Blockchain and cryptocurrency are integrated into all walks of life to solve traditional solutions with safer and more efficient technologies. Although it is well known that it cannot replace cash, it may have the opportunity to replace or cooperate with traditional banking systems. Blockchain as an important innovation field of financial technology, can it replace the traditional banking system in the future?
I don’t know if there is going to be any replacement at all. The way I am seeing things, the banks we are seeing now seem unlikely to be replaced by decentralized blockchain and cryptocurrency in future, except that they are both going to keep coexist, which to me seems good. Banks are already planning to create their own cryptocurrencies (CBDC), and the government is not going to let cryptocurrency take over, because that means they are losing. Banks are the like their control over finance, so they will fight to keep that.