In the field of payment and settlement, the decentralized payment mode of cryptocurrencies has impacted traditional bank transfers. Its fast and low - cost characteristics have attracted a large number of users, especially in cross - border payment scenarios, where the cumbersome processes and high fees of traditional financial institutions pale in comparison.

In terms of savings and investment businesses, as emerging investment targets, cryptocurrencies have diverted some funds from the traditional financial market. Young investors have a high acceptance of them, which makes traditional financial institutions face the risk of customer loss.

Cryptocurrencies also bring opportunities for traditional financial institutions. On the one hand, it prompts financial institutions to accelerate digital transformation, learn from blockchain technology, optimize internal processes, and reduce operating costs. For example, some banks have started to explore the application of blockchain in cross - border trade finance. On the other hand, traditional financial institutions can use their own credibility and resource advantages to carry out innovative businesses related to cryptocurrencies, such as providing cryptocurrency custody services and launching cryptocurrency - related wealth management products, expanding business boundaries, meeting the diversified needs of customers, and seeking new development in the transformation.