Fintech is believed to be a “systemic risk” to the broader economy, as per a survey conducted by the U. S. depository Trust and Clearing Corporation (DTCC), Dec. 12.

20 % of respondents to the so-called “DTCC systemic Risk measuring system,” known fintech among the system risks for the world economy in 2019. The results are up from 15 % in last year’s survey.

Stephen Scharf, DTCC’s manager and Chief Security Officer, declared that the enhanced concern over fintech “demonstrates a growing awareness of the potential risk and highlights the necessity to evaluate each risks and rewards related to fintech initiatives.” He then explained:

“As the business continues to adopt fintech innovations, like blockchain, AI and cloud solutions, we should make sure that those innovations don't jeopardize the safety and security of the present world monetary marketplace.”

Figures in ancient finance have usually proved wary of cryptocurrency and also the technology behind it, blockchain. As Top market Group reported mid-November, an executive of the European central bank (ECB) outlined Bitcoin the “evil spawn of the [2008] money crisis.”

This month Andreas Utermann, the chief executive officer of major investment management firm Allianz, declared that crypto assets ought to be “outlawed” throughout a panel in London. On the identical panel, Andrew Bailey, the head of United Kingdom’s financial Conduct Authority (FCA) argued that crypto assets lack “intrinsic worth.”

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