Bitcoin as a legal tender

Kim, Daehan, Chen, Jing (Maggie) ORCID: https://orcid.org/0000-0001-7135-2116, Ryu, Doojin and Webb, Robert I. 2025. Bitcoin as a legal tender. Asia-Pacific Financial Markets 32 , pp. 1175-1188. 10.1007/s10690-024-09499-y

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Abstract

This study examines the viability of Bitcoin as legal tender with particular emphasis on the experience of El Salvador. In particular, we examine the challenges, benefits, and costs, of using Bitcoin as legal tender in a country. Our analysis underscores the significant costs of using Bitcoin to process routine transactions. These costs, both temporal and financial, form a considerable barrier to Bitcoin’s widespread adoption and use as legal tender. Given the uncertain impacts that the successful adoption of Bitcoin may cause, we suggest that there is little reason for policymakers to actively drive Bitcoin adoption.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Schools > Mathematics
Publisher:	Springer Verlag (Germany)
ISSN:	1387-2834
Date of First Compliant Deposit:	20 November 2024
Date of Acceptance:	21 September 2024
Last Modified:	09 Dec 2025 12:30
URI:	https://orca.cardiff.ac.uk/id/eprint/174178

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