The Digital Currency Revolution: A Survey of Its Evolution, Current Practices, and Implications

Abstract

As an emerging research field, digital currency studies have expanded rapidly over the past two decades, yet literature remains fragmented across currency types, theoretical foundations, and isolated research themes. This study systematically maps the research through a comprehensive bibliometric analysis of 187 articles published in the Web of Science database between 2006 and 2025. Utilizing VOSviewer software, the analysis identifies three thematic clusters that reflect the evolving revolution of digital currency research: overall evolution of digital currency, private sector digital currencies and central bank digital currencies. Our review of the literature suggests that while private sector digital currencies lead early innovation, their long-term viability is undermined by regulatory ambiguity and inherent limitations. Conversely, central bank digital currencies (CBDCs) are emerging as a predominant trend in the digital currency ecosystem, offering broader applications and the capacity to redefine monetary systems. By synthesizing mainstream arguments, this review identifies avenues for future research and offers important policy implications.