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.