THE IMPACT OF BITCOIN ADOPTION ON THE BANKING SYSTEM: SYSTEMATIC LITERATURE REVIEW
DOI:
https://doi.org/10.46306/volatility.v2i1.237Keywords:
Bitcoin, sistem pembayaran, perbankan, blockchain, regulasi, transformasi digital., Bitcoin, payment systems, banking, blockchain, regulation, digital transformation.Abstract
The rapid development of Bitcoin as the first cryptocurrency has sparked widespread discussion about its impact on the financial system, particularly the banking payment system. Blockchain technology underlying Bitcoin offers transaction efficiency, transparency, cost reduction, and disintermediation. However, price volatility, legal uncertainty, and regulatory challenges raise concerns about financial institutions' stability and readiness to adopt this innovation. This study finds that Bitcoin indirectly influences the banking payment system by accelerating blockchain adoption in the financial sector. Through blockchain, banks can develop more efficient, secure, and faster payment infrastructures. Yet, adoption remains limited due to regulatory ambiguity, infrastructure gaps, and resistance to changes in traditional banking models. Regulation is identified as a key factor influencing readiness, where inconsistent international legal frameworks, lack of clear standards, and weak global coordination hinder broader adoption. As digital financial activities grow outside the formal banking system, a regulatory approach that is adaptive, collaborative, and risk-based becomes essential to allow banks to participate actively in future financial ecosystems. This research contributes to the academic literature on crypto technology's impact on banking and provides practical insights for regulators and industry players to address both the opportunities and risks of financial digitalization.
Downloads
References
Abdurohim, & Irfan, M. (2024). Cryptocurrency dan Stabilitas Sistem Keuangan : Tinjauan Literatur. 64–94.
Angelini, P., & Passacantando, F. (1992). CENTRAL BANKS’ ROLE IN THE PAYMENT SYSTEM AND ITS RELATIONSHIP WITH BANKING SUPERVISION. Giornale Degli Economisti e Annali Di Economia, 51(9/12), 453–491. http://www.jstor.org/stable/23247862
Arnadi Chairunnas, Efendi Sugianto, Rina Pratiwi, Michael Sitorus, & Bambang Cahyono. (2024). Teknologi Blockchain dalam Transformasi Keuangan dan Perbankan: Potensi dan Tantangan. Journal of Economic Education and Entrepreneurship Studies, 5(2), 279–290. https://doi.org/10.62794/je3s.v5i2.3568
Atıcı, G. (2019). Bitcoin and Blockchain: A Threat or Opportunity for the Financial System. European Journal of Economics and Business Studies, 4(3), 95–101. https://doi.org/10.2478/ejes-2018-0063
Auer, R., Farag, M., Lewrick, U., Orazem, L., & Zoss, M. (2023). Banking in the Shadow of Bitcoin? The Institutional Adoption of Cryptocurrencies. SSRN Electronic Journal, 10355. https://doi.org/10.2139/ssrn.4416784
Baur, D. G., Hong, K. H., & Lee, A. D. (2018). Bitcoin: Medium of exchange or speculative assets? Journal of International Financial Markets, Institutions and Money, 54, 177–189. https://doi.org/10.1016/j.intfin.2017.12.004
Bilgin, E. (2024). From Skepticism to Integration : The Banking Sector ’ s Evolving Relationship with Cryptocurrency and Blockchain Technology. 12(June), 1–8.
Buitenhek, M. (2016). Understanding and applying Blockchain technology in banking: Evolution or revolution? Journal of Digital Banking, 1(2), 111. https://doi.org/10.69554/txyn8464
Chowdhury, M. U., Suchana, K., Alam, S. M. E., & Khan, M. M. (2021). Blockchain Application in Banking System. Journal of Software Engineering and Applications, 14(07), 298–311. https://doi.org/10.4236/jsea.2021.147018
Christensen, C. M. (1997). The Innovator’s Dilemma: When New Technologies Cause Great Firms to Fail. Harvard Business School Press.
