There’s a narrative amongst the crypto crowd that only cryptocurrencies will be used for payments in the future. While this may be wishful thinking, the future of money is undoubtedly going to be disrupted.
But that disruption is more about the removal of frictions enabled through technology than the technology itself.
As context, Piyush Gupta, the CEO of DBS Bank, made comments about blockchain and web 3.0 at this month’s Singapore Fintech Festival. He said that currently, DBS is using the basic functionality of blockchains which give tremendous efficiencies. But he also described a “level three” future that the “idealist libertarians” envisage.
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