Introducing crypto into your business is an excellent way to gain access to a new demographic. Crypto users tend to be cutting-edge clients who value the transparency of their transactions. Moreover, 40% of crypto users are new to the industry, spending twice as much as traditional credit card users. Crypto can also be a great way to raise internal awareness of new technology and position your business for future central bank digital currencies. Furthermore, crypto could open the door to a new pool of capital, liquidity, and asset classes.
With the rise of cryptocurrencies, there is a need to understand the role they play in the industry. The blockchain technology that underlies cryptocurrencies offers the potential to disrupt many industries. For example, a digital wallet can replace a fiat account for people in countries where the currency is not historically stable. Cryptocurrencies also provide an indicator of a market primed for a leapfrog event because they are perceived as safer than fiat accounts.
While digital currencies have been around for a decade, regulatory frameworks for them are not yet comprehensive and fragmented. In some countries, they are nonexistent. This allows illicit activities to flourish. Fraudulent Bitcoin traders disappear with cash, and money laundering and terrorism are enabled with the use of digital currencies. In this situation, the regulatory framework is more important than ever. Therefore, regulators must focus on identifying the appropriate instruments to govern the industry.
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