Leveraging cryptocurrencies and digital assets for Small and Medium-Sized Enterprises (SMEs): Opportunities and challenges
1 Independent Researcher, Washington, United States.
2 Independent Researcher, Australia.
3 Independent Researcher, USA.
Review
International Journal of Frontiers in Science and Technology Research, 2024, 07(02), 011–019.
Article DOI: 10.53294/ijfstr.2024.7.2.0052
Publication history:
Received on 25 August 2024; revised on 05 October 2024; accepted on 08 October 2024
Abstract:
This review paper explores the potential opportunities and challenges associated with leveraging cryptocurrencies and digital assets for small and medium-sized enterprises (SMEs). The paper highlights the benefits of adopting digital currencies, including financial inclusion, reduced transaction costs, access to new markets, and enhanced transaction transparency and security. However, it also addresses SMEs' challenges, such as regulatory and legal uncertainties, volatility, and cybersecurity risks. Strategic approaches for SMEs are discussed to mitigate these challenges, including risk management, using stablecoins, and adopting best practices for integrating cryptocurrencies into business operations. The paper offers recommendations for SMEs considering digital assets. The future outlook for cryptocurrencies in the SME sector is considered, emphasizing the potential for further growth as regulatory clarity improves and technological innovations advance. This paper serves as a guide for SMEs looking to navigate the complex landscape of cryptocurrency adoption while maximizing the benefits and minimizing the risks.
Keywords:
Cryptocurrencies; SMEs; Digital Assets; Financial Inclusion; Risk Mitigation; Blockchain Technology
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Copyright information:
Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0