The use of digital currencies has become one of the outcomes of various digitalization initiatives aimed at a variety of industries, including finance and banking. Crypto has become one of the digital currencies that has seen massive growth in terms of user base and transaction value, both nationally and globally. The growing use of cryptocurrency is fueled by its uniqueness, which provides numerous benefits such as the ability to conduct transactions with global reach, quick and irreversible transaction completion, and the use of addresses and anonymity. However, the uniqueness of cryptocurrencies carries its own risks. The reliance on fossil fuels, as well as the need for a massive allocation of energy and resources to support the operational processes of the blockchain technology that underpins cryptocurrencies, has environmental consequences and worsens the impact of the climate crisis. Furthermore, cryptocurrencies are susceptible to misuse in criminal activities such as money laundering, fraud, and hacking.

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