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“Cash will disappear because of political factors(money laundering) and technological factors(cryptocurrencies)”
June 15TH, 2018
It has been argued that the use of cash will disappear due to political reasons such as money laundering and avoidance of taxes, and technical factors such as cryptographic assets (cryptocurrency) and fin-tech.
At the '2018 G20 Global Financial Stability Conference' hosted by the Ministry of Strategy and Finance and the Korea Development Institute (KDI) at the Shilla Hotel in Seoul on June 14, The Director General of the Financial Innovation Center, Fabian Scheer Basel, predicted this in a presentation on the subject of "Capital Flow Changes in the Digital Economy Era."
"The risks and opportunities are there," said Kwon Geun-il, director of the International Economic Commission, at the opening speech. "We need a balanced approach to cryptographic assets and infrastructure technologies."
On the same day, announcements and discussions on the achievements and challenges of the G20 after global crisis, capital flows and financial safety nets were held.
Based on the results of the conference, the Korea Information Security Agency will continue discussions on strengthening the global financial safety net among the G20 member countries (20 major countries). In addition, the G20 international financial system working group, in which Korea is co-chairing the G20, decided to set up additional policy coordination within the G20.
(18.06.14 financial news, http://m.news.naver.com/read.nhn?mode=LSD&mid=sec&sid1=101&oid=014&aid=0004039674)
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