Credit rating agency Fitch Ratings believes cryptocurrencies will contribute to the modernization of the financial system, it said in its latest report.
In particular, in the document the company assures that even though it is still too early to talk about the large-scale introduction of cryptos, there is no doubt this type of tools will contribute to the modernization of the global financial sector in the future.
According to the agency, it will still be quite some time before institutions such as banks make the leap to Bitcoin and other cryptocurrencies, as they will take a long time to analyze and accept this type of assets.
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The report notes some major players in the payments industry such as PayPal, Square, Visa, Mastercard and Moneygram have already started accepting cryptocurrencies in one form or another, and predicts that in the medium term other operators could follow suit.
Moreover, Fitch Ratings thinks these companies have decided to make the leap to cryptocurrencies in order not to be left behind and not because of the benefits they bring them, as currently the scale of transactions with digital assets is still pretty small.
However, the company assures cryptos have the potential to improve settlement speed, reduce commissions and eliminate intermediaries to allow the movement of money at all times, although an adequate regulation is needed to enjoy these benefits.