[Blockchain Today Reporter Ji-eun Lee] When Elon Musk tweeted, “You can buy Tesla with bitcoin,” he not only announced a new payment method to buy Tesla electric car, but also brought bitcoin to the value of money as a currency to buy things. Raised.
Biztech’s Depoco Wesley wrote in an online business report: “In the financial world in recent years, as the value of bitcoin continues to rise, bitcoin’s ability to replace other currencies has been steadily raised, but people like Musk have raised doubts about it. When they say they trust Bitcoin, their doubts fade and the mainstream society begins to look at it clearly.”
Musk isn’t the only business leader who trusts Bitcoin, according to the report. In a recent US morning news and talk program Squawk Box, Uber president Dara Khrosrowshahi suggested that Uber is also considering cryptocurrency payments. “As we deal with all kinds of local currencies, we try to see cryptocurrencies, including bitcoin, as one of the currencies for trading,” he said.
Mastercard, a multinational financial services company, has also added weight to the move to accept cryptocurrencies. Last month, Mastercard announced its intention to open up its network for some cryptocurrencies, and said to consumers and merchants that it will “allow a whole new form of payment transactions.”
The actions and words of these leaders and companies point to only one place. Bitcoin will be the accepted form of payment in the near future.
Early adopters of the technology already exist, and we are now seeing a turning point for business leaders and other major companies to adopt cryptocurrency technology as a different form of payment. We will probably follow early adopters and see people embracing cryptocurrencies as well, in fear of being left behind.
The adoption of cryptocurrency by major corporations will be a big headache for an unprepared government. China is at the forefront of digital currency simulation. More countries will have to prepare for the transition to virtual currency.
South Africa, Intergovernmental Fintech Working Group (IFWG) is actively driving innovation, strengthening the regulatory environment, providing space for safe experimentation, and working with regulators in the South African financial sector.
IFWG is studying policy and regulatory implications for innovation in financial markets powered by distributed ledger technology through Project Khokha 2. The group’s efforts are likely to require South Africa to prepare for the future of the fintech world.
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