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Its an era of evolution, trendings, and traditions that are changing fast in every field. Every industry in developing its system and new things replacing the old ones. The same is the case with currencies. Fiat or traditional currencies served the people for a long time, but now the trends in the money or currencies are going to be changed. As the world is going towards paperless theory, currencies are also moving towards the paperless structure. People are now showing their interest in digital currencies. Because it eases for them.
According to the Deutsche Bank report “Cryptocurrencies need to overcome three main hurdles to become widespread. First, they must become legitimate in the eyes of governments and regulators. That means bringing stability to the price and bringing advantages to both merchants and consumers. They must also allow for global reach in the payment market. To do this, alliances must be forged with key stakeholders – mobile apps such as Apple Pay, Google Pay, card providers such as Visa and Mastercard, and retailers, such as Amazon and Walmart.”
More said in the report “If these challenges can be overcome, the eventual future of cash is at risk. But new challenges would arise. For starters, it will mean basing a robust financial system entirely on electricity consumption. To envision a smooth transmission towards a fully digitalised platform, the financial system needs to be ready to overcome any kind of electricity shutdown or cyberattack. Governments may increasingly need to safely store backup of citizens data in an alternative country. Estonia, for example, chose Luxembourg to store a comprehensive backup of government data, including details of its citizens’ health, population, business registries, as well as a data embassy.”