Non-fiat digital-based currencies such as Bitcoin, are setting the stage for mass innovation
Non-fiat, digital currencies like Bitcoin are bringing legitimate challenges and innovation to the banking and financial services industry. Their appeal is broad as they have the technological capability to support a variety of innovative use cases, from the introduction of a new form of money, to innovative payment rails, and programmability or ‘smart’ money. They are a cornerstone to any digitally enabled society and financial market. Encouraging their development is key to enabling a future of truly digital based banking as well as driving innovation in the existing banking environment, which is sorely needed. Non-fiat based currencies are presenting the opportunity for new FinTech entrants to create new products and services and encouraging incumbent banks to explore and experiment in new ways of working.
