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Adoption of cryptocurrencies by financial institutions: challenges and opportunities in the digital economy

Qianyi Luo

Qianyi Luo

Wrexham UniversityUK
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Luo, Qianyi
  
05. Feb. 2025
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Online veröffentlicht: 05. Feb. 2025
Eingereicht: 30. Aug. 2024
Akzeptiert: 19. Dez. 2024
DOI: https://doi.org/10.2478/amns-2025-0073
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© 2025 Qianyi Luo, published by Sciendo
This work is licensed under the Creative Commons Attribution 4.0 International License.

Figure 1.

The evolution of digital money
The evolution of digital money

Figure 2.

The overall development trend of the monetary market
The overall development trend of the monetary market

Figure 3.

The encryption currency accounts for the score
The encryption currency accounts for the score

Figure 4.

The correlation between cryptomonetary and financial markets
The correlation between cryptomonetary and financial markets

Figure 5.

Pulse response diagram of the VAR model
Pulse response diagram of the VAR model

The granger causality test of the encrypted currency

BTC LTC ETH XRP USDT
CFSI 0.512 0.254 1.200 0.801 0.305
CFSI_credit 0.754 0.030 0.520 2.074 0.814
CFSI_stock 0.485 0.392 0.914 0.534 0.322
CFSI_exchange 0.802 0.402 5.051 1.173 0.648
CFSI_bond 3.283** 1.504 0.735 3.272** 3.427***

Descriptive statistics

Variable Observed quantity Mean Standard deviation The ADF test of the original sequence The ADF test of the first order difference
Covi 190 107.122 10.735 -3.120**
Covic 190 108.14 21.174 -2.532 -12.342***
Covio 190 107.217 9.240 -4.242***
Dcpi 190 100.274 17.894 -1.884 -9.645***
Eri 190 98.927 5.325 -7.263***
Edyi 190 100.053 1.023 -1.604 -9.763***
Fpi 190 98.584 6.854 -3.452***
Fepi 190 95.528 24.839 -9.874***
Feti 190 90.415 1.125 -5.032***
Fgpi 190 100.118 90.253 -1.652 -8.345***
Fdpi 190 100.084 57.954 -1.932 -10.028***

VAR model estimates

Model (1-1) VAR (1-2) VAR
Variable Dcpi Dcpi
L.dcpi 0.812*** (0.084) 0.814*** (0.062)
L2.dcpi 0.163** (0.085) 0.156** (0.086)
L.covi -0.038 (0.065)
L2.covi 0.036 (0.056)
L.dcpi -0.082 (0.098) 0.057 (0.082)
L2.dcpi 0.072 (0.098) -0.054 (0.076)
L.covi 0.510*** (0.070)
L2.covi 0.354*** (0.07)
Constant 4.224 (4.420) 7.473 (7.514)
L.eri 0.022 (0.092)
L2.eri -0.049 (0.093)
L.eri 0.784*** (0.074)
L2.eri -0.234*** (0.076)
Constant 16.320*** (5.843) 44.122*** (6.304)
Log likehood -1145.32 -1063.76
AIC 12.60324 11.71196
Observations 190 190
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