Transformation of the Fintech Market in 2022

The advancement of technologies expectedly leads to growing client requests, stimulating the Fintech industry to keep up with the times and be quick in offering popular services.

The last year spurred substantial transformation in financial technologies and highlighted issues which need to be addressed in the nearest future.

Here is an overview of Fintech trends expected in 2022.

Crypto and CBDC to Raise Even More Investments

The popularity of cryptocurrencies is increasing each year. They are becoming more understandable to an average person. In 2021 all companies seeking our services already worked with altcoins. A mere three years ago they all preferred fiat money.

It is safe to predict that the cryptocurrency investment spree which started in 2021 will continue. According to Fast Future, the crypto economy capitalization will skyrocket to 7.5 trillion dollars—against 3 trillion dollars the previous year.

Up to date over 60 central banks are engaged in CBDC development, as evidenced by a PwC report. For instance,
the Bahamas launched the Sand Dollar in 2020. The project can be considered successful as the islanders are actively using the digital dollar.

Also in 2020, China’s Central Bank proceeded to test its e-yuan. The country is currently expecting the official currency presentation which is scheduled in February during the Winter Olympics-2022 in Beijing,

Digital currencies will continue gaining popularity. An increasing number of countries plan to issue their own CBDC. According to experts, over 25 countries will introduce their own digital currency by the end of this year.

Cryptocurrency Law: Enhanced Government Controls

The growing popularity of cryptocurrencies is drawing increased regulator attention towards virtual assets. Countries are looking to adapt the rules of play in the cryptocurrency market to their own regulatory framework.

For instance, a number of CIS states implemented cryptocurrency laws in 2021 to regulate the market.

Russia…

Read more at www.finextra.com

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