and can influence the rise and fall of crypto markets No central bank or government can step in to support or prop up markets and artificially subdue volatility Bitcoin value and other cryptocurrencies keep changing every now and then In the year 2018, Bitcoi’s value was $17000, but it became $7000 in a month This instability is a great disadvantage - Cryptocurrency is a threat to investors n Scamming was the greatest form of cryptocurrency-based crime in 2021, followed by theft — most of which occurred through hacking of cryptocurrency businesses Because cryptocurrencies are digital technologies, which means they are prone to hacker attacks According to Bitcoin Rush, Several ICOs have been hacked this summer, causing investors to lose many dollars (One attack led to the loss of $473 million.) III POTENTIAL FINANCIAL CRISIS WITH THE EXISTENCE OF CRYPTOCURRENCY What causes Financial crises? According to writers Allen, Babus, and Carletti in their 2009 study, financial crises occur following either bank runs or a sudden severe drop of asset prices in capital markets, both of which will consequently cause the collapse of big financial and nonfinancial firms Kaminsky and Reinhart (1999) also studied a wide range of crises affecting 20 countries, including industrial and 15 emerging economies They found that financial liberalization and significant credit expansion occurred before many of the financial crises According to the authors, there was too much liquidity in the system Liquidity refers to the ability to convert assets into cash at a price and time of your 12 choosing Too much liquidity in the financial system provides incentives for investors to take unnecessary risks, and the excess liquidity caused asset price bubbles to build up An asset price bubble occurs when people invest in a market (possibly shares, or property, or commodities) because they think the rising price will continue to increase The demand from investors then causes the asset price to rise in a self-fulfilling cycle The increase in price is due to speculation and is not supported by any fundamental changes in demand and supply in the economy Without continuing rising demand from investors, at some point the asset price bubble bursts The financial sector is very vulnerable to shocks, and a shock that initially affects only a particular sector or a few firms and institutions, or a specific region, can easily become systemic and then infect the larger economy – referred to as contagion The contagion effect exists because of direct linkage between banks (or financial networks) and indirect balance sheet linkages among firms n We can apply this analysis to the most recent global financial crisis in 2007-2008 The root reason it occurred was low-interest rates and too much liquidity in the American financial system This encouraged the growth of subprime mortgage lending to borrowers who, in other circumstances, would not be granted mortgages because they were more likely to default In order to spread the risk involved in subprime mortgages, American banks repackaged these subprime mortgages as mortgagebacked securities (which appeared to be more secure than they were) and sold them in the Asset-Backed Securities (ABS) market These mortgage-backed securities were purchased by many international financial firms, increasing the potential for contagion The default of subprime mortgage borrowers triggered the collapse of the subprime mortgage market, which in turn caused the credit crunch in the banking sector The problems in the credit market were later transmitted to other assets through capital markets, as banks tried to sell shares to support their liquidity This finally led to the bankruptcy of some large firms, such as Lehman Brothers Will Cryptocurrency cause the next Financial crisis? The Bank of England’s deputy governor for financial stability, Jon Cunliffe, has warned that cryptocurrencies could spark a global financial crisis unless tough regulations are introduced He likened the rate of growth of the crypto asset market, from $16 billion five years ago to $2.3 trillion today, to the $1.2 trillion subprime mortgage market in 2008 and concluded “When something in the financial system is growing very fast, and growing in largely unregulated space, financial stability 13 authorities have to sit up and take notice" Bitcoin and Ethereum, the two largest cryptocurrencies, plunged more than 30% in value earlier this year before recovering, and have proven extremely volatile since their creation The price of bitcoin has fallen by 10% in a single day on almost 30 occasions in the past five years, the largest of which was a fall of nearly 40% after a cyber-incident at Seychelles-based bitcoin and cryptocurrency exchange