Deutsche Bank: Cryptocurrencies Will not Replace Cash  Soon
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Jan. 28, 2020

Deutsche Bank, Germany's largest bank, has said even though cash use is declining and digital currencies are gradually gaining adoption, it is unlikely that cash will disappear, at least in the short term.

These statements, made in its recent report "The Future of Payments," contrast with the ones the bank made not so long ago, when it predicted cryptos would replace fiat money by 2030. However, it now claims cash will continue to be used by users for a long time.

The report, which was published on January 21 and is the first in a series of reports on the future of payments, says "cash, the payment dinosaur, will survive... for now."

According to the bank, fluctuations in Bitcoin price do not make it a "reliable" store of value, and although cryptos have "passed the tipping point needed to become fashionable," they are still in the "early adoption stage."

The bank is actively participating in the blockchain and cryptocurrencies industry. For instance, iHodl reported back in September the Deutsche Bank had joined the Interbank Information Network (IIN), JPMorgan's blockchain network.

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