Innovation

As digital payment tools become increasingly widespread, traditional finance is also seeking to create a worthy alternative to the existing means. That is why numerous countries are exploring the potential of Central Bank Digital Currency (CBDC).

Cryptocurrency investments are becoming increasingly popular as the prices go sky-high. Like any kind of innovation, it attracts numerous young people with its disruptive potential and a promise of high profits. However, a careless attitude to high-risk investments can have a devastating impact on their lives.

Despite the effect of Covid-19 pandemic on innovations, London’s financial technology (Fintech) industry is gaining more traction than any other region in the European Union (EU). More than £50 billion has been invested since the start of 2019 in the UK’s fintech industry.

Cryptocurrency is a powerful weapon used to overthrow governments. Terrorists are taking advantage of this new innovation in the finance industry. However, it’s not just cryptocurrency that is being used to facilitate terrorism activities; huge sums of fiat money transactions have been made worldwide to support the same act.

The COVID-19 pandemic has opened the eyes of many central banks and has now taken a route of fintech innovation. Some of the major tools being currently looked at is introducing central bank digital currency (CBDC) into the finance and banking industry. But the main question is how these new forms of digital currencies impact the economy.

The coming of Bitcoin (BTC) and other cryptocurrencies has totally changed the game of payments. More governments and payment service providers have now appreciated the need for digital currencies in the payment sector. Benefits of cryptocurrencies include cheap transaction fees, privacy, fast, transparent and secure money transfers.

The United States mining pools are building their capacity to defeat China's hegemony in cryptocurrency mining.

South Korea is known for its friendly stance on innovations including cryptocurrency. The country has even announced plans for releasing their own CDBC dubbed the digital won. However, they also show support to businesses dealing with other digital currencies.

The Swiss parliament has passed new amendments to the country’s blockchain and cryptocurrency regulations. The new framework is aimed at boosting the Swiss community and confirming the country’s status of Crypto Nation.