City AM, UK: Cognizant’s Global Managing Partner and Head of Banking and Financial Services in Europe Foresees More Widespread Adoption of Cryptocurrencies

“Cryptocurrencies and distributed ledger technologies have made significant progress over the last 12 months as more and more banks and governments have seriously evaluated their impact,” says Balajee Sethuraman. “It is only a matter of time before they become mainstream.”

“The real catalyst will be the implementation of regulatory frameworks around such forms of digital currencies,” he says.

“Concerns surrounding these technologies have focused on their potential to undermine traditional monetary policy, support illegal activity, and possibly fall short of real-world privacy requirements.

“The significant levels of volatility of these currencies also have to be addressed. However, we are already beginning to see several governments taking the lead towards this.

“For example, Japan and Norway are attempting to integrate digital currencies into their financial sectors. Several African countries such as Senegal, Kenya and South Africa are placing their currencies onto the distributed ledger technology or are introducing their own digital currencies,” Sethuraman adds.

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