Global Digital Currency Market by Type (Central Bank

Dublin, March 14, 2024 (GLOBE NEWSWIRE) — The “Global Digital Currency Market by Type (Central Bank Digital Currencies, Cryptocurrencies), Offering (Hardware, Software), Process, Utility, Application – Forecast 2024-2030” report has been added to ResearchAndMarkets.com’s offering.

The Digital Currency Market size was estimated at USD 1.81 billion in 2023, USD 2.03 billion in 2024, and is expected to grow at a CAGR of 12.64% to reach USD 4.17 billion by 2030.

The digital currency comprises an ecosystem of platforms, technologies, services, and products that facilitate the creation, exchange, storage, and circulation of digital currencies such as cryptocurrencies and central bank digital currencies (CBDCs). These currencies employ cryptographic principles, distributed ledger technology (DLT), and blockchain technology to ensure secure transactions and maintain the decentralized nature of the market.

Key applications include cross-border remittances, payment processing systems, e-commerce transactions, online investments, supply chain tracking systems, and asset tokenization. Increasing adoption of digital currencies for financial transactions due to their borderless nature, higher transaction speeds, low transaction cost, and rising demand for decentralized finance (DeFi) solutions drive the use of digital currencies. In addition, efforts made by economies to launch CBDCs propel their usage worldwide.

On the other hand, the lack of a uniform regulatory framework across different jurisdictions creates uncertainty for businesses in the digital currency space and poses a risk to market stability. Cyber attacks or hacks on wallets coupled with volatile prices hinder their adoption. However, the introduction of new digital currencies, advancements in supportive technologies, and the launch of virtual currencies by organizations are expected to proliferate market growth in the coming years.

Regional Insights

In the United States and Canada, digital currencies have gained traction over recent years as the U.S. has witnessed an influx in cryptocurrency investments from institutional investors and retail traders. Meanwhile, in Canada’s cryptocurrency scene, the Toronto Stock Exchange launched the world’s first Bitcoin exchange-traded fund (ETF) in February 2021.

EU countries have been proactive in integrating digital currencies within their financial systems. The European Central Bank (ECB) is actively researching a digital euro for its member states. This initiative complements cash transactions while ensuring users’ privacy and security.

The Middle East has observed pilot projects exploring digital currency’s potential across cross-border payments and trade finance sectors. For instance, Project Aber, a joint initiative by the UAE Central Bank and the Saudi Arabian Monetary Authority, tested a central bank-backed digital currency for use in financial settlements between the Kingdom of Saudi Arabia and the UAE using blockchains and distributed ledger technologies.

Africa presents an exciting market for cryptocurrencies as it addresses issues such as financial inclusion among unbanked populations across the continent.

China, Japan, and India are key players driving digital currency adoption in the Asia-Pacific region. The central bank in China, the People’s Bank of China (PBOC), piloted its digital yuan initiative across several major cities in 2020. Japan has been at the forefront of cryptocurrency regulation and blockchain technology adoption, and India, on the other hand, has witnessed a surge in cryptocurrency investments despite regulatory uncertainty.

Market Segmentation & Coverage

This research report categorizes the Digital Currency Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Type
  • Central Bank Digital Currencies
  • Cryptocurrencies
    • Binance Coin
    • Bitcoin
    • Cardano
    • Dai
    • Dogecoin
    • Ethereum
    • Litecoin
    • Polygon
    • Ripple
    • Solana
    • Tether
• Offering
• Process
  • Mining
    • Cloud Mining
    • Pool Mining
    • Solo Mining
  • Transaction
• Utility
  • Payment
    • Ecommerce & Retail
    • Media & Entertainment
    • Travel & Tourism
  • Remittance
  • Trading
• Application
  • Enterprise
  • Government
  • Personal

For more information about this report visit https://www.researchandmarkets.com/r/g3vsu2

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• Global Digital Currency Market