Cryptocurrency market update: The United Nations sees cryptocurrency as a leader in Finance – Focus on Ripple and IOTA
|- Digital assets have the potential to bring the next revolution in business models.
- “Cryptocurrencies represent a new frontier in digital finance and their popularity is growing,” United Nations.
The recently released end-year report, the United Nations refers to cryptocurrency as the “new frontier” when it comes to digital finance. The international organization reckons that both the blockchain technology and digital assets have the potential to bring the next revolution in business models by increasing efficiency in systems.
The UN has been very progressive with cryptocurrency. Besides, in May 2018 the organization announced that it was going to collaborate with IOTA for its Project Services (UNOPS). At the time, the UN said that the partnership with IOTA will allow it to “explore how IOTA’s innovative technology – which provides an open-source distributed ledger for data management – can increase the efficiency of UNOPS operations.” A highlight from the new report dubbed the “World Economic and Social Survey 2018” says:
“Cryptocurrencies represent a new frontier in digital finance and their popularity is growing. The decentralized networks for cryptocurrencies, bitcoin being a well-known example, can keep track of digital transactions. They enable value to be exchanged and can give rise to new business models which would otherwise require significant regulatory and institutional commitments.”
The cryptocurrency market is back in the red following a week of literally little to no activity. There has been a break past key support areas leading to declines. Precisely, over $5 billion has been wiped off as the market cap slides back below $120 billion.
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