Topic: United Nation Expert admit Digital Currencies Could Replace Bank Accounts (Read 630 times)
September 14, 2020, 01:04:10 AM
It will surely happen though, I don't like the I idea as it means regulations and oversight. I believe this is what we are trying to change by decentralising things.
August 14, 2020, 05:31:58 AM
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.
June 18, 2020, 06:02:48 AM
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.
June 18, 2020, 02:45:09 AM
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.Quote
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.
June 17, 2020, 10:36:35 AM
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. 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
June 17, 2020, 10:17:13 AM
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. June 17, 2020, 10:10:49 AM
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.
June 17, 2020, 09:17:33 AM
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.
June 17, 2020, 08:40:55 AM
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.
June 17, 2020, 08:29:42 AM
I also agree with Massimo Buonomo who said there is a possibility that the digital currency will replace the bank. But not because of
interest rates, rather banks restrict their customers financial transactions. Whereas today people want something that is effective and
efficient, transactions with digital currency are very practical. Imagine we only need mobile phones and an internet connection can send
money abroad is only minutes away, at a lower cost. But I believe digital currency is not bitcoin, because bitcoin decentralization that
cannot be controlled by the government. I believe that the replacement bank is a centralized digital currency.
interest rates, rather banks restrict their customers financial transactions. Whereas today people want something that is effective and
efficient, transactions with digital currency are very practical. Imagine we only need mobile phones and an internet connection can send
money abroad is only minutes away, at a lower cost. But I believe digital currency is not bitcoin, because bitcoin decentralization that
cannot be controlled by the government. I believe that the replacement bank is a centralized digital currency.
June 17, 2020, 07:09:19 AM
One step at a time. Before long, the crypto industry will be back to its golden era of 2017 as positive reviews get higher by the day. I ain't talking about mass adoption for Bitcoin alone, it should be encompassing before we can shout Uhuru. However, I don't want people believing that cryptocurrency can override Fiat and bank transactions completely. It can dominate fiat but not annihilate it (because it truly can't). Both should exist side by side. Interest rate isn't a deciding factor to want to eliminate banks. After all, miners also charge a certain amount like banks do too.
June 17, 2020, 03:23:26 AM
The term "Expert" slowly becomes an insult...
Yeah when someone is telling some of his predictions related to bitcoin and blockchain technology. Well, about this thing, aren't we telling this for years?Until, there are circumstances that our belief starts to change. But due to this pandemic, it's safe to say that the digital currencies shall emerge worldwide.
One choice is going to crypto and the government shall adopt it or create their own crypto which is happening already for China and EU through CBDC.
June 17, 2020, 02:36:21 AM
The term "Expert" slowly becomes an insult...
As for central banks, they will follow the Chinese way of simply digitalize their transactions. South Korea already launched their digital currency comittee to work on it and the EU and USA will follow.
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.
I think it will now replace old fashioned bank accounts but simply change them into digitalized bank accounts. The way of doing business won´t change much, just the underlying technology will.
As for central banks, they will follow the Chinese way of simply digitalize their transactions. South Korea already launched their digital currency comittee to work on it and the EU and USA will follow.
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.
I think it will now replace old fashioned bank accounts but simply change them into digitalized bank accounts. The way of doing business won´t change much, just the underlying technology will.
June 17, 2020, 01:33:11 AM
Our world is now moving towards the increasing use of digital technology and digital methods of financial payments. However, this does not mean at all that bank accounts can completely disappear. Stable state coins should show themselves well as a means of payment, but in many cases the need for bank accounts will still remain. First of all, this applies to legal entities, that is, enterprises and organizations of all forms of ownership that will be forced to continue to have bank accounts and use banking services for financial reporting to tax authorities and audits.
Also, the use of stable coins by individuals does not exclude the simultaneous use of bank accounts. And state bodies will not be able to do without banks and bank accounts at all, since accounting and control will exist in any state.
Also, the use of stable coins by individuals does not exclude the simultaneous use of bank accounts. And state bodies will not be able to do without banks and bank accounts at all, since accounting and control will exist in any state.
June 16, 2020, 11:06:38 AM
Interest rates of .01 or .1?
For small savings, it would not matter.
Their customers don't even care about it anymore. They just want their money to be kept safe somewhere and banks had been the number 1 choice with traditional thinking.
They all know what the future is, they just don't want to admit it or apply it yet.
