"Cryptocurrency will destroy banks soon"

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Jamie McKane

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"Cryptocurrency will destroy banks soon"

The evolution of blockchain-based digital currencies will soon result in the death of traditional banks as we know them, according to Efficient Group chief economist Dawie Roodt.

Speaking at the Chain Reaction cryptocurrency event in Johannesburg, Roodt said that the world economy is evolving towards a frictionless, decentralised model with greater individual freedom and less interference from centralised banks and governments.
 
I agree that cryptocurrency will potentially change traditional banking, but I don't see this happening very soon, or in ways that we might anticipate. There is still a long way to go before the regulatory and transactional environment around cryptocurrencies are mature enough.

And for as long as people need to borrow money (be it fiat or crypto), there will be banks.
 
What does Dawie mean by a traditional bank? Banks have morphed significantly over the last 20 years and are generally unrecognisable from the entities they were....
 
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South Africa is collapsing - Dawie Roodt - everyone else agrees!!
Crypto will destroy banks soon - Dawie Roodt - errrmmm.. crickets.
 
Reading what Roodt has said, I do not think he was referring to facts. He was painting a dream world in which Crypto becomes the preferred method of payment and Fiat currency fails and what the effects of this would be.

This will never happen. In its current form, crypto currency can not and will not replace fiat currency. In addition, no government will ever allow the free existence of anonymous crypto currency. Crypto will simply remain an impractical solution.

First get rid of banks, then governments, change the way Crypto works and then it may have a small chance of succeeding.
 
Damn.. the hype's back
Which means it's too late again.
 
Possibly in a super advanced first world country would crypto potentially upset the traditional banking apple cart but in SA...? Nah, don't see it happening. I suspect in SA, your average Joe in the street doesn't have the first clue about crypto or what it means. Just the amount of people I see queuing weekly outside ATMS to draw their physical Rands and cents after wages have been paid tells me that in this country at least, digital currency will always play second fiddle to your traditional banking institution.
 
If you've ever worked or been involved in the South African Payments system then you will know how heavily regulated it is. Theres certainly room for crypto currencies like there is things like eWallet - but it will be a niche segment. It's certainly not going to replace the banks. If anything the gov and banks will ensure that they have complete control over any kind of mainstream blockchain tech.
 
Soon, retrenched CIT robbers seeking new work (target).

How will this even work for the poor?
 
Lol. How is this guy a chief economist of anything?
 
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