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The Evolution of Money

Blockchain empowered digital currencies

A MONEY REVOLUTION IS UNDERWAY. WHAT DOES IT MEAN FOR CENTRAL BANKS?

The rapid price movements of Bitcoin, Ether and Ripple have fueled headlines across the globe recently. With this price volatility, it’s fair to say that blockchain powered digital currencies may not be ready for prime time. But their disruption of the current financial system is inevitable. Cryptocurrencies are creating a money revolution.

Can cryptocurrencies wrest some control away from central banks and traditional financial players and disrupt the market as we know it?

The potential is certainly there. Here’s why:

  • Immediate asset availability – cryptocurrencies may be available immediately for consumers and businesses to spend, without any waiting period.

  • Immediate access to liquidity – cryptocurrencies may be highly liquid, with liquidity generated instantly on demand.

  • Transaction efficiency – cryptocurrency transactions are fast and immediate, with improved efficiency that avoids lengthy back-office reconciliation processes.

  • Transaction security – each transaction may be tracked and the possibility of double spending is eliminated.

CENTRAL BANKS CAN LEAD THE WAY IN SHAPING THE FUTURE OF CRYPTOCURRENCIES

Accenture believes that central banks and other leading financial sector players around the globe can play a major role in shaping this landscape. That’s because these institutions maintain the unique—and essential—convening power needed to bring together disparate players in the financial sector. This will minimize fragmentation in the market and establish a strong foundation for the use of cryptocurrencies.

Success factors include:

Putting the necessary governance structures, rules and policies in place

Putting the necessary governance structures, rules and policies in place

Ensuring economic growth and consumer protection

Ensuring economic growth and consumer protection

Supporting the adoption of progressive approaches to currency control and use

Supporting the adoption of progressive approaches to currency control and use

ACCENTURE REPORT: THE (R)EVOLUTION OF MONEY: BLOCKCHAIN EMPOWERED CRYPTOCURRENCIES

The Accenture report “The (R)Evolution of Money: Blockchain Empowered Cryptocurrencies” takes an in-depth look at how cryptocurrency will disrupt the market as we know it and provides a road map for central banks and leading financial institutions to help lead this money revolution.

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Simon Whitehead

Simon Whitehouse

Senior Managing Director
Financial Services, Growth & Strategy
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Oliver Reppel

Oliver Reppel

Managing Director
Accenture Financial Services
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John Velissarios

John Velissarios

Managing Director
Global Blockchain Technology Lead
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Elizabeth Hakutangwi

Elizabeth Hakutangwi

Financial Services Research Lead
Accenture Research
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Simon Whitehead

Simon Whitehouse

Senior Managing Director
Financial Services, Growth & Strategy
Mail to Simon Whitehouse. This opens a new window.
Oliver Reppel

Oliver Reppel

Managing Director
Accenture Financial Services
Mail to Oliver Reppel. This opens a new window. Connect with Oliver Reppel's Profile on LinkedIn. This opens a new window.
John Velissarios

John Velissarios

Managing Director
Global Blockchain Technology Lead
Mail to John Velissarios. This opens a new window. Connect with John Velissarios' Profile on LinkedIn. This opens a new window.
Elizabeth Hakutangwi

Elizabeth Hakutangwi

Financial Services Research Lead
Accenture Research
Mail to Elizabeth Hakutangwi. This opens a new window. Connect with Elizabeth Hakutangwi' Profile on LinkedIn. This opens a new window.