If people start realizing other options, the bank will feel it so bad they would be rushing for a change.
For small savings, it would not matter.
Their customers don't even care about it anymore. They just want their money to be kept safe somewhere and banks had been the number 1 choice with traditional thinking.
They all know what the future is, they just don't want to admit it or apply it yet.
If people start realizing other options, the bank will feel it so bad they would be rushing for a change.
June 15, 2020, 01:01:33 PM
Actually, if you look at China, the system they have with WeChat and AliPay is already very close to a CBDC. YOu can easily send Yuans from one wallet to the other, the only difference is that´s not on a blockchain and it could last a little. They even got their Hong Bao, means red envelops, they send money with digitalized. And today , this come out:; https://cointelegraph.com/news/china-could-roll-out-its-cbdc-without-anyone-realizing
June 15, 2020, 12:58:30 PM
And the sooner they realised, the sooner Central Banks are going to imposed crypto regulations to somewhat put a dent on crypto imminent rising. It can slow them, but I doubt that the can really stop this crypto revolution.
The revolution that's been in cryptocurrency potentially has enlightened these experts, imagine they were the ones who's calling it a bubble, ineffective due to somewhat, competes with the bank or more. There is a possibility of CBDCs getting into our way, coz I've seen a lot of trials made lately. However things might change if other countries go against with it, like India who is trying to reconsider the banning on crypto again. Cashless society, CBDC's will be the future. However, don't think that banks will go obsolete though, they will stay for sure, but their influence on people will somewhat reduce as we shift to crypto in the next 5-10 years.
Cashless society is our only dream, perhaps for now, but eliminating the banking system is not ideal for me since it is working with a lot of complexion for the society. How about changing the banking system to include crypto?
June 15, 2020, 12:16:46 PM
I agree with you, interest that our deposits will earn is nothing compared to what the bank can earn from using our funds in their lending business.
Personally I have a bank deposits but I am not counting on its interest earn in a quarterly basis, I'm only using bank to secure my money and nothing more, if I like to grow my funds, I would invest it in a business or in crypto since putting your money in the bank is not investing, it's just a savings.
In addition, when you put your money in bank and you are living in a country with bad economy, the interest rate would not be enough to save you from inflation, and that's the reality in our country.
Personally I have a bank deposits but I am not counting on its interest earn in a quarterly basis, I'm only using bank to secure my money and nothing more, if I like to grow my funds, I would invest it in a business or in crypto since putting your money in the bank is not investing, it's just a savings.
In addition, when you put your money in bank and you are living in a country with bad economy, the interest rate would not be enough to save you from inflation, and that's the reality in our country.
Exactly! We who have good interest rates in our banks know it's because our money's basically devaluing over time. My country used to publish an annual rate of about 1% inflation over my working lifetime, so to get 3% or so annual interest seems as if we're making money, right? But the true cost of inflation? A cup of coffee, a bag of rice, kilo of meat, all them just keep getting pricier and pricier. Interest was never about making more money for us, but to help keep inflation at bay.
June 15, 2020, 09:52:27 AM
It doesn't matter if they will allow the existence of cryptocurrency or not but they can't do anything to harm it. They have done their worst and have seen that its impossible to ban it. For the Banks to join the race into digital currency will make the journey of Bitcoin move even faster than we think. Let them join the movement before its too late for them, for them creating their own coins will further create more eye openings to customers of their dubious act during the era of fiats.
They've already harmed it through regulations and by letting some abusive stuff happen "thanks to" them. It's never late for them, they already have a strategy put in place and it already works by slowly pushing laws that go in contradiction with Satoshi's ideas and vision.They'll "join the movement" by falsely advertising digital currencies on Blockchain as if they're like (and better than) Bitcoin, fooling most people into believing they're entering a new, "better", revolutionary financial change on a decentralized network when instead they'll only join a more privacy-stripping currency than what we currently have today.
In my opinion, it's pretty much check-mate for us.
June 15, 2020, 09:13:52 AM
the need for a bank account may soon be "fully removed by digital currencies and especially the central bank's digital currencies (CBDCs).
i don't see anything changing here! not to mention that we are already using "digital" currencies. in our day to day purchases we barely ever use physical cash anymore. it is all a "digital currency" created and controlled by "banks". changing the current digital form from one centralized database version to another centralized database (blockchain) will NOT change a damn thing. and it still is going to be another form of a bank account.
Jump to: