As of January 2022, the total global market capitalization of all cryptocurrencies totaled $2.05 trillion, equating it in size to the world's eighth largest economy. That staggering statistic tells the story of the importance of this emerging payments modality.
We have witnessed the rise of cryptocurrency over the past decade, but we're just now starting to feel the full ramifications of its impact. The original player, Bitcoin, continues to gain attention, with NEACH's Future of Payments Symposium speaker NYDIG recently taking out a full-page ad in the Wall Street Journal, to tout the banks and credit unions who have committed to making Bitcoin available to customers/members through the company. The Federal Reserve also recently threw its hat into the crypto ring, having issued a discussion paper requesting comments on a central bank digital currency (CBDC) and thus setting cryptocurrency on a continued trajectory toward widespread evaluation and adoption.
Certainly, dialogue around CBDC and other forms of cryptocurrency will continue, with FIs, legislators, regulators, and service providers more aggressively becoming part of the conversation. We're at a tipping point, solidifying cryptocurrency's place as an emerging financial services solution. No longer can it be considered an outlier offering; FIs must evaluate it more seriously as a piece of the product puzzle.
With that in mind, NEACH has developed a brief survey to gauge where its members and the larger industry stand with regards to cryptocurrency knowledge and application. This quick questionnaire asks about level of knowledge, interest areas, and implementation plans to gain a better sense of where FIs and businesses can use additional resources. We invite you to offer your input to help shape future education sessions and content in support of your needs.
Cryptocurrency has the potential to transform payments, and as such, it creates both opportunities and threats. As a payments association, NEACH wants to ensure its members have the necessary knowledge to strategize about how cryptocurrency factors into your plans, and your feedback will be invaluable to making that happen. In the meantime, should you have any questions or insights, feel free to post them here or contact us at email@example.com.
AUTHOR: Joe Casali, AAP, NCP
Executive Vice President
As the EVP of Payments Innovation for NEACH, Joe focuses on exploring innovative solutions and technologies that will help position members for success, both now and in the future. Connect with Joe to read more of his blogs, articles, and posts.