BitMEX “The crypto world is beginning to connect to the traditional financial system and we are seeing the emergence of leveraged players And, crucially, this is happening in largely unregulated space,” Cunliffe said His comments echo those of Bank of England Governor Andrew Bailey in May, who cautioned that cryptocurrency investors should be prepared to lose all their money due to the assets’ lack of “intrinsic value.” The U.K.’s Financial Conduct Authority has also warned of the risky nature of crypto investment Cunliffe said the risk to financial stability could grow rapidly if the market continues to expand at such a pace, but the scale of those risks will be determined by the speed of response by regulators and governments n Currently, an increasing number of financial institutions are entering the crypto space As a sign of change, more hedge funds are moving into this space New investments like Bitcoin futures are also emerging Nevertheless, some experts say that Bitcoin and other virtual currencies are yet to pose a risk because they are still too detached and too small compared to other financial markets However, their increasing integration with the traditional financial market is happening rapidly And this could eventually threaten stability while exacerbating the next financial crisis Essentially, Bitcoin enables people to exit the traditional financial system and disconnect from it completely And many people are contemplating this move due to their declining trust in conventional economic systems Additionally, more people rush to own Bitcoin, thinking it is recession-proof and a hedge against inflation These factors might seem minor now, but they could enable Bitcoin to trigger the next financial crisis The Financial Stability Board — an international body that brings together regulators from 24 countries and jurisdictions — said that the "fast evolving" crypto market could quickly reach a point where it becomes a "threat to global financial stability" due to its size, structural vulnerabilities and growing ties to the traditional financial system "Financial stability risks could rapidly escalate," the group said that policymakers needed to step up The assessment comes as banks and other big market players ramp up their exposure to crypto due to requests from clients, despite its volatility FBS explains that when major players enter the market, large volatility in the cryptocurrency market can trigger a series of unexpected events The FSB compares this to developments in the US housing market in 2008, which triggered the global financial crisis “As was the case with the subprime lending crisis in the US 14 Low participation does not mean low risk, especially when transparency and regulatory systems are not enough like cryptocurrency.” Bitcoin has soared in value this year, rising over 1,000% against the dollar so far This has prompted both increased interest and concern from investors and financial executives EU and UK authorities are planning to crack down on bitcoin as concerns grow that cryptocurrencies are being used to facilitate financial crimes and launder money Were there to be another crash, said by Garrick Hileman, an economic historian at the University of Cambridge told Business Insider, it's possible there would be an even greater backlash against traditional banks than after 2008 — in the wake of which bitcoin was first developed — and cryptocurrencies could be even more widely embraced n Brett Heath, CEO of Canadian company Metalla Royal & Streaming, warned that mass adoption of cryptocurrencies could hurt the economy, leading to the next global financial crisis if the market were to fall He compared the crypto market to the “dot-com bubble” of the early 2000s and the 2008 financial crisis “When you look back at the financial crises of the past decades, you see them have a few things in common One of them is the application of a series of financial products and new technologies that have not been well researched." "Back to the 2008 financial crisis We used a bunch of mortgage-backed securities (MBS) When people adopted this new financial product, it crashed fall", Heath thinks that cryptocurrencies are following the "trace" of 13 years ago In addition, Heath expressed concern about the risk of mass investing in "no intrinsic value" assets The result could lead to similar sell-offs when the tech "dot-com bubble" burst in the early 2000s Conclusion The cryptocurrency market is booming, and it’s only expected to get bigger As the digital economy continues to grow at an astronomical rate, cryptocurrencies are sure to play a large role in our financial system While the positive effects of cryptocurrencies cannot be denied, its negative effects can cause potential