KPMG: Cryptocurrencies should be institutionalized
The financial advisory firm published a report stating that this action is necessary to consider digital currencies as real
The company devoted to professional and financial advice KPMG issued a report where it assured that cryptocurrencies need to be institutionalized.
They indicated that this needs to be done in order to consider digital currencies as real. The report “Institutionalization of cryptoactives” also details the challenges that the cryptocurrency industry must face and its benefits if institutionalized.
KPMG defines institutionalization as the large-scale participation of banks, brokers, payment providers and financial technology companies in the cryptocurrency market.
“We believe that this is a necessary next step for cryptocurrencies to build trust and scale”, the document said.
The company wanted to take the opportunity to remember that digital currencies should be considered as a great opportunity to “potentially revolutionize” the financial sector.
The report concluded that, if a cryptocurrency could achieve sufficient value stability to be used for this purpose, it could eliminate the need of bank accounts in several countries and allow people to transfer money to anyone without paying transfer fees.
K. Tovar
Source: Coincrispy
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