In 2022,  Financial Stability Board (FSB), a global financial watchdog,  warned about the potential threat that crypto markets pose to the global economy due to the increasing number of banks and financial institutions engaging with crypto assets. However, other destabilizing forces are at play within the traditional financial system, such as Quantitative Easing (QE) and the risk of recession.

Cryptocurrencies have been criticized for their potential use in money laundering and illicit activities. However, the decentralized nature of the crypto economy offers several advantages, such as individual control over money, financial inclusion for the unbanked population, and elimination of intermediaries and centralized oversight.

Some governments have banned cryptocurrencies while simultaneously developing Central Bank Digital Currencies (CBDCs), which could lead to increased centralized control and surveillance. The development of a decentralized payment ecosystem could offer an alternative financial system that is accessible to all and works for everyone.

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