Financial System Future: Could Crypto and Blockchain take over the Payments Sector.
I think is high time we start to see crypto benefits beyond just buying and selling of coins, crypto could redefine the future of the financial system in different sectors, although in the world today once you mention crypto benefits all our minds goes to is just buying and selling, but crypto has played the role of a good support system and better alternative to the banking sector in a time of crisis.
But now let's look at crypto from the payment sector, how it has or can improve the payment sector, what I mean is how crypto has made payment transactions as easy as possible and without stress, all you need is a good internet connection, either your mobile device or laptop and the wallet address for the particular coin you want to send (if it is Bitcoin you are sending, it has to be sent to a Bitcoin wallet address, not Ethereum or any other crypto wallet addresses).
I am glad am not the only one who see crypto benefits beyond trading (traditional buying and selling) but as a better form of payment in the financial world, the CEO of PayPal Dan Schulman, in a recent interview with CTech shared his vision for Crypto and Blockchain technology in the payment sector, he said that the real potential of Crypto and Blockchain technology Is not in the normal trading industry but in being used as a form of payment.
He also said that since government central banks are making plans of launching their own digital currencies. that the intersection but crypto, stable coins, CBDC, and digital wallets will redefine the future of the financial system.
Here is what he said exactly:
“I’m very excited about what crypto and digital ledger technology can do to the financial system going forward.”
he added:
“Clearly, across the world, central banks are looking at issuing digital currencies,” Schulman continued. “The intersection between CBDC, stable coins, digital wallets, and enhanced utility of payments through cryptocurrencies is not just fascinating but I think will redefine a lot of the financial world going forward.”
it looks like crypto is taking over all aspects of the financial system by storm.