How has cryptocurrency impacted the global financial system?

Cryptocurrency has had a major impact on the global financial system. It has opened up new opportunities for consumers, businesses and governments, from enabling faster and low-cost money transfers to providing alternative sources of capital. Cryptocurrency allows for greater transparency and speed in payments, making it easier to transfer funds quickly and securely. It can also facilitate borderless payments, meaning that money can now be sent to counterparts located anywhere in the world, without worrying about exchange rates, fees or delays. Additionally, the decentralization of the blockchain technology underlying many cryptocurrencies provides enhanced privacy and security for transactions. All these benefits have made cryptocurrency attractive to both users and investors across the world.