Electronic and crypto payments can affect the global economy
The report “Part III. Digital Currencies: the Ultimate Hard Power Tool ”experts note that research in India and China in the field of peer-to-peer payments can trigger an economic shift, undermining the primacy of the US dollar in international financial transactions:
Bank experts say that cryptocurrency has a number of undeniable advantages in the eyes of investors. For example, this is the availability and simplicity of investments, the absence of a link to financial assets, and a high level of profitability.
According to a Deutsche Bank survey, the current generation (Millennials) is loyal to digital payments and cryptocurrencies, and sees the future behind it. But experts call regulators, as well as the older generation, which is skeptical about digital assets, the main obstacles to a global change in the financial system. Regulators see the problem in the absence of control over such payments, in the convenience of their use for concealment from taxes and the implementation of criminal plans.
But, it is worth recognizing that the further development of cryptocurrency and digital types of payments is inevitable. Banks in many countries are already working on creating their own digital currency to remain competitive in the future.