The city of Davos in Switzerland was the host of the recent World Economic Forum (WEF). It was at this location that a new power is rising in relation to the prospect of a cashless society as ever-increasing users buy and sell cryptoassets worldwide. A statement from B.S Kohli, financial adviser for the Head of the Indian state of Punjab, stated that “Physical money is out” seems indicative of this movement.
The digital Economic Minister of Jordan, Mathanna Gharabieh also voiced his opinion that a cashless society is plausible. Since the beginning of the year, citizens of Jordan have been unable to pay for governmental services such as taxes and hospital stays with cash. Jordan has instead used a digital payment platform which has expanded to include mobile wallet to process such transactions. Although having acknowledged that the process of adopting this will be a “tough transformation”, he has stated backing of the project and its adaptability of revamping energy in the sector by “not printing and put it instead on mobile account”.
Heading back to Kohli he even added that “Bitcoin is a fantastic idea” whilst drawing attention to the need for regulation monitoring to be in place. He even signalled out specific praise for the crypto-friendly stance that Swiss banks have employed whilst maintaining their world-renowned compliance standards for their clients looking to purchase cryptoassets. French Finance Minister, Bruno Le Maire backed Kohli’s statement by stating that digital currency will be integral to the future financial institutions of France and the economy.
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