Data and analytics company GlobalData beleives cryptocurrency networks need to improve their stability and scalability if they want to be adopted as official currencies.

In GlobalData’s latest report ‘Blockchain in Payments’, it noted a lack of international regulations has allowed the cryptocurrency sector to prosper, reaching a market cap of $2.5 trillion in October 2021. This is largely made up of Bitcoin which represents 46 percent of the market.

However, if Bitcoin wants to challenge...