Paper Title
THE IMPACT OF CRYPTO CURRENCY ON ECONOMIC GROWTH OF AFRICAN COUNTRIES
Article Identifiers
Authors
OBISESAN, OLUWASEUN GRACE , Samuel Obafemi DADA , Ibidolapo Ezekiel AJAYI
Keywords
Economic Growth, Bitcoin, Ethereum, Binance Coin, Africa.
Abstract
This study assessed the impact of crypto currency on economic growth in Africa. Specifically, the study determined the effect of Bitcoin on economic growth of selected African countries; assessed the relationship between Ethereum and economic growth of selected African countries and examined the impact of Binance Coin on economic growth of selected African countries. Secondary panel data spanning five (5) years (2016-2021) was gathered for five (5) African counties cutting across all regions in Africa. Data gathered was estimated using descriptive statistics, correlation analysis; pooled OLS estimation, fixed and random effect analysis. Discoveries from the study revealed that Bitcoin exert negative significant impact economic growth of developing African counties proxied with gross domestic product growth rate with reported coefficient estimate of -.00001 (p=0.011<0.05); Ethereum exert positive and significant impact on economic growth of developing African counties with coefficient estimate of -.00051 (p=0.34<0.05); and Binance coin exert significant negative impact on Africa economic growth of developing African counties with coefficient estimate of -.0011 (p=0.027<0.05). Premised on these findings, the study suggested that government across African countries in conjunction with regulatory agencies in the country should regulate the adoption of crypto currency; government of African countries in considering the regulation of Bitcoin should deploy measures to protect its users from the high volatility and vulnerability of the currency to criminal activities in Africa and government through its parastatals in African countries should continuously disclaim and prevent individuals and businesses from adopting crypto currencies.
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How To Cite (APA)
OBISESAN, OLUWASEUN GRACE, Samuel Obafemi DADA, & Ibidolapo Ezekiel AJAYI (May-2024). THE IMPACT OF CRYPTO CURRENCY ON ECONOMIC GROWTH OF AFRICAN COUNTRIES. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 9(5), c599-c611. https://ijnrd.org/papers/IJNRD2405259.pdf
Issue
Volume 9 Issue 5, May-2024
Pages : c599-c611
Other Publication Details
Paper Reg. ID: IJNRD_216025
Published Paper Id: IJNRD2405259
Downloads: 000121987
Research Area: Management
Country: ADO- EKITI, EKITI, Nigeria
Published Paper PDF: https://ijnrd.org/papers/IJNRD2405259.pdf
Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2405259
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Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)
ISSN: 2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar | ESTD YEAR: 2016
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This work is licensed under a Creative Commons Attribution 4.0 International License and The Open Definition
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