John Cryan, CEO of Deutsche Bank AG, a German global banking and financial services company, predicted that cash will not exist in the next ten years. Digital currencies and electronic cash systems will inevitably replace physical forms of wealth, such as cash, in the near future.Since the beginning of 2015, an increasing number of banks and financial organizations have proposed the implementation of a cryptocurrency or a centralized blockchain-based token to potentially replace cash as the official currency of the central bank.
By integrating a certain set of technical rules that would provide authorities to revoke, regulate, and restrict transactions on the network, governments and commercial banks may use a blockchain-based network to facilitate cheaper yet robust international transactions and transfer of assets.
Deutsche Bank, which publicly announced their view towards a fiat-based economy, is one of the founding members of the R3 consortium, a global group of multi-billion dollar banks and financial institutions established to build their own blockchain network.
That is why work on central bank-issued digital currencies forms a core part of the bank?s current research agenda,? said Bank of England Chief Economist Andrew Haldane. ?Although the hurdles to implementation are high, so too is the potential prize if the ZLB constraint could be slackened. Perhaps central bank money is ripe for its own great technological leap forward, prompted by the pressing demands of the ZLB.
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http://www.newsbtc.com/2016/01/21/deutsche-bank-cash-will-be-eliminated-in-10-years/
