Blockchain-friendly Switzerland bears the name of Crypto Nation for a reason. It has become an undisputed giant leader in the international digital asset and blockchain space, and the Swiss are expected to be the worldwide cryptocurrency pioneers for at least the near future.
It seems the traditional finance sector is merging with financial technologies further. Another payment giant, Mastercard, is expanding its cryptocurrency program to support massive adoption and craft innovative experiences in the blockchain field.
After PayPal’s letter to the EU Commission was revealed, many news outlets started speculating that the company confirmed their plans on cryptocurrency implementation. However, the letter has no details on any cryptocurrency-related activity except for research, which only proves the company’s interest in cryptocurrency.
The legal status of cryptocurrency has been and still is very contentious worldwide, with some countries recognizing them as a medium of payment, while in others, mere ownership of crypto is enough to get you to prison. Will the increasing global attention to CBDCs change anything?
The realm of traditional finance is in the vicinity of a transformation. As people seek for more convenient innovative alternatives, global payment giants are forced to explore these technologies to meet their users’ needs.
In this changing financial and economic environment, people are being forced to switch to cashless payments. Although most prefer to use traditional banking cards, some people prefer alternative means such as cryptocurrency. In fact, the interest in the latter is steadily growing, making users speculate it might replace bank cards over time.
Cryptocurrency has been attracting illegal dealers since its very inception. Due to its anonymity and security, Bitcoin was widely used as a payment method on the darknet shadow markets. However, lately criminals started paying more attention to Monero as this cryptocurrency allows for an enhanced secrecy and disguise.
It is no secret that inclusion in the international financial system is tightly connected to people’s wellbeing. While the population of developing countries worldwide suffers poverty, fintech innovations including blockchain technology can help these people improve their life.