In 2009, the first cryptocurrency -Bitcoin-, officially launched and since then has continued to roll into a snowball effect that poses a serious threat to the existence of conventional finance. As much money as the restless World Central Bank, the government seems helpless and dragged into the vortex of the evolution of the world's financial system. The Covid-19 pandemic has become a catalyst for forcing the entry of all financial and banking industry sectors into the digitalization era. Imagine a concept of a world without physical currency. It is strange, but real. Money will be removed and replaced with a digital currency system.
It is actually that with the trend of things that the world is moving towards the point of financial digitisation. Eventually, we'll get to that point when money would no longer be physical and we would no longer need the banks.
However, you should know that this will not happen anytime soon. Bitcoin and cryptocurrencies at large still have a long way to go in making this happen. We still have to deal with the problem of total adoption in the mainstream world and the problem of high translation fees before this can be effective.
You will definitely need banks because they are not only acting as financial intermediaries but also as law enforcement and regulatory intermediaries. The governments want banks even in times of digital money to collect data about transactions and the people involved in order to have a reasonable chance to fight money laundering and tax evasion. Without banks there would be no single institution as of now that could be able to handle the financial traffic of a country with both domestic and foreign transactions.
