@Deloitte: "The fiat currency will be gone in 5 to 10 years".

[Kittygalore]

I think that it's a pretty wild statement, not everyone is going to cope with the changes because not everyone is as privileged as me or this man who is obviously hyping the market for the possibility. Also, there's going to be a big resistance in order to keep fiat the most used form of currency for transaction.

[molsewid]

I think that it's a pretty wild statement, not everyone is going to cope with the changes because not everyone is as privileged as me or this man who is obviously hyping the market for the possibility. Also, there's going to be a big resistance in order to keep fiat the most used form of currency for transaction.

Well I guess the statement has some possibility to happen but I am worrying for those people who couldn't have the ability to adopt the technology of digital finances. You're right mate not everyone has a privileged like us to be able to learn, to execute and to make ourselves more knowledgeable enough to cope up with a fast changing technology. But at some point also, I am still thinking that digital assets will be one of the circulating finances worldwide but if in terms of internal economy of each country the presence of fiat currency will still be existed.

[davis196]

Digital finance doesn't necessarily mean cryptocurrencies.
Digital fiat money,like the money we have in our PayPal accounts will continue to exist in the next decades.
The global elite is pushing the global economy towards a cashless society,and this process doesn't necessarily mean that cryptocurrencies will dominate global finance.I don't consider CBDCs to be cryptocurrencies.
This survey is kinda made up.They are asking expert in digital finance.Or course that digital finance experts will predict a future without fiat money.They are pretty much biased.

[Kakmakr]

I think the most important word to mention is, "digital currencies" .... because they know it is not going to be a "token" or "currency" that will not be controlled and manipulated by the different governments.

Governments have an issue with the monitoring of Fiat currencies and they want more control over the movement of cash. (When cash change hands, those transactions are anonymous and that is the issue)  

So to make all transactions transparent, governments will get private companies to develop a "GovCoin" that will be 100% regulated. All users of this token will be identified and all transactions will be traceable by these governments. The governments will also have full control over the "supply" of tokens, so expect it not to be a capped supply...but rather a digital version of Fiat currencies.  

[ILuckyGuyI]

Fiat currencies will not be gone in such a short time period I believe. Governments still prefer fiat money to cryptocurrencies. Until they finish developing their own digital currencies and start using it, we will be continuing to use fiat. But when the digital currencies are ready to use, I believe that fiat money will lose its importance and we will all leave them. But I'm not sure about the time period we need to witness this. Maybe I will be wrong and in 10 years, we will enter a completely new era.

[geegaw]

Unlikely to happen, the lower class or should I say the poor people won't be able to catch up with the innovations because they're poor and it's a big luxury and waste for them to spend it on tech for them to access their finances. Plus, the digital market is going to be filling a big hole to replace fiat currency.

Indeed, the poor class is still extended every year and proliferated like leeches in society, it clings to the lives of many people and has never made them escape from the darkness of the economy, human civilization may be more advanced but this class is still intact with its old nature, so fiat is still a detail that will be talked about a lot in the future, serve a lower class section of society. The higher classes will use the online and offline reach for more convenience in the way of life and work, which is necessary to keep up with innovative thinking.

[teosanru]

Deloitte has released its annual Blockchain report
https://www2.deloitte.com/content/dam/insights/articles/US144337_Blockchain-survey/DI_Blockchain-survey.pdf

Digital assets are disrupting the entire financial market

These are the first words of the paper...

For those who do not know this company Deloitte is one of the Big Four accounting organizations and the largest professional services network in the world by revenue and number of professionals

Notice they don't mention "Bitcoin" per se. Instead, they use "digital asset" since they considered CBDC as well, or "crypto-assets" .
Cybersecurity and regulations are the main barriers to mass adoption but they will be very important for decentralized finance.
But overall, the path to digital finance is soon complete.

Forget the cheques, it's good for grandpa. (just joking, I still use it myself)
We will all be living with digital money and digital wallets. 5 or 10 years, it's like tomorrow.

The paper is based on a survey of 1,280 executives with an understanding of crypto, digital assets, and blockchain. 320 were from the financial sector, including 70 digital asset pioneers. So not the teenagers at school.

Almost 80% of all respondents said that digital assets will be "very/fairly important" in the near future.

Well it's true that CDBC could become a very important aspect of our financial system in the future, but the concern is that even with the advent of CDBCs, what would change? except that governments would get more transparency in the transactions of the users, currency minting or mining whatever it is called in the new regime would still stay in hands of governments or central authorities which means they could still put out their weapon of inflation by increasing supply of these coins. Secondly government transactions would obviously still be secret and no public keys would be made available of government treasuries which means a common folk would still not know where is his tax paid going.

