Impact of cryptocurrencies on inflation: evidence from BICS countries
by Vaibhav Aggarwal; Mohit Saini; Pankaj Kumar; Mahender Yadav; Adesh Doifode
International Journal of Diplomacy and Economy (IJDIPE), Vol. 10, No. 1, 2024

Abstract: Academic research on cryptos has exploded over the past decade; however, the impact of cryptocurrency on inflation in emerging markets is an underexplored research area. This study addresses this by investigating the impact of two major cryptocurrencies - Bitcoin and Ethereum, on inflation in four major emerging countries - Brazil, India, China and South Africa (BICS). Monthly data on cryptocurrencies and inflation (WPI and CPI) is taken from Oct 2017 to Nov 2022. The Vector Auto-Regression (VAR) findings indicate that in BICS countries, there is no significant impact of cryptocurrencies - Bitcoin and Ethereum on the inflation of BICS. The results of this study can be useful for policymakers regarding inflation management and the risks and challenges associated with cryptocurrency adoption.

Online publication date: Fri, 01-Mar-2024

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