THE FUTURE OF CRYPTOCURRENCIES AND ITS IMPACT ON THE GLOBAL ECONOMY

Cryptocurrency is the driving force behind the transformation of the financial system, introducing decentralized systems and financial benefits, which are hard to resist. Contrary to its widespread appeal, doubts are present over its effects on the global economy in the long run. Becoming the cornerstone of the cryptocurrency industry, blockchain ensures the security and flexibility that gave rise to lots of altcoins such as Ethereum that are equipped with advanced features like smart contracts. Institutional endorsement and the fact that the pandemic has hastened digital payment's attractiveness to cryptocurrencies. Nevertheless, there are some obstacles existing, for example, regulatory problems and monetary policy adjustments. The way forward will then include bypassing these obstacles to tap the full potential of cryptocurrency for a revolutionary economy.
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