Cryptocurrency provides us with a whole new universe of possibilities, including quick and simple payments. Access to previously "unbanked" portions of the globe for everybody. The most recent Global Financial Stability Report outlines the dangers presented by the crypto ecosystem. it also suggests policy alternatives for navigating this unknown zone.
The potential influence on the economy and the threats will rise as bitcoin use develops.
According to economist Eswar Prasad, bitcoin is likely to be a long-term bubble, and digital money may give the government more power than before while increasing wealth disparity. Cryptocurrency may lead to monetary and financial instability, particularly if they spawn a vast, unregulated financial sector with no investor protection.