The global monetary landscape will have everyone storing electronic money, cryptocurrencies and central bank digital currencies in one bank.
Image a scenario where you need different messengers to send different types of messages — for example, WhatsApp for text messages, Viber for audio, Telegram for video, etc. Rather inconvenient, right? But this is exactly what happens in finance: There is no way to send both digital fiat money and cryptocurrency from a bank account without extra steps. It’s not affecting the masses just yet, but after the issuing of national digital currencies, or central bank digital currencies, in the next few years over the world, the situation is about to become complicated. We need to start looking for a solution now.
The traditional financial system can’t brush off new technologies anymore. According to the Cambridge Center for Alternative Finance, the number of cryptocurrency users has almost tripled from 35 million people in 2018 to 101 million people in Q3 2020. Another study, conducted by researchers from the United Kingdom’s Financial Conduct Authority, revealed a 78% increase since 2019.