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According to Deutsche Bank Research, there are many ways that the Covid 19 pandemic that is following us will speed up the switch to digital money in many countries, especially in the most industrialized countries, but it doesn’t mean that Third world countries to adapt to this new country digital system.
All of this is because many financial centers handle cash. as a strong risk factorIn this sense, the central banks will adopt this new system safer, faster and more efficient. Deutsche Bank explained this with reference to an article co-authored by the institute’s macro strategist, Marion Laboure.
After an article titled “The Covid 19 Payout” Every country in the world has good reason to think about it seriously Withdrawal of the use of cash for reasons of hygienic securitybecause it could be the virus carrier that has flooded the planet.
While China is one of the countries that has started to disinfect and even destroy banknotes en masse to prevent the spread of Covid-19, there are many governments around the world that are considering this option.
The way is also that users have to start paying with digital currencies, and the digital payments industry is sure to be updated, so this global opportunity will be shared very soon.
Progressive and not sudden changes
However, we have to take into account that the custom of paying in cash will always be available as it is a traditional form of payment and it is very difficult to change this overnight. What is certain, however, is that global progress and the various forms of modernization in the world cannot be stopped, although we do not understand some systems, modernity prevails, sometimes faster than others, but they are progressing, and in this case the understandable that for a bigger thing You have to introduce a new system that would be digital.
Although the Chinese authorities are increasing the digital system in all of its communities and centralize it through the central bankThey are a bit more skeptical in the west, but the road is already paved so that they can start testing in some countries.
One of the reasons digital currencies aren’t as popular as expected is that there aren’t enough technology companies in Europe. Therefore, they would have to use financial solutions developed in the US, such as Apple Pay, Google Pay and PayPal.
At the moment, as the Mexican song says, cash is “still the king”, but this reality cannot last long.
Photo courtesy of EFE Facundo Arrizabalaga
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