“It’s important for financial institutions to fully comprehend cryptocurrency to set policies on development and usage”
Cryptocurrency is a digital currency that can be used as a medium of exchange through an online experience, such as via a blockchain. This paper examines the role of cryptocurrency in digital payments and varying digital environments, as well as the role of technology, including blockchains, distributed ledgers and cryptography, payments participants and process flows.
“It’s important for financial institutions to fully comprehend cryptocurrency to set policies on development and usage,” said Jennifer West, AAP, APRP, Senior Director, Payments Innovation Alliance, Education and Accreditation. “Appropriate governance and consideration of consumer rights and protections are important concerns. The Alliance will be developing future resources to educate the industry about cryptocurrency fraud, security and regulatory issues.”
