There has been a lot of talk regarding the digitization of money in the past few months. Those plans became even more viable once the announcement was made by Safe.Cash regarding the digital Euro tokens coming our way in 2016. Bitcoin offers a lot of potential to be used as an activist tool, but will these digital fiat currencies offer the same functionality?
Emerging and developing markets, such as India, for example, are warming up to the idea of using decentralized payment solutions such as Bitcoin and other digital currencies. Looking at this from a financial point of view, India, together with China, are two countries working very hard to drive the growth of non-cash payments. Only time will tell if this move will help foster Bitcoin adoption in both countries.
A few days ago, I read one of the most intriguing finance-related articles I have seen in a while. Norway, a country in northern Europe, is looking to completely remove the ability to pay with cash , anywhere in the country. Could this be a golden opportunity for cryptocurrency?
As the article states, only 5% of Norway’s daily transactions are paid in cash. Other payment methods, such as bank cards and credit cards , dominate the financial transaction landscape. Five percent is next to nothing to be honest. Here in Belgium, I think it’s about fifty-fifty between cash and cashless transactions on a daily basis.