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Are you confused about all the different types of currencies available in 2020? Ever since 2008, there has been an increase in the number of different currency terms and definitions to wrap your head around. As the world is going digital, it makes sense that our finances and financial services will migrate online too. However, there are some critical differences between the traditional currencies and the digital assets that are worth getting educated in, in order to preserve your wealth and prevent it from being controlled or lost.
Cryptocurrencies have become increasingly commonplace over the past few years. Ever since Bitcoin’s dramatic price rally during late 2017, the notion of crypto and digital currency has become widespread all over the world. However, the cryptocurrency sector is not the only example of digital currency. Central banks are waking up to some of the advantages offered by cryptocurrency and are instead looking into the Central Bank Digital Currency (CBDC) field. So far, traditional central banks have printed physical fiat currencies, and banks have provided financial services to consumers.
The cryptocurrency space has been largely unregulated throughout its existence, but with continued integration between the traditional financial sector, central banks, and cryptocurrency firms, crypto regulation has become a high priority as we enter this new economic paradigm. In fact, many believe that cryptocurrency regulation could facilitate greater crypto adoption, bolster investor confidence and boost consumer protection.
