The wind of change is already creating tornadoes for the VC investors, who believed in private cryptocurrencies. With the digitization of the global economy, we are witnessing the potential change of the cash. Cashless economy and Digital Currencies from Central Banks will become the main payment alternative and option to pay vs. crypto.
Nowadays most of the central banks already issue digital money, via the commercial banks that have accounts with them. Commercial banks then lend money electronically to private clients and businesses, giving the option to accept most of the payments digitally without exchanging the cashback and forwards.
So - to make a point and maximize the revenue Central Banks will or could issue their digital currency - for example, Digital Dollar is coming on the 1st of Jan 2021 and will be given directly to citizen's digital wallets. This alternative Dollars or Euro later or British Pounds will be used as legal tender, the same way, as we are using cash today.
This will create a new leap at the tech development and survival among commercial banks, as they will be losing their profits for lending money, money transfers, and also deposits, as what you need is a server to back up your digital deposits.
The last, but not leased is how alternative cryptocurrencies will be evaluated vs central banks nation currencies, that are backed up by regulation and nourishment by central banks vs alternative cryptocurrencies is operated via separated networks and affected by mining and processing, and processing.
Our future is at the corner, and we will be witnessing a new era in cryptocurrency development. How the new digital US Dollar will be accepted and be played, after the launch, as it was the most dominant currency since 1920 with the massive debt of all times...
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