Finance Sector Concerned Over the Increasing Dominance of Cryptocurrency

Cryptocurrencies and Bitcoin are barely a decade old. But they have already had a significant impact on the world of finance. When Facebook announced that it will float its own digital currency Libra, it was another sound reminder that the world is about witnessing a major shift in paradigm in the finance sector.

Now a prominent figure in the finance sector has come out again to warn those in the mainstream to keep up with the rapid changes taking place in the finance sector as a result of cryptocurrencies and Bitcoin.

U.S. Federal Reserve governor and chair of the Financial Stability Board, Randal Quarles, has warned central bankers and finance ministers to take note of the quick changes happening within the finance industry, brought by cryptocurrencies and bitcoin.

In his statement,

Technology is changing the nature of traditional finance, bringing innovations that create both potential benefits and risks.

He made this statement in a letter for the G20 summit this week. According to…