The organizers of the World Economic Forum were right in their 2016 edition to take a look at the future of the world economy. The financial sector, one of the most cautious in adapting to technological changes, accepted the challenge, discussing widely in this forum the influence of new technological trends have on the sector.
To the surprise of the audience John Cryan, president of Deutsche Bank AG, told the Davos forum that "probably" coins and notes will disappear within a decade. Cash is not only "terribly inefficient"; But also facilitates movements to those who launder money or finance illegal activities. He predicted, therefore, that governments will be "interested" in the dematerialization of money, because it will serve to keep track of all financial transactions.
One of the great drivers of money change as we know it today is virtual currencies and, above all, Blockchain, the technology behind them. So much so that the IMF presented to the forum a document on this subject. Its director, the french Christine Lagarde, summed up the qualities of these new tools with the first sentence of History of two Cities: "It was the best of times, it was the worst of times."
She noted that virtual currencies can be "extremely beneficial" to reach the 2 billion people who lack access to banking. At the same time, she indicated that they can be "a great instrument for crime" because they operate so far without a regulatory framework.
However Lagarde warned that, if they evolve rapidly, virtual currencies can become "a threat to financial stability" and even "disrupt monetary policy."
She said, however, that these digital coins are still in diapers, and warned that although we know "very little of them", its regulation is one of the duties on the table of the authorities.
The prediction of a world without money was underlined by Dan Schulman, the head of the online payment company Paypal, who pointed out during the debate that "Money is digitizing in front of us"; But recalled that 85% of transactions are still made in cash. "We have a long way to go, although it is inexorable that it will happen."
Source: eleconomista.es
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