financial crisis in the future for some reasons following One of the main features of cryptocurrency lies in its instability The crypto market is volatile, and the prices of coins are in constant fluctuation There are many practical scenarios of this in the past, and it currently happens again with Bitcoin In less than 24 hours, the significant crypto assets hitherto gaining might plunge aggressively and vice versa The fact that the blockchain assets not have regulations makes them volatile, and investors need to be wary Experts believe that the crypto assets lack intrinsic value, making it easy for investors to run at a loss easily 15 Financial bubbles are the another risk that should be considered Cryptocurrencies are influenced by a similar hype cycle, where investors jump onto them and cause massive price appreciation without any fundamental business model behind it to justify such valuations The end result can be financial losses for those who buy into cryptocurrencies that fail or were merely scams from the get-go Due to past occurrences, for instance, the 2008 housing crisis that led to the financial crisis in the US, the crypto market is currently following the same pattern The exponential growth and widespread acceptance of cryptocurrencies are a concern to experts Blockchain apps are volatile and vulnerable to price corrections, and they have no regulatory body to balance the tide during a crisis Many external factors are responsible for the drastic fall in the price and value of cryptocurrencies Experts believe a financial crisis is imminent if significant cryptocurrencies continue to witness such sharp falls While it is difficult and takes a series of events for a financial crisis to occur, if the population of investors in the crypto market keeps increasing, a crisis in the market might affect the general economy It is, therefore, suitable for central banks and financial regulators to put measures in place to regulate the financial sector to avoid an imminent financial crisis n REFERENCES 1) Ảnh hưởng bitcoin đến kinh tế (2021) https://123docz.net/document/9731043-anh-huong-cua-bitcoin-den-nen-kinhte-hien-nay.htm 2) Brian Martucci (2022, April 01), What is Cryptocurrency - How it works, History & Bitcoin Alternatives (2022) https://www.moneycrashers.com/cryptocurrency-history-bitcoin-alternatie/ 3) 10 popular types of cryptocurrency and how they it work? (2022) https://n26.com/en-eu/blog/types-of-cryptocurrency 4) Jake Frankenfield (2022, January 11), https://www.investopedia.com/terms/c/cryptocurrency.asp Cryptocurrency 5) Dang Thu Thuy (2019, October 5), Current situation of Cryptocurrency in Vietnam http://koreascience.or.kr/article/JAKO201915658233883.page 6) Josh Howarth (2022, March 25), How many Cryptocurrencies are there in 2022? https://explodingtopics.com/blog/number-of-cryptocurrencies 16 7) Peter Johnson, What are Financial systems? https://www.wallstreetmojo.com/financial-system/ 8) Đặng Vương Anh (2018, June 10), Ảnh hưởng tiền mã hóa thị trường tài chính, tiền tệ https://tapchitaichinh.vn/nghien-cuu-trao-doi/nghien-cuu-dieu-tra/anh-huongcua-tien-ma-hoa-doi-voi-thi-truong-tai-chinh-tien-te-139858.html 9) How Cryptocurrency is changing the Banking industry (2019) https://hackernoon.com/how-cryptocurrency-is-changing-the-banking-industrygm8831qv 10) Mặt tốt tiền điện tử: Tiềm năng, tính tích cực tác động toàn cầu tiền điện tử (2018) https://www.etoro.com/vi-vn/news-and-analysis/market-insights/the-good-sideof-crypto/ n 11) David Floyd (2019, June 15), Bank of America, JPMorgan Call Cryptocurrencies a Threat https://www.investopedia.com/news/bank-america-calls-cryptocurrencies-riskits-business/ 12) What is the Economic Impact of Cryptocurrency https://www.pelicoin.com/blog/what-is-the-economic-impact-of-cryptocurrency 13) Derin Cag (2021, November 29), How Crypto is reshaping finance and the world at large https://fintechmagazine.com/crypto/how-crypto-reshaping-finance-and-worldlarge 14) Major disadvantages of cryptocurrencies (2021, June 22) https://www.finance-monthly.com/2021/06/major-disadvantages-ofcryptocurrencies/ 15) Crypto could cause 2008-level meltdown, Bank of England official warns (2021) https://www.cnbc.com/2021/10/14/crypto-could-cause-2008-level-meltdownbank-of-england-official-warns.html 16) Can Bitcoin cause a Financial crisis (2021) 17 https://www.dailycal.org/2021/10/25/can-bitcoin-cause-a-financial-crisis/ 17) How cryptocurrencies could trigger a financia crisis (2022) https://edition.cnn.com/2022/02/18/investing/premarket-stockstrading/index.html 18) Phúc Thịnh (2021, May 30), Bitcoin tiền mã hóa gây khủng hoảng tài tồn cầu https://vietnamfinance.vn/bitcoin-va-tien-ma-hoa-co-the-gay-khung-hoang-taichinh-toan-cau-20180504224253731.htm n 18