A Bibliometric Review of Digital Currency Research: An International Perspective

ABSTRACT Drawing on the Web of Science database, this study reviews the digital currency papers published between 2016 and 2025. Using bibliometric analysis, we document a substantial increase in research output in this field, reflecting growing academic and policy interest. The United States and China emerge as the two most productive countries in digital currency research, with China taking a leading position in publication volume after the launch of its central bank digital currency (CBDC) in 2019. The leading journals publishing digital currency research are Finance Research Letters , International Review of Financial Analysis , and Economics Letters . The most extensively studied topics include Bitcoin price dynamics, the risk‐return characteristics of digital currencies, and CBDC development. Building on our bibliometric evidence, we further identify several avenues for future research, including corporate finance and governance, financial intermediation, financial inclusion, digital currency ecosystem and financial stability.