[DrBeer]

In fact, the departure from classic fiat is a process that began long before blockchain technology. I have one of the practical experience of work - working in the banking sector. So, servicing fiat money is an expensive pleasure! Cash desks, ATMs, cash collection and much more - these are all costs that are cyclically charged by the costs of each bill or coin that the bank serves! Likewise, retail chains also have money worth money! And as you know, the transition to completely "non-cash" payments will save a lot of money and simplify many processes. And blockchain, today, is another technology that can be a partial solution to these problems. So these predictions are quite predictable!

[wack slacker]

Fiat will be gone in 5 to 10 years is a delusional statement. The Fed exists and will continue to exist. National governments will continue to issue their national FIATs.
CBDC is also just a solution for the economy and banks to manage money. The recession will continue for years to come and banks will continue to print money to bail out the economy.

[Ucy]

Wonder which form of fiat the @Deloi.. is talking about, the physical, digital/virtual fiat currencies or both the physical and digital?
I think whoever the people of that time sees as their government will most likely control their currency especially in centralized manner.
So, if you end up with single world government, it will have ultimate control over the centralized currency/currencies.
It will be difficult for the entity/govt on Bitcoin unless it centralizes it which will be really hard for them at this point. Red line has been drawn, will they dare cross it? Bitcoin should remain a neutral currency and we should be able to print and use it on physical things when necessary.
Will fiat currency still remain by then? Well it depends on the definition fiat currency.

[Davidvictorson]

Given how we love electronic these days, I am pretty sure that it's a possiblity that can happen but I don't think that fiat will ever be gone, we still have snail mails even though there's already an email right?

Fiat would never be gone and its impossible as long do government exist. Everything might go digital but fiat would still remain.There are transactions where fiat is efficient than on doing digital.

Hence, not all are really that literate if everything would go to digital aspect thats why its really hard to believe on that kind of such full integration but we know on what would happen in the future thats why lets just take a pinch of salt as of now.

I agree. Fiat is not going anywhere. Digital currencies is just another side of the coin. They should both be respected. One should not be demonized in favor of the other. No one can actually give a true prediction of what will happen in the future. As you have said, "lets just take a pinch of salt as of now".

[LogitechMouse]

Given how we love electronic these days, I am pretty sure that it's a possiblity that can happen but I don't think that fiat will ever be gone, we still have snail mails even though there's already an email right?

There is always possibility for everything. The question is how likely that this scenario will happen?
We know what digital assets is doing right now in the financial market but saying that fiat currency will be gone in 5-10 years? I don't think that is appropriate knowing that not all of the people have access to these digital assets that we are using right now.

There are still some people who are just using Fiat currency and don't have any digital things like smartphones etc. Fiat has been there for a long time already and saying that it will be gone for a short amount of time?? It will not happen. Well they might be a big company but still, 5-10 years is a short time frame knowing that all of the people in the world are using it.

[el kaka22]

Fiat currencies will not be gone in such a short time period I believe. Governments still prefer fiat money to cryptocurrencies. Until they finish developing their own digital currencies and start using it, we will be continuing to use fiat. But when the digital currencies are ready to use, I believe that fiat money will lose its importance and we will all leave them. But I'm not sure about the time period we need to witness this. Maybe I will be wrong and in 10 years, we will enter a completely new era.

When they have their own digital currencies that will be considered "crypto currency" as well, which people may start to use as well. If it is made by the government itself then they will make so much lax laws that will allow people to use it like a regular currency. Think about it, do you use cash or do you use a card? Most of the time people use cards to pay for stuff, which means digitally money moves from my account to business' account when I buy something from them.

Like when I buy from amazon I never pay in cash, I always pay from my account. If everything is so digital already and money moves hand from one account to another account, then why would it be hard for governments to do their own digital currency to be used the same way? That means we are going to see digital currency that governments created take the place of the bank account digital money.

[KaliLinux]

Each country is preparing its own country's CBDC. However, there will still be legal currency (paper currency).
Few people in the world have no electronic equipment. If digital currency is implemented, electronic equipment is required. This still needs to be popularized in every country.
The elderly are relatively weak in accepting new things. Popularization takes time.

I agree, for me, it is just basically with the time at which they believe that Fiat will no longer be needed which I think is short and it is not possible even though I still believe that digital currency e.g cryptocurrencies will at some point be more popular as some people have already pointed out and when you talk about the elderly being relatively weak in accepting new things, the elders then will be the young now that are already acquainted with cryptos and other digital assets.

