3 months ago
A recent research paper released by Deutsche Bank projects that fiat currency will be completely phased out by 2030, with cryptocurrency becoming the worldwide standard means of payment.
The report, an edition of the German banking giant’s “Konzept” series titled “Imagine 2030,” predicts an ongoing rise in demand for digital currencies as people call for anonymous and non-physical payment options. It goes on to say that cooperation between key stakeholders like mobile apps and card providers will be instrumental in enabling the transition.
Cryptocurrency will need to overcome a number of hurdles, the paper says, for wide-scale adoption to take place. These include achieving legitimacy in the view of governments and regulators as well as price stability and global reach in the payment market. It also predicts that new threats and challenges will arise, such as dependency on electricity, exposure to cyber attacks and digital warfare. “As that occurs, the line between cryptocurrencies, financial institutions, and public and private sectors may become blurred,” Deutsche Bank strategist Jim Reid writes.
This comes as central banks, the financial services industry and governments around the world explore possibilities of developing national digital currencies. Recently, the Association of German Banks, a lobbying group representing 200 financial institutions, called for a Eurozone-wide central bank digital currency (CBDC).
(Source: Deutsche Bank)
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