PwC: Cryptocurrencies will usher in technology-driven markets

A latest report from PricewaterhouseCoopers (PwC) titled "Money is No Object: Understanding the Evolving Cryptocurrency Market" has claimed that cryptocurrencies such as bitcoin will lead in a new wave of 'technology-driven markets'.

The report, published by the firm's Financial Services Institute this month, says it is no longer a question of if digital currencies will revolutionise financial sector, but when and how.

"[Cryptocurrencies] have the potential to disrupt conventional market strategies, longstanding business practices, and established regulatory perspectives - all to the benefit of consumers and broader macroeconomic efficiency", it said.

Acknowledging the risk involved in cryptocurrencies, PwC said that although cryptocurrencies may threaten government control in the financial system, it also provides a number of benefits including low-cost transfers and blockchain-based solutions for both the retail and financial services sectors.

"As with most groundbreaking markets, the combination of ingenuity and speed to market is likely to distinguish the market leaders," the report reads.