Crypto to replace fiat currencies by 2030, says report

06 Dec 2019

CryptocurrenciesThe demand for alternative currencies will increase, with cryptocurrencies eventually replacing cash by 2030, says research from Deutsche Bank.

As part of the ‘Imagine 2030’ report, Deutsche Bank strategist Jim Reid raised awareness of the challenges that have been faced by traditional fiat currencies over the past few years, particularly since the rise of cryptocurrencies.

Reid stated that increased recognition, understanding and demand for decentralised methods of payment could result in more and more people opting for digital currencies, says a Coin Telegraph report.

Governments across the world have been actively debating the necessity of developing national digital currencies.

The central bank of France announced earlier this week that it plans to pilot a central bank digital currency (CBDC) for financial institutions next year. Bank of France governor François Villeroy de Galhau revealed the bank will begin testing the digital euro initiative by the end of Q1 2020.

Villeroy added that France should become the first country in the world to issue a CBDC: "I see the interest in rapidly advancing the issuance of at least one central bank digital currency in order to be the leading issuer globally and get the benefits associated with providing an exemplary central bank digital currency.”

In addition, the British Virgin Islands announced the development of a digital currency called BVI~LIFE in collaboration with blockchain startup, LifeLabs, reports Coin Telegraph. 

The currency is part of wider plans to expand the local fintech sector and will be pegged to the U.S. dollar.

im uBVI Premier Andrew Fahie said: “The importance of blockchain technology and the significant benefits it offers the BVI, are paramount to the Territory. We welcome this innovation with open arms. Our partner, LIFElabs, has demonstrated with their proven track record that their ideology is not just mere words, and we look forward to continuing our partnership with them on the rollout of BVI~LIFE, our digital currency.”
 

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