Question

Cryptocurrency has seemingly taken the world by storm over the last several years, and will likely be an ongoing issue which presents challenges to governments, banks, and businesses across the globe. Your task for this assignment is to do some cursory research on the subject of cryptocurrency and answer the following question; What impact might cryptocurrency have on international business in the next 5 years, especially considering the aspect of exchange rate risk? Your answer should be approximately 300-500 words, and I am particularly interested in YOUR analysis of the matter. While you are not required to use external sources on this assignment, doing so with proper citations will likely enhance your grade.

Answer 1

Cryptocurrency backed by Blockchain methodology will impact international business and disrupt way of doing business as it eliminate exchange rate mechanisms however it will have its own downsides like illegality in approval in many developing nations and lack of regulatory mechanisms behind it which coulf lead to massive financial breaches and cyberhacks.

However, it shall have advantages like lower taxes and cost of compliance, seamless payment interface and uniform accessibility, faster payment processing, easier record management and ledger accounting standards.

Thus it will facilitate ease of doing business and commodity transactions at the same time keep overhead and miscellaneous costs negligible.

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