Industry Background:
Digital currency can contain firstly what we would call electronic ‘money’, money that is simply a digital representation of government-issued fiat currency. Fiat currency is government-backed, so whilst it has no intrinsic value, i.e it is not tied to a commodity such as gold, it is considered legal tender. Digital currency can also cover virtual currency electronic currency that is not considered legal tender. Virtual currencies are controlled and created by their developers, with the value being appreciated in a specific community. The global COVID-19 pandemic also has increased concerns about the handling and transfer of physical currency in day-to-day transactions. Younger generations rarely maintain and transact with cash as credit and debit card transactions and mobile phone applications have minimized the need for it. this can show a positive impact on the market growth.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2022 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | IBM(United States), Ripple(United States), Rubix by Deloitte (United States), Accenture (Ireland), Oklink(United States), Oracle(United States), AWS(United States) and Citi Bank(United States) |
This growth is primarily driven by High Cost of Cross-Border Remittance, Fluctuations in Monetary Regulations and Growth in Venture Capital Investments.
Globally, a noticeable market trend is evident Transparency of Distributed Ledger Technology
The Specialized Finance sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as IBM(United States), Ripple(United States), Rubix by Deloitte (United States), Accenture (Ireland), Oklink(United States), Oracle(United States), AWS(United States) and Citi Bank(United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The global market is highly competitive and consists of a limited number of providers who compete with each other. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth.
Key Developments in the Market:
On March 9, 2020, the Cryptocurrency Act 2020 was introduced as a bill to the U.S. House of Representatives to establish rules and classifications for digital currency.
In Sep 2023, The Reserve Bank of India (RBI) has launched the pilot of Central Bank Digital Currency (CBDC) for transactions for interbank borrowing or call money market. and In November 2022, the pilot of the wholesale CBDC, known as the Digital Rupee-Wholesale (e-W), has launched with the use case being limited to the settlement of secondary market transactions in government securities, according to PTI reports.
Regulatory Insights:
In July 2014, the New York State Department of Financial Services proposed the most comprehensive regulation of virtual currencies to date, commonly called BitLicense. It has gathered input from bitcoin supporters and the financial industry through public hearings and a comment period until 21 October 2014 to customize the rules. The proposal per NY DFS press release "sought to strike an appropriate balance that helps protect consumers and root out illegal activity".It has been criticized by smaller companies to favor established institutions, and Chinese bitcoin exchanges have complained that the rules are "overly broad in its application outside the United States".
Influencing Trend:
Transparency of Distributed Ledger Technology and High Remittances in Developing Countries
Market Growth Drivers:
High Cost of Cross-Border Remittance, Fluctuations in Monetary Regulations and Growth in Venture Capital Investments
Challenges:
Concern Regarding Security, Privacy, and Control and Technical Challenges Pertaining to Scalability
Restraints:
Uncertain Regulatory Status and Lack of Awareness and Technical Understanding Regarding Digital Currancy
Opportunities:
Significant Growth Opportunities in Emerging and Developed Markets and Acceptance of Digital Currancy Across Various Industries
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Digital Currency Market
- Analysis about New Entrants in Digital Currency Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Digital Currency Study Sheds Light on
The Digital Currency Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Digital Currency industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Digital Currency industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.