20 January 2016
Bank chief:
The end of cash could happen within a decade
http://www.euractiv.com/sections/euro-finance/lagarde-end-cash-could-happen-within-decade-321174
“Cash could become history within a decade,
thanks to new financial instruments, including virtual
currencies, some of the world's leading bankers said
during the World Economic Forum on Wednesday (20
January).
The impact of technology, the overarching
theme of this year’s meeting, will be very significant.
The evolution would be so significant that
John Cryan, co-CEO of Deutsche Bank AG, predicted that,
in ten years’ time, “probably” we would not
see cash anymore. It is “terribly inefficient”, he
added.
“Cash should be dematerialized,” he said in
a panel on the future of finance- and
governments “should be interested” in this process
because it would make transitions “more traceable”
and would help to combat illegal financing or money
laundry.
Echoing his prediction, Dan Schulman, the CEO
of PayPal, stated that “money is digitizing in front
of us”. Although 85% of transactions (in number, not
in volume) are made still in cash, “it is inexorable that
this process is going to happen” although still “we
have a long way to go”, he said.
For bankers, and even the International
Monetary Fund, one of the most promising disrupters will
be the virtual currencies powered by blockchain
technology….”
…….
https://twitter.com/Davos/status/689834172584718336?ref_src=twsrc^tfw
wef-video … go to around 14:00 min:
The evolution would be so significant that
John Cryan, co-CEO of Deutsche Bank AG, predicted that,
in ten years’ time, “probably” we would not see cash
anymore. It is “terribly inefficient”, he added. “no need for it”
“Cash should be dematerialized,” he said in
a panel on the future of finance- and
governments “should be interested” in this process
because it would make transitions “more traceable”
and would help to combat illegal financing or money
laundry.