United Nation Expert admit Digital Currencies Could Replace Bank Accounts

Gabriel

New member
This is the opinion of Massimo Buonomo, a UN global blockchain expert who added that the need for a bank account may soon be "fully removed by digital currencies and especially the central bank's digital currencies (CBDCs). Buonomo said that banks and credit card companies have had a duopolistic approach to digital payments for many years, but the advent of digital currencies can mean that users can circumvent them completely, he said in an online board on Thursday about the future global post-coronavirus economic structure.

He said that low-interest rates, which central banks are needed to facilitate increased borrowing, will speed up the cycle because they enable account holders to chase other countries for returns. For one, the Bank of England discusses the idea that interest rates are paying in negative territories, which suggests savers can compensate the banks to keep funds in their bank accounts. American President Donald Trump recently called them a "gift" for negative rates.

Interest rates are the one remaining killer feature of bank accounts, according to Buonomo. Yet in the context of digital currencies that can accept online purchases as quickly, they are in danger of being redundant.

Source: https://finance.yahoo.com/news/blockchain-bites-why-un-federal-163430366.html

It is becoming evident that things will begin sour for Banks. The sooner they realize this the better for them
 

Bode

New member
Yes, the world certainly has done its fair share of listening to UN experts, World Bank experts, etc.

I'm not sure about interest rates being the killer feature though. For me, and anyone I know using bank accounts, it really is the security and government insurance on the deposits that keeps us savings.

If we wanted higher interest, we'd put it in state trust funds or bonds.
 

Mylo

New member
And the sooner they realised, the sooner Central Banks are going to imposed crypto regulations to somewhat put a dent on crypto imminent rising. It can slow them, but I doubt that the can really stop this crypto revolution.

Cashless society, CBDC's will be the future. However, don't think that banks will go obsolete though, they will stay for sure, but their influence on people will somewhat reduce as we shift to crypto in the next 5-10 years.
 

Marquis

New member
Except these digital currencies won't be Bitcoin, Monero or any other pseudo/anonymous coin. It'll be centralized currencies, which will be worse than fiat but might help Bitcoin a bit on the other hand as we all move fully digital.

I hate to know there's a private ledger somewhere, a list of all the things I have bought using my debit/credit card hence why I prefer cash for payments. Full digital means lots of advantages and lots of disadvantages at the same time, but to be honest I really believe the disadvantages are way too many to be ignored.

But I wonder, what does this mean for Bitcoin and other cryptocurrencies? Yes, we might be able to do transactions face-to-face (barter, for example) with others at any given time without having to obey to any abusive rule but a digital currency means worldwide regulations, which means cryptocurrencies will probably be included in them too..
 

Aziel

New member
Banks will never allow it. Maybe they will evolve into crypto banks, but they will exists for sure
 

Toby

New member
I think this was rather expected however I don't believe banks will entirely disappear. They'll most likely adopt digital currency in some form that will keep them relevant and required.
 

Jovanni

New member
Banks will never allow it. Maybe they will evolve into crypto banks, but they will exists for sure
It doesn't matter if they will allow the existence of cryptocurrency or not but they can't do anything to harm it. They have done their worst and have seen that its impossible to ban it. For the Banks to join the race into digital currency will make the journey of Bitcoin move even faster than we think. Let them join the movement before its too late for them, for them creating their own coins will further create more eye openings to customers of their dubious act during the era of fiats.
 

Darwin

New member
Yes, the world certainly has done its fair share of listening to UN experts, World Bank experts, etc.

I'm not sure about interest rates being the killer feature though. For me, and anyone I know using bank accounts, it really is the security and government insurance on the deposits that keeps us savings.

If we wanted higher interest, we'd put it in state trust funds or bonds.
I agree with you, interest that our deposits will earn is nothing compared to what the bank can earn from using our funds in their lending business.
Personally I have a bank deposits but I am not counting on its interest earn in a quarterly basis, I'm only using bank to secure my money and nothing more, if I like to grow my funds, I would invest it in a business or in crypto since putting your money in the bank is not investing, it's just a savings.

In addition, when you put your money in bank and you are living in a country with bad economy, the interest rate would not be enough to save you from inflation, and that's the reality in our country
 
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