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Would the role of traditional financial institutions decline due to cryptocurrency growth?
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[QUOTE="Khezo, post: 85470, member: 27133"] [I]Will the share of transactions made with [B]traditional money[/B] issued by [B]central banks[/B] decline successively due to the development of [B]cryptocurrencies[/B]? What are the consequences of this process in a country with large and [B]growing public debt[/B]?[/I] More and more large companies are announcing the creation of their own [I][B]cryptocurrency[/B][/I]. Some investment banks, such as [I][B]JP Morgan[/B][/I], 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 [I][B]Facebook[/B][/I] 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 [I][B]cryptocurrencies[/B][/I], 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 [I][B]monetary systems[/B][/I] of some countries? If the share of [I][B]traditional money[/B][/I] 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 [I][B]public debt[/B][/I] 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 [I][B]foreign financial institutions[/B][/I] also invest. So, can future [I][B]cryptocurrencies[/B][/I] 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 [I][B]cryptocurrencies[/B][/I]? Do you agree with me on the above matter? In the context of the above issues, I am asking you the following question: [I][B]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?[/B][/I] [/QUOTE]
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Would the role of traditional financial institutions decline due to cryptocurrency growth?
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