In 2015, the former Barclays boss predicted a decline in bank staff and branches "by as much as 50 percent over the next 10 years". Today he warned that cryptocurrencies like bitcoin are only the beginning: "This is just in the footprints of what's going to happen. As these technologies season and develop, we can imagine total transformation of the banking system, using blockchain for example, to a world where banks don't really exist anymore."
Up Next in Blockchain
The Bank of Canada is partnering with TMX Group and Payments Canada to explore how blockchain technology could be used to speed up the clearing and settling of securities.
Bank of Canada Exploring Blockchain Tech For Securities
The Globe and Mail
After months of speculation and conflicting messages, ministers have announced the Russian Federation is to issue its own official cryptocurrency – the CryptoRuble. The landmark development will make Russia the first government in the world to officially implement digital currency.