[wxa7115]

Deloitte has released its annual Blockchain report
https://www2.deloitte.com/content/dam/insights/articles/US144337_Blockchain-survey/DI_Blockchain-survey.pdf

Digital assets are disrupting the entire financial market

These are the first words of the paper...


Notice they don't mention "Bitcoin" per se. Instead, they use "digital asset" since they considered CBDC as well, or "crypto-assets" .
Cybersecurity and regulations are the main barriers to mass adoption but they will be very important for decentralized finance.
But overall, the path to digital finance is soon complete.


Almost 80% of all respondents said that digital assets will be "very/fairly important" in the near future.

Well most of the money of the world is already digital so this is not really surprising and since he is including digital assets backed by governments then this is not really a prediction at all as this is already happening.

However this illustrates very clearly what governments will try to do, they are trying to confuse the people with statements like this, they have realized there is not stopping this revolution and now they want to be in front of it when they have been opposing bitcoin with all their might, but many people can see right through them and they are not going to let themselves be deceived and will invest their wealth on bitcoin and not cheap imitations.

[cafucafucafu]

I'm not sure where they got that figure from.

I personally think that central banks simply won't relinquish control that easily.

As keen as I am for fiat to be replaced by cryptos, it is likely only the paper based fiats that are going to be replaced by electronic fiat currencies which is arguably even worse for privacy concerns. So definitely don't think that this prediction will materialize.

[Ozero]

I'm not sure where they got that figure from.

I personally think that central banks simply won't relinquish control that easily.

As keen as I am for fiat to be replaced by cryptos, it is likely only the paper based fiats that are going to be replaced by electronic fiat currencies which is arguably even worse for privacy concerns. So definitely don't think that this prediction will materialize.

I don't think we need to strive to replace paper money with any digital asset. It should be borne in mind that paper money is the most untraceable by governments. States will still not allow their national money to be replaced by cryptocurrency. If we do not want to fall under the general financial control of governments, paper money must remain, although its circulation will be reduced.
Only a few highly developed states can afford to abandon paper money in the foreseeable future. For others, this is still unrealistic.

[leea-1334]

I think the most important word to mention is, "digital currencies" .... because they know it is not going to be a "token" or "currency" that will not be controlled and manipulated by the different governments.

And also, they should know that not every country or even every jurisdiction in a region will see the definition of "digital currency" in the same way, and I think as you point out most governments will only want the term applied to fiat they control.

I think they will keep crypto to "virtual currency".

[cheezcarls]

Deloitte has released its annual Blockchain report
https://www2.deloitte.com/content/dam/insights/articles/US144337_Blockchain-survey/DI_Blockchain-survey.pdf

Digital assets are disrupting the entire financial market

These are the first words of the paper...

For those who do not know this company Deloitte is one of the Big Four accounting organizations and the largest professional services network in the world by revenue and number of professionals

Notice they don't mention "Bitcoin" per se. Instead, they use "digital asset" since they considered CBDC as well, or "crypto-assets" .
Cybersecurity and regulations are the main barriers to mass adoption but they will be very important for decentralized finance.
But overall, the path to digital finance is soon complete.

Forget the cheques, it's good for grandpa. (just joking, I still use it myself)
We will all be living with digital money and digital wallets. 5 or 10 years, it's like tomorrow.

The paper is based on a survey of 1,280 executives with an understanding of crypto, digital assets, and blockchain. 320 were from the financial sector, including 70 digital asset pioneers. So not the teenagers at school.

Almost 80% of all respondents said that digital assets will be "very/fairly important" in the near future.

I know that anything is possible, but 5 to 10 years isn't enough. Maybe more than that in my opinion. El Salvador is already doing that by making Bitcoin a national currency in their country, being the 1st in the world. We are indeed transitioning to digital ways, so I don't know if fiat currencies will be completely gone unless the respective governments of each country might introduce their own national currency like what China is planning to do it as they're really anti-crypto.

[avikz]

I concour! Very cleverly, Deloitte didn't mention cryptocurrency in their report. Because cryptocurrency is not going to take over the financial controls. It's just that CBDCs will be taking over instead of paper money.

And there's a good reason for it. With CBDC, government will be able to track all our finances, spending and investment. Black money would cease to exist, tax revenue will be all time high and effectively fight money laundering and terrorism financing. There are number of benefits if you think from government perspective. So I completely agree to the fact that in next few years, paper money will cease to exist and CBDCs will take over.