Deutsche Bank: Digital Currencies Will Replace Cash in Long Term
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Deutsche Bank, a German multinational investment bank, forecasts that the fiat money will eventually be replaced by digital currencies.

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In a recent report titled "What we must do to rebuild," the German bank emphasized that the worldwide lockdowns and social distancing measures "have only increased the use of cards over cash."

Deutsche Bank: Digital Currencies Will Replace Cash in Long Term

Many large companies and policymakers are faced with an inevitable run for digitalization, focused on removing middle man fees. Deutsche Bank believes that all countries around the globe with the current state of affairs must focus on regional digital payment systems.

"In the long term, central bank digital currencies will replace cash," the bank adds.

The financial institution considers the pandemic as an accelerator of the "digital cash revolution." The handling of cash has come under much scrutiny during the pandemic as various studies have shown how viruses can stick to money fordays or weeks, the bank points out.

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However, in January the German financial hacker held the other view on the future of cash. Germany's largest bank said then that even though cash use is declining and digital currencies are gradually gaining adoption, it is unlikely that cash will disappear.

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