Danial Daychopan, CEO of Plutus, the company behind the Tap & Pay app, accepted at NFC-enabled terminals and soon a debit card, has called on UK businesses to adopt cryptocurrencies in response to growing instability borne out of Brexit.
“National currencies are reliant on people’s faith in governments and the global financial system,” he says. “There’s nothing inherently stable about them. In economies that aren’t stable, we’re already seeing digital economies developing and thriving. Cryptocurrencies are based on secure, reliable technology, and are decentralised, which makes them an excellent tool to weather a financial storm.”
In Africa, for instance, countries have capitalised on mobile money solutions, particularly crypto, to make transactions. However, this isn’t just reserved for undeveloped areas: South Africa’s first cryptocurrency ATM opened in Johannesburg in early May, showing the extent to which it has become part of daily life in the nation’s largest city.
Vote of confidence
Goldman Sachs, meanwhile, has been rapidly developing its cryptocurrency offerings. The FI has even introduced its own currency, the Circle USD Coin, although its value is tied to the dollar. This represents a significant vote of confidence in cryptocurrencies and blockchain as stable way to store and transfer wealth, says Daychopan. Likewise, consultancy firm EY recently expanded its blockchain strategy with the acquisition of the Crypto-Asset Accounting and Tax (CAAT) technologies developed by Elevated Consciousness.
Daychopan concludes: “As veterans in the space, we’re excited to see what widespread adoption will mean for crypto. We’re approaching a period of instability and people need to understand that cryptocurrencies are going to be a force for good, not just tokens to be speculated upon.”