The Development of Cryptocurrencies and the Traditional Banking System: Competition or Complementarity ?

Since the launch of Bitcoin in 2009, the cryptocurrency market has undergone significant changes
and is beginning to be accepted by global financial institutions. The increase of public awareness
and adoption of crypto is a major factor influencing the development and growth of these digital
assets. Cryptocurrencies are challenging global commodity currencies and becoming a preferred
payment method due to their many advantages. Public perceptions of cryptocurrencies will have
an impact on the future development and utilization of cryptocurrencies for global payments.
Consequently, the reaction and position of public authorities and central banks towards
cryptocurrencies and their associated technology “blockchain” will determine whether crypto acts
a source of threat or opportunity to financial institutions.