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Explained: How banks can lose $60 billion to cybercash highways

The Model 3 alternative may pose the biggest risk to the conventional money transfer business

Topics
Tesla Model 3 | digital currency | cryptocurrencies

Andy Mukherjee | Bloomberg 



digital cash
Even as officials weigh the conflicting demands of privacy and efficiency, they must also decide how their country’s digital cash will interact with other nations’ tokens

The latest buzzword in the world of digital money is “Model 3”, a moniker for information highways on which funds will zip from one country to another. ought to worry. Their cross-border transfers are both too slow and too expensive for retail customers. Competing against a superior road, lenders might lose traffic — and $60 billion in fees.

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First Published: Tue, September 14 2021. 21:51 IST

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