With the unpredictable occurrence of pandemics back in202, the significance of digital currency has taken an undeniable rise. Conversely, the debate about digital currency’s viability is still swirling in the air.
Alexandre Azoulay has expertly concluded the need for cryptocurrency by stating; ‘’the immense interest of the young generation in digital trading accompanied with legal regulations of turning the process’s authenticity legitimate via central/state banks are all the green signals depicting the future of virtual currency for the coming decades’’
Supplementary as per the reports of the World Economic Forum (WEF) around 86% of the financial institutions are discovering the benefits of digital currencies. By the same token, UBER and Master Cards have also welcomed payments/transactions via cryptocurrencies too.
After the tragic happening of the pandemic, the world has witnessed a drastic drift towards the digital economy in comparison to the hand in cash in terms of financial payment amenities. With the prediction of further evolution of digital currencies via legislative policies and entrepreneurial zeal as per Alexandre Azoulay, the cryptocurrency expert.
Though digital adoption requires an acceptance place several digital currency banks are seen in the regions of China and Bahamas where the spread of stable coins usage has just begun.
Though some of the virtual currencies will perish and be institutionalized as investment gadgets yet the roots of physical cash will hold the ground.
The admirers of virtual currencies have raised a strong opinion regarding the independence of cryptocurrency from federal governments, radiating a sense of untied financial transactions.
Despite the trustless volatile nature of cryptocurrencies, the Chinese government has uplifted the tree of virtual currencies to empower currency like Bitcoin to entertain masses of data miners.
Hence it is a proportionate contingency of virtual currencies trustlessness from federal legislations intersecting with its reliable parameters.
With the increasing popularity of stable cons enhancing the indulgence of cryptocurrency in mediocre lifestyles, these coins are competing with U.S currency in terms of virtual assets, commodities, or even similar to gold standards in real terms, that too via virtual existence.
Though the lord of the crypto world has put forward few concerns regarding the usage of virtual currency in the real world.
Firstly it has increased the probability of people committing fraud due to its dissimilarity and insufficiency of monitoring or auditing resources like physical currencies. Secondly the an uncanny need for implementing a bullet-proof client’s data confidential regulation system for transactions and trading performed in virtual currencies.
According to the white paper by the world economic forum of digital currency released in 2021, the crucial concerts regarding technicality, education, and client data confidentiality for virtual currency adoption are still on hold to be accomplished wholly.
Simultaneously the risks and perks of digital currency implementation upon financial payment systems are yet to be analyzed, fully. Where proponents predict limitless tendencies, critics forecast risks.
Having said that the future of cryptocurrency is still accountable to many thoughts while some have declared it a viable financial invention.