Cocco, L., Pinna, A., & Marchesi, M. (2017). Banking on blockchain: Costs savings thanks to the blockchain technology. Future Internet, 9(3), 1–20. https://doi.org/10.3390/fi9030025
Dashkevich, N., Counsell, S., & Destefanis, G. (2020). Blockchain Application for Central Banks: A Systematic Mapping Study. IEEE Access, 8, 139918–139952. https://doi.org/10.1109/ACCESS.2020.3012295
Guo, Y., & Liang, C. (2016). Blockchain application and outlook in the banking industry. Financial Innovation, 2(1). https://doi.org/10.1186/s40854-016-0034-9
Jamil Safarli, G., & Jamil Safarli, A. (2024). the Impact of Cryptocurrency Adoption on Traditional Banking Systems: a Theoretical Study. Elmi Əsərlər, 1, 68–72. https://doi.org/10.61413/zisz5040
Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. The Economic Nature of the Firm: A Reader, Third Edition, 283–303. https://doi.org/10.1017/CBO9780511817410.023
Karame, G. O., Androulaki, E., & Capkun, S. (2012). Double-spending fast payments in bitcoin. Proceedings of the 2012 ACM Conference on Computer and Communications Security, 906–917. https://doi.org/10.1145/2382196.2382292
Kaushik, A., & Khatri, A. (2021). Systematic literature review on blockchain adoption in banking. Pressacademia, 8(3), 126–146. https://doi.org/10.17261/pressacademia.2021.1458
KUMAR, A. (2022). Banking Blueprint for the Crypto World. Interantional Journal of Scientific Research in Engineering and Management, 06(05). https://doi.org/10.55041/ijsrem13131
Kunjadić, G., & Jović, Z. (2016). Bitcoin - Banking and Technological Challenges. December 2016, 185–189. https://doi.org/10.15308/finiz-2016-185-189
Latipah, A., Fasa, M. I., Islam, U., Raden, N., Lampung, I., & Lampung, K. B. (2024). ADOPSI TEKNOLOGI BLOCKCHAIN DALAM TRANSAKSI PERBANKAN SYARIAH : PELUANG DAN TANTANGAN ADOPSI TEKNOLOGI BLOCKCHAIN DALAM TRANSAKSI PERBANKAN SYARIAH : PELUANG DAN TANTANGAN. 2(10).
Leksono, S., Kualitatif, P., Ekonomi, I., Metode, M., Persada, R., Bab, J., & Eskriptif, A. M. E. D. (2013). Pendekatan deskriptif.
Macaulay, M. (2019). DAOs Are Eating The World. https://www.micmac.blog/posts/daos-are-eating-the-world
Mbaidin, H. O., Alsmairat, M. A. K., & Al-adaileh, R. (2023). International Journal of Information Blockchain adoption for sustainable development in developing countries : Challenges and opportunities in the banking sector. International Journal of Information Management Data Insights, 3(2), 100199. https://doi.org/10.1016/j.jjimei.2023.100199
Mbaidin, H. O., Alsmairat, M. A. K., & Al-Adaileh, R. (2023). Blockchain adoption for sustainable development in developing countries: Challenges and opportunities in the banking sector. International Journal of Information Management Data Insights, 3(2), 100199. https://doi.org/10.1016/j.jjimei.2023.100199
Nakamoto, S. (2009). Bitcoin: A Peer-to-Peer Electronic Cash System. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3977007
Osmani, M., El-Haddadeh, R., Hindi, N., Janssen, M., & Weerakkody, V. (2021). Blockchain for next generation services in banking and finance: cost, benefit, risk and opportunity analysis. Journal of Enterprise Information Management, 34(3), 884–899. https://doi.org/10.1108/JEIM-02-2020-0044
Snyder, H. (2019). Literature review as a research methodology: An overview and guidelines. Journal of Business Research, 104, 333–339. https://doi.org/https://doi.org/10.1016/j.jbusres.2019.07.039
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Muhammad Faisal, Irza Feriyaldi
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
