Darrell Duffe's Opinion
Darrell Duffie, Professor of Finance at Stanford graduate school of business, makes a lot of sense in saying that the banks will eventually have to give in to the non-bank payment companies. The fatal combination of economics, technology and public pressure will have it no other way.
Unchecked Profiteering With Impunity
Banks have been having it good for decades profiting hugely from the masses practically at no cost with poor services whilst being protected by their central banks.
The oft repeated excuse that cryptocurrencies would encourage money laundering, criminal terrorism financing and other illicit activities sounds hollow. Under the fiat financial system, such activities were allowed to proliferate unchecked for decades until recently when terrorism financing became a pressing issue. Only then did the governments takes measure to check terrorism financing and money laundering. Yet no strict measures are in place to check other forms of illicit activities in the current system. The proof is in the fact that even today we can deposit illegal money in countries like Switzerland with impunity and no government is concerned about such activities. In fact, Switzerland is looked up as one of the foremost financial centers of the world!
Shared On DLIKE