In the chaos of the future of cryptocurrency, International Monetary fund or IMF attempts to find user’s views to predict the better payment solution in next 5 years. Accordingly, IMF began a poll including Cryptocurrency as the option among three more payment systems.
IMF took a twitter poll as an indicator to predict the feasible solution to pay for lunch in 5 years. Consequently, the organizations demand users to select their preferred option among Cash, Cryptocurrency, Mobile Phone, and Bank Card.
Although the poll is still running and will be finished within 13 hours – the poll result from 16,616 votes (at press time ) shows that cryptocurrency is moving with the highest ranking. Subsequently, crypto is ranked #1 with 54% followed by Mobile phone with 31%, Bank Card with 8%, and Cash with 7% respectively.
Nevertheless to say that despite a little doubt, payments via cryptocurrencies like Bitcoin is on the peak. Indeed, it is transforming the way consumer make purchases and proceed the payment.
Money and Payments in the Digital Age
Following the doubtful tone of whether crypto payments can be the future, the International Monetary Fund has recently organized a meeting in Washington D.C with a center point ‘Money and Payments in the Digital Age’.
During the panel, Christine Lagarde, IMF Managing Director talks about how Cash payment is declining – in fact, she explained Sweden had merely seen 13% of Cash-settled transaction during 2018. Speaking about Cash or no cash, Lagarde says that;
“Banks will have to adapt to survive, or disappear. They will have to decide cash or no cash.”
While IMF still predicting the future of payments, major crypto players such as Coinbase, Binance have already racing towards seamless crypto payment solutions. As such, the Seattle based cryptocurrency exchange, Coinbase has launched VISA debit card, enabled with various cryptocurrencies including BTC, ETH, XRP, EOS and more. It enables Coinbase users to spend their crypto balance for meals and many other purposes across the UK.
What’s your prediction? Do you think crypto is the best alternative and ultimate payment solution in next 5 years? Let us know in the comment below and contribute to IMF’s poll here
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com