Digital wallet adoption is set to explode thanks to the lessons learned from the current COVID-19 scourge. According to Gary Cohn, a former Trump advisor; the pandemic is set to speed virtual currency usage. However, he cautions that this will take some time but adds that crypto adorers are turning to adopters
Formerly the U.S. National Economic Council director feels the growth of digital currency might be slow but the pandemic boost cannot be underestimated. Cohn who also sits at the Spring Labs advisory board says the shift from fiat to digital currencies has been accelerated by the coronavirus threat.
Fast and secure transactions and digital wallet adoption
Digital wallet adoption means fast access to government aid in a transparent environment devoid of bureaucracy. The former Trump advisor and COO at Goldman Sachs admits that the current scenario is a true reflection of the problems Bitcoin has faced over the years leaving users to trust central banks.
Cohn adds that all digital payment firms “mix together customer funds” and wonders what would happen if all central banks developed digital currencies and issued their citizenry with digital wallets. This could ease the cross border friction and include the unbanked in the system.
Convenience behind digital wallet adoption
Traditional aid channels are too slow and digital wallet adoption can offer fast and secure solutions to all. This has been evident when President Trump declared COVID-19 a national emergency, response from digital wallet owners was faster than fiat. This has negated the no more check is in the mail narrative.
There are many benefits of digital wallets that concludes Cohn are many compared to the government fear that privacy leads to dark net deals. Individuals and benefits are set to benefit from an economy devoid of middlemen and scammers. Transactions are direct between wallets.