Crypto could replace cash by 2030

By Hazel Davis

Demand for alternative currencies will rise, says Deutsche Bank research

Cryptocurrencies could replace cash by 2030 according to a new report.

In its Imagine 2030 report, Deutsche Bank suggests that increased demand for dematerialised payment methods and anonymity are driving more people towards digital currencies.

The report says: “The forces that hold the fiat money system together look fragile, particularly decades of low labour costs. Over the next decade, some of these forces could begin to unravel and demand for alternative currencies could take off.”

If current trends continue, there could be 200 million blockchain wallet users in 2030, claims the report, which also suggests that smartphones and other electronic devices could make physical cards obsolete.

There is no doubt that a financial system entirely on electricity consumption carries risks and the report suggests that governments may increasingly need to back up citizens’ data in an alternative countries.

Many countries are making noises about developing their own digital currencies. France has said it plans to pilot its central bank digital currency in 2020 and, of course, China has long said it will develop one backed by the Yuan.

FURTHER READING: China gears up to launch its own cryptocurrency

FURTHER READING: Bank of France building a digital currency

FURTHER READING: Bitcoin drops to five-month low

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