Ripple report: Businesses and institutions need to adapt to the impact of cryptocurrencies and CBDCs on global payment methods

Golden Finance reported that Ripple's recently released "Regional Payment Trends in 2023" report shows that cryptocurrencies and central bank digital currencies (CBDCs) are playing a transformative role in the global payment field. Latin America is witnessing a digital transformation, and despite resistance from existing institutions in the region, the region is turning to cryptocurrency-driven solutions and central bank digital currencies. In Africa, crypto payments have increased the accessibility and affordability of payments, with remittance payments surging to more than $100 billion last year. Europe's technological leadership and digital-first approach have driven the embrace of CBDCs and made cross-border payments easier. The report emphasizes that businesses and institutions need to adapt to these changes and leverage the power of these innovative payment solutions.