Acceptance of a Cashless Future Is the New Consensus According to Notes from the World Economic Forum
By Luke F – Crypto Specialist
The World Economic Forum was hosted in Davos, Switzerland. Here, a new consensus is building in regards to the reality of moving towards a cashless society as more people buy and sell cryptocurrency. B.S Kohli, a financial adviser to the head of the Indian state Punjab, asserted that ‘Physical money is out.’
Jordan’s digital economy minister, Mothanna Gharaibeh agreed. Starting this year, citizens will no longer be able to pay for Government services, such as taxes or hospital bills, using cash. Instead, they will have to use digital payment platforms, including mobile wallets, to process such transfers. While acknowledging that it will be a ‘tough transformation,’ he is confident in the capability of redirecting energy into the sector by ‘not printing [bills] and put it instead on mobile accounts.’
Kohli added that ‘Bitcoin is a fantastic idea’, highlighting the importance of finding ways of monitoring it. He also praised crypto-friendly Swiss banks who continue to uphold high compliance standards for clients who buy cryptocurrency. The French Finance Minister, Bruno Le Maire reinforces this sentiment by noting how digital assets will be playing a vital role in the future of France and its economy.
What is more, many address the narrowing division between private users and banking entities with experts highlighting even more specifics regarding this decentralized infrastructure shift. Most crypto veterans, for example, in attendance at the WEF appeared just as enthusiastic as the banks did themselves regarding Central Bank Digital Currencies (CBDC’s).
Rune Christensen, CEO of the MakerDAO Foundation, agrees and believes ‘it’s really good for the trend of digitizing the economy.’ He stated to Coindesk that his own stablecoin protocol, DAI, could eventually evolve into the liquidity backbone for the world’s CBDCs. ‘It’s just a step toward more blockchain adoption’ he adds.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards