Cryptocurrency: Biggest Financial Challenge

In recent years, there have been several changes and biggest trends in financial terms. However, the newest challenge to establishing a person’s <u>financial insurability</u> is cryptocurrency.
Cryptocurrency: Biggest Financial Challenge
Having been introduced a few years ago, cryptocurrencies are now on a tremendous increase. Their usage and acceptability has increased gradually.
It is now very important for the underwriters to internalise what the cryptocurrency actually means in terms of how it works, risks and issues.This is because the usage of the <u>cryptocurrency</u> continues to increase with time .This can be achieved by establishing guidelines for adapting financial underwriting to new asset class.
Cryptocurrency is best known now as the decentralized digital medium of exchange based on technology. One of them being bitcoin which was released in 2009. The maintenance of the value of the cryptocurrency is only done by the user via the internet . No government and banks involvement in the maintenance of the value of cryptocurrency.
Regulations of cryptocurrency
Although the cryptocurrency is nowadays well known in several countries, some countries still do not allow the use of the cryptocurrency. Some countries have banned the use of cryptocurrency while others have put sanctions on the use of the cryptocurrency.
Such regulations include banning <u>crypto exchanges</u> and inhibiting financial institutions from dealing with crypto. Other regulations may include application of taxation laws to the users so that they avoid using it and terror financial laws.
The cryptocurrency regulation changes regularly to impose new sanctions on how the cryptocurrency can be used effectively. This has made the US have a plan on how to regulate the cryptocurrencies. Currently the world bank is working on how the new cryptocurrency called the CDBC can be used.
The research is carried out by Eighty-nine countries on how the <u>CDBC</u> can be launched through researching, developing and piloting CDBC. Currently , only nine countries have launched the use of the CDBC
Cryptocurrency salaries
The payment of the employees is nowadays being done using cryptocurrency. This is because of the value of the cryptocurrency increasing regularly. This is mostly done in the US market.
Factors to consider in financial underwriting
Collect appropriate financial details
Thorough research should be taken through questionnaires to ensure that the correct details are received about the cryptocurrency.
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