Over time, cryptocurrency will replace cash - the CEO of payment processor QIWI

  • The CEO of one of the largest payment processing companies in Russia bets big on cryptocurrencies.
  • He believes they will replace cash, while banks will become a relic of history.

Sergey Solonin, the CEO of a payment service QIWI and the head of FinTech Association in Russia, shared his views on the future of digital money. He believes that cryptocurrencies are now competing with traditional money and the trend will intensify in the future.

The banks will soon become history, replaced by platforms and systems like the blockchain platform TON developed by Pavel Durov, according to Solonin. The businessman is sure that traditional banks are a relic of the past as only regulators still need them.

Soloning is one of the investors of TON platform that is scheduled for launch in October 2019.

"Cryptocurrencies are the future.  Of course, the sate will resist their mass adoption, because this concept is still new and mostly unknown. The regulators do not know how this technology works and what are the related risks," the head of FinTech Association noted in the interview with local YouTube channel. 

He also added that in the long term, the digital money would compete with cash payments. Eventually, the traditional fiat currencies will be replaced by this new type of assets, he added.

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