BANKING
But El Salvador adopted Bitcoin as legal tender in 2021 , Brazil has embraced the digital currency market in response to fiat currency instability , and , in December 2022 , a new cryptocurrency law was introduced in Peru , which will define crypto assets and regulate crypto transactions . Called the ‘ Cryptoasset Marketing Framework ’, the law is , according to the report , “ seen as a first step to establish regulatory clarity for virtual asset service providers and others involved in blockchain and cryptography ”.
The metaverse is the perfect home for crypto Meanwhile , in the Western Hemisphere , digital currency is here to stay and is forging new innovations in gamification , online retail and through opportunities in the metaverse .
As
Manish Patni , Lead Product Manager of Europe for
Finacle , points out : “ A recent
report by JP Morgan has estimated the market and business opportunities for companies in the metaverse at over US $ 1tn in annual revenues , while the
Zion Market Research study claimed that the metaverse market is expected to grow at 39.5 % CAGR to touch $ 400.5bn by 2028 .”
He says that digital platforms and tech giants are preparing for the metaverse , which it is predicted will have an economy worth $ 13tn and five billion users by 2030 .
With so much transition taking place , cryptocurrency adoption globally will continue to increase . “ Banks and fintechs have the potential to lead , as the world has shifted to digital interactions and the adoption of digital fintech solutions due to the pandemic and subsequent lockdowns . The trend is likely to continue in the metaverse , where fintechs will drive most financial transactions .”