Deutsche Bank: Fiat Money is Fragile, Crypto – Inevitable The forces that hold the fiat money syste

Deutsche Bank: Fiat Money is Fragile, Crypto - Inevitable 
The forces that hold the fiat money syste

Deutsche Bank: Fiat Money is Fragile, Crypto – Inevitable
The forces that hold the fiat money system together look fragile and, over the next decade, some of these forces could begin to unravel and demand for alternative currencies, from gold to #crypto, could take off, German banking giant Deutsche Bank said in its recent report Imagine 2030. “While critics bemoan #cryptocurrencies as constrained by regulatory hurdles, we believe the incentives of governments and card providers are such that digital currencies are inevitable,” the report prepared by Deutsche Bank Research said, adding that it would not be surprising if a new and mainstream cryptocurrency were to unexpectedly emerge in the next decade.
While cryptocurrencies have not managed to take off as a means of payment despite their well-known benefits, such as security, speed, minimal transaction fees, ease of storage and relevance in the digital era, this may change in the next decade. Assuming governments back cryptocurrencies, and consumers want them, and if current trends continue, there could be 200m #blockchain wallet users in 2030 and crypto might eventually replace cash, the researchers estimated. “According to dbDig [Deutsche Bank Data Innovation Group] primary research, nearly two thirds of consumers prefer dematerialised to cash payments and a third are concerned by anonymity. These are the two things that cryptocurrencies do best,” the report said.
Also, China and India will play a very important role: “Until now, China and India banned the purchase and the sale of cryptocurrencies. But things are moving quickly.” In the meantime, the researchers stressed that cryptocurrencies need to overcome three main hurdles to become widespread:
First, they must become legitimate in the eyes of governments and regulators. That means bringing stability to the price and bringing advantages to both merchants and consumers.
They must also allow for global reach in the payment market. To do this, alliances must be forged with key stakeholders – mobile apps such as Apple Pay, Google Pay, card providers such as Visa and Mastercard, and retailers, such as Amazon and Walmart.

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