Would the role of traditional financial institutions decline due to cryptocurrency growth?

[Khezo]

Will the share of transactions made with traditional money issued by central banks decline successively due to the development of cryptocurrencies? What are the consequences of this process in a country with large and growing public debt?

More and more large companies are announcing the creation of their own cryptocurrency. Some investment banks, such as JP Morgan, have announced the creation of their own cryptocurrency for settlements with key contractors. Some technology companies operating in the field of ICT and new online media also plan to develop blockchain technology in cryptocurrency applications. For example, the social media portal Facebook also announced the creation of its own criticism called Libra, which the users of the portal will be able to pay for various services available through Facebook. Some investment funds invest their financial capital in some cryptocurrencies.

Whether in the context of the development of cryptocurrencies, the share of transactions made with traditional money issued by central banks will gradually decrease. Will the development of cryptocurrencies and their rapid dissemination not jeopardize the stability of the monetary systems of some countries? If the share of traditional money in total transactions made by citizens will decrease, will the significance of the financial system, including the banking system, also decrease? If there is a large unpaid public debt in a given country and a decrease in the use of traditional money in transactions between entities, can it lead to a serious financial and / or currency crisis? Many countries finance their public finance debt by issuing Treasury bonds in which foreign financial institutions also invest. So, can future cryptocurrencies be used for international settlements in the future? Can the decrease of confidence in the national currency of a heavily indebted country lead to an increase in international settlements using cryptocurrencies?

Do you agree with me on the above matter?

In the context of the above issues, I am asking you the following question:
Will the share of transactions made with traditional money issued by central banks decline successively due to the development of cryptocurrencies? What are the consequences of this process in a country with large and growing public debt?

 

[marcusfe]

I don't really expect this to affect them much because most of them are also involved in the cryptocurrency market. Besides very transaction that is carried out through cryptocurrency would later come to end in the traditional banking system especially the ones between the middle class people. Those who may likely be affected badly aare those ones who are yet step up their operations into digital currency.

 

[Georgeadawara]

As time goes on the crypto currency will take the whole world currency and top all of all an the ways to take over the traditional way of corrency the world of crypto currency are the best crypto to Invest on it. The issue of traditional treading has gone very far beyond our imagenatin the crypto are far moving.

 

[Deleted member 27126]

Will the share of transactions made with traditional money issued by central banks decline successively due to the development of cryptocurrencies? What are the consequences of this process in a country with large and growing public debt?

More and more large companies are announcing the creation of their own cryptocurrency. Some investment banks, such as JP Morgan, have announced the creation of their own cryptocurrency for settlements with key contractors. Some technology companies operating in the field of ICT and new online media also plan to develop blockchain technology in cryptocurrency applications. For example, the social media portal Facebook also announced the creation of its own criticism called Libra, which the users of the portal will be able to pay for various services available through Facebook. Some investment funds invest their financial capital in some cryptocurrencies.

Whether in the context of the development of cryptocurrencies, the share of transactions made with traditional money issued by central banks will gradually decrease. Will the development of cryptocurrencies and their rapid dissemination not jeopardize the stability of the monetary systems of some countries? If the share of traditional money in total transactions made by citizens will decrease, will the significance of the financial system, including the banking system, also decrease? If there is a large unpaid public debt in a given country and a decrease in the use of traditional money in transactions between entities, can it lead to a serious financial and / or currency crisis? Many countries finance their public finance debt by issuing Treasury bonds in which foreign financial institutions also invest. So, can future cryptocurrencies be used for international settlements in the future? Can the decrease of confidence in the national currency of a heavily indebted country lead to an increase in international settlements using cryptocurrencies?

Do you agree with me on the above matter?

In the context of the above issues, I am asking you the following question:
Will the share of transactions made with traditional money issued by central banks decline successively due to the development of cryptocurrencies? What are the consequences of this process in a country with large and growing public debt?

thank you very much for this post. I must confess that going through everything you have written up there, I am indeed blessed to have learned such thing from you. Thank you so much for taking your time to compile all the above just for the purpose of enlightening us. Thank you

 

[Prettybabe]

Cryptocurrency is supposed to improve the economy, not dwindle it. That's the way I see it. I mean, this cryptocurrency people store in their wallet, will somehow come back to be exchanged to fiat currency and then the cycle continues.

Let me even state this here. Cryptocurrency will not push fist currency out of the way. These two need each to continue to survive.