Fintech blockchain and cryptocurrency
0 likes131 views
This document provides an overview of cryptocurrencies, blockchain technology, and their impact on global finance, discussing their definitions, legal status, challenges, and advantages. It notes that while cryptocurrencies are increasingly recognized as commodities, they are often treated with caution due to volatility and security risks. Recommendations include leveraging blockchain technology for financial activities and encouraging collaboration between central banks and innovators to navigate the evolving landscape.
Fintech blockchain and cryptocurrency
- 1. Global Leadership Program An overview of Fin tech, Block chain and Crypto currency Rajendra RimalMasoodaMilad NoafAljowaieSitharNorbu G2
- 2. ❖ Introduction ❖ Facts & Legal status ❖ Challenges ❖ Advantages ❖ Recommendations Outline
- 3. ❖ Introduction ❖ Facts & Legal status ❖ Challenges ❖ Advantages ❖ Recommendations Introduction Outline
- 4. ❖ Cryptocurrencyisa“peer-to-peerelectroniccashsystem”thatallowsforonlinepaymentstobe sentdirectlyfromonepartytoanotherwithoutgoing througha financialinstitution. ❖ A transactioncan’tbechanged, erased,copied,or forged ❖ Blockchainisthetechnologytheunderpinsdigitalcurrency(Bitcoin,Litecoin,Ethereum,andthe like).Thetechallowsdigitalinformationtobedistributed,butnotcopied.... Theinformationis constantlyreconciledintothedatabase,whichis storedinmultiplelocationsandupdated instantly Introduction
- 5. ❖ Introduction ❖ Facts & Legal status ❖ Challenges ❖ Advantages ❖ Recommendations Facts &Legal statusOutline
- 6. ❖ Countriesregardcryptocurrencyascommodities,assets,propertyandorgoods.Mostof thecountriesaretreatingtransactionsthatinvolvecryptocurrencyasabartertransaction. ❖ Nocountriesacceptcryptocurrencyasmoney andhasallowedtouseitasalegaltender. ❖ Theworldisacceptingtheexpansionof FinancialTechnologyandhasregardedblockchain technologyasthelatestinnovationinthisregard. Facts
- 7. ❖ Countriesarewarningtheircitizenonthevolatilityandrisksassociatedwiththeuseand holdingofcryptocurrencyandthereforetreatitasan instrumentofspeculation. ❖ Countriesareinterestedintaxingthegainsfromtheexchangeofcryptocurrencybutare not willingtoacceptitasmoney. Facts
- 8. ❖ Legal statusof Crypto currenciesinG20countries (The LawLibrary of Congress) Legal status of Cryptocurrencies ❖ Legal statusof Crypto currenciesinG20countries (As claimedby bitcoininvestors)
- 9. ❖ Introduction ❖ Facts & Legal status ❖ Challenges ❖ Advantages ❖ Recommendations Challenges Outline
- 10. ❖ Cryptocurrencyis posingseriousthreattothelegaltenderinmanycountriesandthereby challengingtheroleof centralbank. ❖ FinancialTechnologyisexpandingveryfast – fasterthantheregulators:regulationisfollowing theinnovation. Challenges ❖ If cryptocurrenciesare widelyacceptedallover theworld, thepayments could besimplerbut the economic ramificationscould bemore complex.Activitiestracking, taxationand foreign tradecould be an issueof complexity. ❖ The systemis prone to cybercrime,fraudulenceand hacking. Whowould be heldresponsiblefor any of such mishaps?
- 11. ❖ Introduction ❖ Facts & Legal status ❖ Challenges ❖ Advantages ❖ Recommendations Advantages Outline
- 12. ❖ Quickandeasypayments-A quicktransactionprocess.It takesa fewminutestoinitiatea transaction.Thereisnoobligationtodiscloseandsharepersonaldetailsunlessthedetailsof crypto wallet. ❖ Easyaccessandgloballyrecognized-CryptocurrencyisreadilyaccessibletoallitsintendedusersIt isa decentralizedsystemof currencywhichcan beusedand accessedglobally. Advantages ❖ Facility offastersettlement- Beingbased onBlockchain,cryptocurrencyworks in thepeer-to-peeralgorithm and the paymentsettlementgetscompletedflawlesslyalmostimmediately. ❖ Private and secured-Theblockchain integrationmakes thetransaction100%securedas noone can hack the system becauseof 100%hacking proof encryption.
- 13. ❖ Introduction ❖ Facts & Legal status ❖ Challenges ❖ Advantages ❖ Recommendations Recommendation Outline
- 14. Recommendation ❖ Blockchain technology could bebeneficial in number offinancial activities asit doesnot require asingle control on the transactions. ❖ Centralbanks might design digital currency sothatusers’identities would be authenticated through customer due diligence procedures andtransactionsrecorded. ❖ Centralbanks, commercial banks andinnovators to conduct workshop and meeting sessionto discusshow tomove foreword
- 15. Thank you foryourkind attention Before wrap up the presentation