A new report from Deutsche Bank Research, Digital Currencies: the Ultimate Hard Power Tool, predicts that cash payments will remain for decades, but the emergence of digital payments “will lead to the death of the plastic card.” The report, which is the third installment in a series on payments by the group, points to economies like China in their rapid digitization and heavy reliance on online payment systems. Should the newly developed digital yuan come to prevalence, the report maintains, it could seriously challenge USD hegemony.
Also Read: Singapore Introduces Licensing for Crypto Platforms, New Payment Services Now Act in Force
End of Plastic, Survival of Cash
Deutsche Bank Research’s third installment to their Future of Payments series opens with quotes from European Central Bank (ECB) President Christine Lagarde and Nobel Prize winning economist Milton Friedman, discussing digital currencies and their predicted importance to future markets and commerce.
Unlike many prominent prognosticators of finance, the authors are…