Electronic and crypto payments can affect the global economy
“Cryptocurrencies have been around for about a decade, but it was not until 2017, when bitcoin’s price surged to nearly $20,000, that they grabbed significant global attention. If we connect the dots between the dematerialisation of payments and the rise of cryptocurrencies, we can envision a near future in which cryptocurrencies gain broad acceptance. This view is supported by trends among young generations who readily accept digital currencies and payments.”
According to a Deutsche Bank survey, the current generation (Millennials) is loyal to digital payments and cryptocurrencies, and sees the future behind it. But experts call regulators, as well as the older generation, which is skeptical about digital assets, the main obstacles to a global change in the financial system. Regulators see the problem in the absence of control over such payments, in the convenience of their use for concealment from taxes and the implementation of criminal plans.
But, it is worth recognizing that the further development of cryptocurrency and digital types of payments is inevitable. Banks in many countries are already working on creating their own digital currency to remain competitive in the future.
“If the Chinese government, along with Google, Amazon, Facebook, or Apple (the so-called GAFA group), or a Chinese company like Tencent can overcome some of the barriers to cryptocurrencies, then cryptocurrencies could become more appealing. This will hasten their adoption and give them the potential to replace cash.”