It has come as mysterious but positive news as well known German economist, Peter Bofinger, voiced his opinions on a cashless economy and its benefits on the economy in terms of social benefits that a economy of this scale could provide. Whilst Germany is one of the biggest economies on the plane, providing much of the international industrial power alongside China, is likely to become one of Bitcoins next pastures as the country thrusts itself to modernize its aging but vast economy.
If these away, the markets for undeclared work and drugs could be dried out. In addition, it would have the central banks easier to enforce its monetary policy.The teaching in Würzburg economics professor called on the federal government to promote at the international level for the abolition of cash. “That would certainly be a good topic for the agenda of the G-7 summit in Elmau,” he said.
As seen above these new views shared by many other German economists have helped to popularize Bitcoin among much of the German economist population. With many other countries such as the US also campaigning for a move to a cashless society it would come as no surprise that one of the most influential and outspoken economists has also rallied support for a cashless society. Bitcoin has been poised to replace physical cash since its inception and it seems with the help of Bofinger, Germany too may finally embrace Bitcoin and the technological and social benefits it too can provide in comparison to fiat.
To conclude, the voice of the famous German economist is thought to be pivotal in influencing the government to regulate digital currency and make the slow transition to a decentralized and advanced economy possibly using Bitcoin as the new medium for trade and economic development. The US has also expressed a end to the use of physical cash which is thought to have caused many economic problems through out the country, and while Bitcoin is prone to devaluation similarly to fiat currency, Bitcoin is backed by energy as coins have to be virtually mined whilst fiat currency can be printed on demand and can be prone to various other problems highlighted by the US such as fraud and the illegal printing of fake currency has also been highlighted as one of the main benefits of using a digital monetary system such as Bitcoin.