Spawned by the ideological misgivings about centralized banking and payment systems, virtual currencies have developed rapidly, with more than 500 currently in existence, and more to come.
The rise of Bitcoin, in value as well as in mindshare, has fomented innovation as improvements to the original Bitcoin protocols are developed and new applications are discovered.
Regulators have been caught off-guard by developments in the virtual currency space, with regulatory responses varying from criminalization of these currencies to forbearance.
While skepticism about the sustainability of virtual currencies is high, there is increasing recognition that the underlying technology has the potential to disrupt traditional centralized ‘trust’ models and usher in a new era of distributed ‘trustless’ engagement.
These developments make it essential for financial institutions, payment networks, regulators, mobile network operators and technology vendors to keep apprised of the alternative futures that this new era may herald.
Why Choose Accourt
We have a team of high calibre individuals who have successfully managed numerous Regulatory and Payment Scheme applications for organisations wishing to apply for full banking, electronic money and PI licences. Our seasoned experts have both the relevant IP, hands-on experience and operational know-how to ensure successful applications.