Stablecoins or CBDC’s, no matter which one of them gets mainstream adoption first, it is highly essential that the merchants and vendors are prepared when consumers make this transition.
It is really inevitable now, especially with the lessons that the ongoing global pandemic has taught the world about unnecessary touch points in the financial transactions both sides of a product goes through.
During this pandemic, globally all countries have seen a reduction in consumer dependence on cash, there are new technology innovations launching every day that attempt to bridge the gap with merchants and consumers seamlessly with the least number of touch points.
Payments in the future would reduce the dependency that economies have at present. Cash also proliferates evils in society like corruption, terrorist financing and money laundering amongst others.
Understanding this, it is soon becoming a consensus that digital payments would be based on CBDCs and Stablecoins rather than speculative assets like Bitcoin, Ethereum and other cryptocurrencies.
There are even private companies like JP Morgan, Amazon, Facebook and Wells Fargo building their own stablecoins with the objective of keeping their currency’s value as stable as the dollar is.
