How Cryptocurrency will Shape the Future of Monetary Systems

As the world undergoes digital revolution, the future of financial engagements will be under the confines of a virtual environment and the internet. The financial sector is on the verge of shifting from traditional approach to the digital one, where the speed of the process is the mantra.

Cryptocurrency is fast gaining traction as top investors embrace the idea of investing in digital currency. The currency exists virtually and doesn’t have a centralized issuing and regulatory authority. It’s brought into the digital platform through a process referred as mining – a procedure that has to be verified in a global ledger called the Blockchain.

Deutsche Bank described the current money system as fragile and speculated that by the year 2030, cryptocurrencies will surge to over 200 million users globally. It suggested that digital currency could, in the future, replace tangible cash.

In 2021, Tesla co-founder decided to invest $1.5 billion in bitcoin and immediately after his investment the value of bitcoin surged to a record high. Digital payment platform, Paypal, has also included features that allow crypto-transactions on its platform.

Challenges Facing Cryptocurrencies

The main challenge in crypto-transactions is that it’s banned in most countries of the globe. For example the Indian government banned all private cryptocurrencies in January. The government of India considered it as a rival to the local currency.

However, Indian crypto investors and CEOs have formed an association to press the government to introduce a regulatory framework rather than prohibiting private cryptocurrencies.

Its value is volatile and fluctuates hugely against the dollar. Due to its volatility, crypto-investment remains a risky venture.

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