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Deutsche Bank report highlights how digital money will eventually take over physical cash

Deutsche Bank report highlights how digital money will eventually take over physical cash

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  • The biggest banking financial institution in Germany known as Deutsche bank is confident that central-bank digital currencies will eventually replace cash sometime in the future.
  • The research subsidiary for the bank known as Deutsche bank research recently published a report on economic estimations and proposals which would help the global economy is hit by the coronavirus pandemic and the term all that has come as a result.

The biggest banking financial institution in Germany known as Deutsche bank is confident that central-bank digital currencies will eventually replace cash sometime in the future.

The research subsidiary for the bank known as Deutsche bank research recently published a report on economic estimations and proposals which would help the global economy is hit by the coronavirus pandemic and the term all that has come as a result.

Released earlier this month on the 10th of November, the report states that the COVID-19 pandemic has quickly accelerated the revolution for digital cash. They further add that this revolution will eventually allow for central-bank digital currencies such as the digital yuan in China to replace physical cash in the long run. The bank even called on national government and private companies to work on alternatives to credit cards as they further went on to say:

“Worldwide lockdowns and social distancing measures have only increased the use of cards over cash. To respond, companies and policymakers must design alternative to credit cards and remove middle man fees. [...] For now, the priority must be on regional digital payment systems. In the long term, central bank digital currencies will replace cash.”

In the report, Deutsche Bank Research also warned European policymakers about the risks of not developing their own digital currency project in response to China and Sweden’s active progress in the field.

On top of this, the bank further made the argument that being slower to the punch than other jurisdictions could force the adoption of policies by the first movers as they said:

“If other countries do not catch up, they may find that their companies are forced to adopt the digital currencies and policies of other countries as payment mediums.”

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