We can’t simply run away from cryptocurrency; none of us can. That’s because we’re talking about something that has inflicted a huge impact on society in recent years. The areas where crypto has been the most predominant are finance and technology.
The traditional banking and financial systems have been challenged by the dominance of crypto. New ways of managing assets and conducting transactions have been implemented thanks to crypto. The growth of blockchain technology has also been facilitated because of crypto.
Ontario Teachers’ Pension Plan (OTPP) avoids crypto
The Ontario Teachers’ Pension Plan (OTPP), Canada’s biggest pension fund, has decided to steer clear of cryptocurrency after its experience with FTX, according to CryptoPotato. This crypto trading platform was once backed by OTPP, but it ultimately filed for bankruptcy, causing OTPP to lose almost all of its investment. As a result, the CEO of OTPP, Jo Taylor, stated that the organization would not rush into another crypto investment, citing feedback from its members and the lessons learned from the FTX incident.
To realize even more the growing power of cryptocurrency, you should know that a Hong Kong court recently recognized it as property. The event happened during a case regarding digital assets owned by Gatecoin, a former cryptocurrency exchange that was based in Hong Kong.
Global firm Hogan Lovells released this statement, as Blockworks quotes:
The confirmation that holdings of cryptocurrencies constitute ‘property’ that is on a par with other intangible assets such as stocks and shares, brings Hong Kong into line with other common law jurisdictions.
We should also keep in mind that the development of blockchain technology, which was helped by cryptocurrency, has possible applications in fields such as healthcare, chain management, and voting systems.