Thriving in a digital age: Digital currencies pose the biggest threat to banks – Part III
Monday, 5 December 2016
This is the final part of a revised and improved version of a paper published in the Association for Professional Bankers 2016 Annual Convention Publication titled ‘Thriving in a Digital World’.
Part I of this paper (available at: http://www.ft.lk/article/581122/Thriving-in-a-Digital-Age--Digital-currencies-pose-the-biggest-challenge-for-banks-%E2%80%93-Part-I) examined how paper currencies came to existence and how they were abused by those who had the authority to issue them. The abuse was manifested by an oversupply of paper currencies by central banks and governments leading to a continuous erosion of their value. The victims were people who had accepted them as an important component of their wealth. As a result, there was a growing demand for the introduction of alternative currencies.
The main qualifying candidate was digital currencies, also known as ‘cryptocurrencies’. A cryptocurrency is simply a currency that exists in cyberspace and is operated by using computer and internet technology. The smart mobile phone has been the leading instrument of accessing the internet for using cryptocurrencies for doing transactions and making payments.
Monday, 5 December 2016This is the final part of a revised and improved version of a paper published in the Association for Professional Bankers 2016 Annual Convention Publication titled ‘Thriving in a Digital World’.
Part I of this paper (available at: http://www.ft.lk/article/581122/Thriving-in-a-Digital-Age--Digital-currencies-pose-the-biggest-challenge-for-banks-%E2%80%93-Part-I) examined how paper currencies came to existence and how they were abused by those who had the authority to issue them. The abuse was manifested by an oversupply of paper currencies by central banks and governments leading to a continuous erosion of their value. The victims were people who had accepted them as an important component of their wealth. As a result, there was a growing demand for the introduction of alternative currencies. The main qualifying candidate was digital currencies, also known as ‘cryptocurrencies’. A cryptocurrency is simply a currency that exists in cyberspace and is operated by using computer and internet technology. The smart mobile phone has been the leading instrument of accessing the internet for using cryptocurrencies for doing transactions and making payments.
Thriving in a digital ag2.docx by Thavam Ratna on Scribd
