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It’s never too late to start accepting crypto! Crypto spending keeps going up every year with more and more businesses looking to get involved.
At the moment, cryptocurrencies operate alongside official currencies. In the grand scheme of things, the current volume of crypto circulating is small and doesn’t exactly challenge the position of fiat as the main currency. But as algorithms improve to limit the volatility of cryptocurrencies, their popularity and use just keep increasing!
What it means for banks:
It’s all a question of stability. While some stablecoins (coins pegged to a traditional currency or asset) make a great case for cryptocurrency, it’s most likely banks will need – or want – to take some more control of cryptocurrency.
The use of Central Bank Digital Currencies (CBDCs) increased significantly in 2021 in an effort to evolve money; cash 2.0. Three of the world’s major currencies – the dollar, euro, and renminbi – are actively moving toward the introduction of a CBDC. In fact, banks that represent over 90% of global GDP are said to have begun preparing their CBDCs. For them, the main obstacles are taxability and tracing. As cryptocurrency normalizes itself as a go-to payment option this will mean a green light for banks to move forward.
What it means for crypto:
What would this mean for cryptocurrencies like bitcoin or ethereum? Maybe a positive effect. By acting as a disciplinary device on central banks, banks investing in cryptocurrency can only increase its value and calm its volatility while it remains anonymous and borderless.
Cash in on the world of cryptocurrency without the risk of a volatile market. With ForumPay you can accept any cryptocurrency from customers and turn it into fiat that same day.
Don’t fall behind; start accepting crypto payments in your business! Visit our website ForumPay to learn more, speak with a sales representative, or read up on all things crypto! And don’t forget to follow us on Instagram and Twitter for more!
