Cryptocurrencies can improve speed, cost and ease of access of payments

Although cryptocurrency is still in nascent stages, 91% of crypto holders believe it’ll become as common as card payments. Despite making major strides, existing electronic payment systems suffer in regards to cost, efficiency and access. Legacy systems still fall short of providing access to financial services to 1.7bn adults or efficient cross-border retail payments. Blockchain technology brings the benefits of faster settlement, access to new customers  and lower barriers to entry.

 
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-Despite crypto crash, financial institutions are cautiously wading into digital assets

This year will be remembered as one of reckoning for digital assets. After years of slushy and speculative asset price growth and the spread of numerous junk cryptocurrencies, with at best dubious value, the rapid collapse of the crypto world is something many economists had expected for a long time. Yet, amid such dynamics is also an opportunity for the best innovations in cryptocurrencies and digital assets to distinguish themselves.

This was a key story in OMFIF’s 2022 reports, which showed that financial institutions have been reconciling a general wariness of many products in the digital asset space alongside a clear recognition of the benefits of digital assets for their goals, including stamping out illicit markets, improved financial inclusion and introducing more efficient payments systems. Such benefits appeared to be particularly pronounced among developing countries.

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Πηγή: omfif.org