Innovation

Several customers' demand for a variety of contactless payment alternatives is triggering unprecedented growth. As per the new findings, the number of smart point-of-sale terminals is heading for a massive growth in the coming few years since retailers and consumers are increasingly embracing and adopting the financial and payment technology.

The US Congress recently passed at least two cryptocurrency bills that are supposed to facilitate mainstream adoption of digital currencies. The bill, called the Blockchain Innovation Act, and part of the Digital Taxonomy Act were passed as part of the broader US Consumer Safety Technology Act of 2020.

The nascent blockchain and cryptocurrency technologies offer great potential and various use cases. For this reason, they are being closely looked at, especially amidst lockdowns and general digitization. Thus, since 2021 began, two cities in the United States announced plans to employ innovations to the benefit of their citizens.

On April 21, the Singaporean Blockchain Association signed a memorandum of understanding with five other countries across the Southeast Asian and Pacific regions. The aim was to create a consortium and promote education on blockchain and decrease cautiousness about cryptocurrency.

Australia is investing huge sums of money to support blockchain innovations in the country.

There is a theory that Japan is the mother country of Bitcoin. Regardless of whether it is true or not, it was among the first countries to start making virtual currency transactions. Besides, Japan was the first country to solve the problem of double-spending for crypto using the P2P structure.

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.