What is the impact of cryptocurrency on the financial system?

The impact of cryptocurrency on the financial system is far-reaching. Cryptocurrencies have the potential to bring more transparency, reduce transaction costs and improve convenience for consumers. They can also help to increase access to financial services, reduce the need for costly intermediaries, and provide new payment options. Furthermore, cryptocurrencies can provide a secure platform for businesses to conduct transactions with minimal risk of fraud or tampering. Finally, they could have a significant impact on making global finance systems more efficient, reducing settlement times and expenses.