Transformation

Coinidol.com: A major announcement from a the global financial network, SWIFT.

In a major shift for the cryptocurrency market, Bitcoin is undergoing a transformation from a highly volatile speculative asset to a more stable, "blue-chip" investment.

Regardless of the transformation cryptocurrency has introduced in the payment and  transaction industry, digital assets are still facing resistance in some countries. A good number of governments have shown concerns of cryptocurrency threatening their traditional fiat currency,  finance and economy.

The wave of central bank digital currency (CBDC) is gaining traction around the world and the Ukrainian government plans to pay its employees with digital hryvnia.

More than 69% of banking institutions in EMEA (Europe, Middle East and Africa) could miss opportunities in the financial market over the next 24 months if they do not embrace digital transformation. Currently, only 19% of them are making efforts to keep up with technological advances.

The Ukrainian Ministry of Digital Transformation is making every effort to legalize cryptocurrencies in the country. For example, it is preparing the law on Digital Assets for the second reading on Verkhivna Rada. On the other hand, it is working on a framework that will allow taxing the income from trading cryptocurrencies.

The Ukrainian government is making efforts to spread awareness about blockchain, bitcoin and cryptocurrency among common folks. The Ministry of Digital Transformation announced an online briefing on launching a blockchain and cryptocurrency TV series.

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.

It has been argued that central bank digital currencies (CBDC) could threaten the existence of commercial banks by eliminating deposits that are the source of loans.