CRYPTOCURRENCIES AND FINANCIAL TECHNOLOGY

The financial system is rapidly changing with the innovations of cryptocurrencies and financial technology (FT). Since 2009, when Bitcoin came into being, the cryptocurrency prices have been going up, and staking claims to be the biggest change in money management. The term FinTech refers to a series of technological modifications in financial services, starting from peer-to-peer lending and ending with mobile banking. In union, cryptocurrencies and FinTech provide transformative power, such as instant, cheap payment and decentralized finance (DeFi) choice. Even though they ensure safety and anonymity, there are still challenges like uncertainty on the part of the regulators and scaling up. The blurring of the line between FinTech and cryptocurrencies will pilot a world in which more inclusive and diverse financial services will be provided. The sector keeps evolving and it seems that the trend of finance becoming more digitalized and inclusive will continue.

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