The research mentions that though cryptocurrencies are not widely recognized, they are making a great impact on the international finances hence making cross-border transactions easier. This will lead to cheaper foreign exchange costs in the future.
Blockchain technology enables settlement of digital currency transactions in real time, thus saving time. According to the researchers, it’ll good for the banks to adopt blockchain technology – “It can be a good competitor for other payment modes, which will ultimately benefit the end user.”
The study gave light to few on the currencies and ranked them giving Bitcoin first place followed by Ethereum, Monero, and Dash, and featured each currency’s capability.
“Even though digital currency has not been accepted extensively, its use in countries like Venezuela where Bitcoin looked to be more stable than its national currency at the time of high inflation, shows that it can be an effective substitute for hard cash in the future.”
The Turkish lira plunged due to an ventured military coup d’état. And, the UK pound sterling dropped distinctly in the Brexit referendum aftermath, in 2016. However, Bitcoin is consistent and proving to be safe-haven currency.