Key challenges of launching national cryptocurrencies using extended FMEA under uncertainty environment

In the context of advancing cyber-physical technologies, cryptocurrencies have emerged as a significant phenomenon, attracting considerable scholarly and practical attention. Within this landscape, central bank digital currencies (CBDCs) have gained increasing importance as potential instruments for transforming national financial systems. The rapid evolution of economic and technological environments, coupled with the daily impacts of cryptocurrencies on financial and economic policies, underscores the necessity for financial institutions and policymakers to comprehend the challenges inherent in the implementation and utilization of national cryptocurrencies. To systematically analyze these challenges, the authors conducted an extensive literature review to identify the key obstacles associated with the deployment of national cryptocurrencies. Following this identification phase, a novel mixed-methods approach was employed that integrates two advanced decision-making techniques: Step-wise Weight Assessment Ratio Analysis (SWARA) and Weighted Aggregated Sum Product Assessment (WASPAS) within a fuzzy framework. The findings reveal that the primary challenges in launching central bank cryptocurrencies encompass a lack of adequate financial support for stablecoins, instability of the domestic currency, centralized governance issues within decentralized technological frameworks, the absence of a conducive public acceptance ecosystem, challenges related to the listing of cryptocurrencies on reputable exchanges, and broader economic concerns, including the risk of money laundering. In the realm of private cryptocurrencies, crucial obstacles include legal restrictions regarding the acceptance of alternative cryptocurrencies, difficulties in preserving the value of small investors' capital, challenges related to data protection and privacy, and concerns regarding the liquidity of frozen assets. Ultimately, this study emphasizes the pressing need for comprehensive and structured strategies to address these multifaceted challenges, proposing a range of solutions that could facilitate the effective adoption and development of cryptocurrencies within national contexts.