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LATEST THINKING


The Evolution of Money

Blockchain empowered digital currencies

WHAT DOES THE FUTURE HOLD FOR CENTRAL BANKS?

With blockchain and cryptocurrencies taking hold, disruption of the current financial system is inevitable. Bitcoin, Ether and Ripple are just a few of many cryptocurrencies being used to trade goods and services over the Internet.

Consider this: Fiat currencies—money that has the backing of a central institution or other issuing authority—includes things such as bank notes, coins, and money deposited in savings or checking accounts.

CENTRAL BANKS CAN PLAY A MAJOR ROLE IN SHAPING THE FUTURE OF CRYPTOCURRENCIES

Accenture believes that central banks and other influential financial sector players around the globe can play a major role in shaping this landscape as consumers move to cryptocurrency exchanges and digital wallets.

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. Fiat currencies in paper-based and coin form are expensive to produce.

There are multiple inefficiencies around money transfers with fiat currencies that don’t exist with cryptocurrencies.

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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

Principal Director
Global Blockchain Technology Lead
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Elizabeth Hakutangwi

Elizabeth Hakutangwi

Financial Services Research Lead
Accenture Research
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