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Demand for alternative currencies will be increased by 2030, Deutsche Bank research shows, news.bitcoin.com reports.

Digital currencies will eventually replace cash, Deutsche Bank researchers claim. According to the Imagine 2030 report, Jim Reid of Deutsche Bank said that increased demand for non-materialized payment methods and anonymity could lead more people to seek out digital currencies.

To gain greater acceptance, digital assets need to overcome several major obstacles. These include perceived legitimacy in the eyes of governments and regulators, which drives price stability and enables global reach in the payments market. According to Reid, alliances with key players such as mobile apps and card providers will enable this development.

Among major threats to the alleged financial system based on digital currency, Reid named dependency on electricity, cyberattacks and digital warfare.

Meanwhile, world governments are actively discussing the need to develop national digital currencies. Bank of Japan Governor Haruhiko Kuroda said there was no public demand for the Central Bank’s digital currency (CBDC) in the country. Kuroda, however, noted the increasing demand for cash payments and added that the bank had conducted technical and legal research on the matter.

The British Virgin Islands have taken a more proactive approach to the CBDC, announcing that the country is developing a digital currency called BVI ~ LIFE in partnership with the blockchain startup Liffelabs.

The currency is part of a broader initiative to grow the local fintech sector. It will be pegged to the US dollar.

The alternative tradition in monetary theory has become important in the aftermath of the global financial crisis that began in 2008, an arcticle in sciencedirect.com reports. “As with prior large-scale economic crisis, this one fed a reconsideration of money itself. As in the 1970s, activists and others rediscovered time- and community-based moneys of account like Time Banking and alternative currencies…” the writer conclude.