Digital Money to Substitute Future Bank Transactions, Blockchain Executive

Digital Money to Substitute Future Bank Transactions, Blockchain Executive

Massimo Buonomo, United Nations global blockchain expert, predicts that digital currencies in the coming years will soon replace the existing low-interest bank accounts, as CoinDesk reported.

The blockchain expert stressed that low-interest rates are enticing many individuals to open new bank accounts. However, in the future, the conventional way of banking is expected to be obsolete when an official digital currency is released. Digital payments will be processed in the same way using the blockchain technology.

Also, Buonomo cited digital currencies, specifically the central bank digital currencies (CBDC) can eventually be widely used as a replacement for all existing bank accounts.

New Payment Systems

He made those remarks during an online panel, citing what the future holds beyond the COVID-19 pandemic. He added the innovative digital currency approach can topple down the conventional cash and card payments.

Buonomo noted using digital currency provides several benefits such as enhanced security compared to the oft-hack-prone traditional banking while eliminating the burdensome fines and unwanted fees that common banks usually add to customers' total payables.

The blockchain expert did not respond regarding the most suitable cryptocurrency that will be employed as a default currency when this new banking system is implemented.

He mentioned the technical limitations, security, and privacy issues that should be prioritized in most public blockchains.

Buonomo claimed the regulators should ensure to have full control when using a cryptocurrency-fueled system that will substitute the conventional banking.

How PGI Can Help Manage Bitcoin and Other Established Cryptocurrencies

Central Bank Assistance

One effective means that Buonomo suggested is that it can be done when the central bank develops and issues a new cryptocurrency for global adoption.

This concept emerged when PYMNTS explored recently despite the occurrence of the pandemic in the initial stages, particularly as one proposal for U.S. stimulus distribution suggested the creation of a new 'digital dollar.' This means getting a balance with a dollar value consisting of digital entries, listed as liabilities in Federal Reserve bank accounts. This can be an online unit that can be redeemed by a legit financial group, as cited in the document.

Visa has shown interest in exploring the idea. It seeks to get a patent application to develop its digital currency through blockchain technology.

Meanwhile, the China government is conducting pilot testing for a new digital yuan with several huge brands like McDonald's, Starbucks, and Subway, which may be released in the latter part of the year.

A Platform to Manage New Currencies

Praetorian Global International is a reliable firm that can help in managing your new digital currencies. It can assist in marketing your digital coins in a single platform. This employs a cryptocurrency system backed by a 100% decentralized system using the blockchain.

Contact us to learn more more about how to invest in cryptocurrency, how crypto works and how it can work for you. Visit our website at PGI Global website.

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