Digital currencies will eventually replace fiat currency by 2030 Deutsche bank has revealed.
In a report titled “imagine 2030”, Jim Reid, a Deutsche bank strategist, highlighted the problems the global monetary system has and how crypto’s emergence has increased the demand for a decentralised, anonymous monetary system.
Reid believes there are still major challenges that face crypto if it is to be fully adopted.
The report also states that the market would need to be regulated and protected properly in order to protect its users and institutions from fraud, cyber attacks and other cyber crime.
The report comes amidst renewed interest in digital currencies globally.
China are planning to launch a digital yuan early next year with many others joining the race too.
Central Banks are beginning to see the benefits as well and given Deutsche Bank’s position in world finance the news must be seen as a boon to the ever evolving blockchain eco-system.