A review of blockchain and cryptocurrency applications in Romania

Abstract

Recent technological developments have led to economic changes that have an impact on the macroeconomic and microeconomic levels in developing countries, as well as in developed ones. The introduction of cryptocurrencies (Bitcoin is the first cryptocurrency, made public in 2009) into the economy through blockchain technology, generated a series of benefits, but also significant risks for citizens, companies and states. The main purpose of this article is to present the operating mechanism of the blockchain system and cryptocurrencies, their advantages and disadvantages and the attempts of the international authorities to regulate the crypto market. The authors will present also few case studies of tech start-ups that leveraged the versatility of blockchain principles into viable business propositions. Romania makes no exception in this field, so the authors will analyze and present the current status of this industry.