Cryptocurrency is a term that has not seen wide recognition. Among those involved in international banking, though, the concept is becoming more important and, in fact, is seen by many experts as a game changer. For the first time in history, currency, the primary medium of exchange, can be issued by individuals without recourse to governments. The implications of such a change are profound: money, after all, is more than simply a surrogate for value that supports economic transactions based on a common assessment of worth; it is a system by which government manages the flow of trade, collects taxes and imposes economic control.
Now, imagine that a government need not issue currency – need not even know about a financial transaction – and one begins to understand the threat that cryptocurrency poses to existing banking and economic structures. Once money is an artifact of one- to-one transactions, the economy moves largely out of the control of central banks.
Communication services are increasingly compatible with cryptocurrency: as communications migrate to broadband delivery, there is an opportunity to integrate financial experiences into the overall communication experience. Although the evolution of cryptocurrency is very preliminary, communication service providers should begin considering the implications of synthetic currency now.
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