The forced digitizations of nearly all industries worldwide makes traditional players adjust and set standards for innovative solutions. Thus, the G20’s Financial Stability Board (FSB) is set for developing a framework for adopting CBDC.
These days, the banking industry is calling on their users to use digital banking payments instead of cash. According to research, some of the more economically developed countries, like Sweden and UK, will move to a cashless society by 2020. However, why are banks so eager to call on their customers to stop using cash?
The interest in cryptocurrency seems to grow as new people join the community. Compared to other communities, the cryptocurrency ecosystem is a relatively nascent community because the first cryptoasset was launched in January 2009, meaning that it is just over one decade into existence.
Officers of the Cybersecurity Department of Latvian Police exposed the activity of an organized gang of cybercriminals. During the operation, the law enforcers confiscated cash and cryptocurrency in the amount exceeding 110,000 Euro.
In this changing financial and economic environment, people are being forced to switch to cashless payments. Although most prefer to use traditional banking cards, some people prefer alternative means such as cryptocurrency. In fact, the interest in the latter is steadily growing, making users speculate it might replace bank cards over time.
The Chicago Mercantile Exchange (CME), a global derivatives marketplace, revealed that Bitcoin futures investors lean towards cash payments over the physical delivery method they receive in Bitcoin (BTC).