United Nation Expert admit Digital Currencies Could Replace Bank Accounts

[buwaytress]

As for "interest rates are paying in negative territories", that´s already a reality in some European countries, e. g. Germany. The perceived safety and government insurance on the deposits on savings is just half-true since it´s usually capped, Austrian banks just secure up to 100K Euros.

Japan's no stranger to negative interest rate either.

As for the safety and insurance on deposits, the same cap applies in most EU countries, although the workaround is relatively easy (open accounts in different banks). And let's face it, if you're opening a second account because you have more than 100k, you're easily in the top 1% of wealth owners, by which time you're definitely already looking into insuring your wealth privately. I was talking about guarantees in context of regular people.

[jerrison]

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

i have checked the severally the ease and comfort associated with the use of digital currencies, not just digital currencies but the decentralized digital currencies that is associated with bitcoin and ethereum and other cryptocurrencies. i think it is a sure thing that the whole banks globally will be of no relevance to people within a short time frame if they fail to tap into the crypto currency world.

[XCANA]

Good for them to early admit the truth with cryptocurrency and fiats because the world is patiently waiting for a global adoption of the said digital currency. Though believe me, the government won't allow us enjoy the full benefit of cryptocurrency because they will surely come with tough regulations policy to custodians of cryptocurrency. Also, we should be waiting for a compulsory know your customers for everything we do with cryptocurrency.

[Zackgeno96]

Good for them to early admit the truth with cryptocurrency and fiats because the world is patiently waiting for a global adoption of the said digital currency. Though believe me, the government won't allow us enjoy the full benefit of cryptocurrency because they will surely come with tough regulations policy to custodians of cryptocurrency. Also, we should be waiting for a compulsory know your customers for everything we do with cryptocurrency.

The article talks about digital currencies, which I think aren't cryptocurrencies, they are talking about the government owned digital currencies which will be used in the future and can replace fiat and banks. The government won't allow cryptocurrencies to rule the world as they are pretty volatile and can cause serious trouble for the investors that don't know the risks and moreover government will also heavily tax those who owns crypto to discourage the holding and use of cryptocurrencies.

[kryptqnick]

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

If he's talking that especially central bank's digital currencies will get popular, I don't see much of a change here. So the currency will be highly regulated, but people won't need banks accounts and will use wallets instead? If the wallets require KYC and don't really give one the private key, then it's exactly like a bank, just an online version of it. I'm not sure which solution he's talking about, though, and a pseudonymous currency people can store and transact without KYC would be a big improvement over traditional banks even if the coin itself is issued and controlled by the bank. I don't see why people would use such a hybrid rather than fiat or decentralized crypto, however. In any case, I don't see it happening in the near future.

[thesmallgod]

Good for them to early admit the truth with cryptocurrency and fiats because the world is patiently waiting for a global adoption of the said digital currency. Though believe me, the government won't allow us enjoy the full benefit of cryptocurrency because they will surely come with tough regulations policy to custodians of cryptocurrency. Also, we should be waiting for a compulsory know your customers for everything we do with cryptocurrency.

The article talks about digital currencies, which I think aren't cryptocurrencies, they are talking about the government owned digital currencies which will be used in the future and can replace fiat and banks. The government won't allow cryptocurrencies to rule the world as they are pretty volatile and can cause serious trouble for the investors that don't know the risks and moreover government will also heavily tax those who owns crypto to discourage the holding and use of cryptocurrencies.

Emphasis was laid on government owned digital currencies (CBDCs) but the article also explained the possibility of digital currencies such as bitcoin and ethereum replacing bank account

Of course, there remain questions on what type of digital currency could replace the ubiquitous bank account. In a March interview with City AM, Buonomo argued bitcoin and ether, two public cryptocurrencies that enjoy widespread adoption, had a fighting chance in becoming alternatives to fiat currencies.

[iTradeChips]

You know they are attempting to put limitations to the use of cryptocurrency but from the looks of it, it seems not to be working for them because cryptocurrency is becoming more popular in other areas of the world if not in their respective first world domains. Like in some countries there are those who seem not disclosing any information about crypto and also in some countries even the very mention of Bitcoin casts a doubtful eye to the one who listens in the discussion. There is still a lot to go when it comes to this great dream of the U.N expert because Big finance and Fiat will fight back and definitely will make a stand.

[oprahwindfury]

Massimo Buonomos words are Effective.especially in this situation  of corona.how people are doing and spending their day very soon it gonna be happened.But besidea banks are for saving money, Not for business.So I will prefer to invest in business to grow more money.And as crypto is acceptable  all over the world. In some points it can be an issue in  development  countries to transact currency worldwide.