I foresee the following happening in the future:
- Banks will be forced to form an alliance or use an existing global organization to address the issue
- CBDC will not replace cryptocurrencies. It will just allow banks more breathing space. However, the introduction of CBDC, will make more people familiar with digital currencies and as a consequence will indirectly encourage them to participate in cryptocurrencies. CBDC will not replace cryptos because CBDC is still centralized and allow central governments to continue their scrutiny and monitoring.
- The main reason for resistance to cryptocurrencies from governments is not terrorism or money laundering. Governments and government sponsored entities are the main culprits of terrorism and money laundering. They are using cash to do so and never banned cash. The main reason is tax evasion.
- Eventually most governments will be forced to abolish personal income tax and forced to rely more and more on consumption tax. Many governments in the world already do not charge personal income tax (Middle Eastern countries for example). Subramanian Swamy of India is a strong advocate for the abolishment of personal income tax and if he gets his way, India may soon abolish personal income tax.
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