MOSCOW—The CEO of one of the largest payment processing companies predicts cryptocurrencies will replace cash, and eventually financial institutions.
Sergey Solonin, CEO of a payment service QIWI and the head of FinTech Association in Russia believes that cryptocurrencies are now competing with traditional money and the trend will intensify in the future, FXStreet said.
The banks will soon become history, replaced by platforms and systems like the blockchain platform TON developed by Pavel Durov, Solonin said.
“The businessman is sure that traditional banks are a relic of the past as only regulators still need them,” FXStreet said, noting that Solonin is one of the investors of TON platform that is scheduled for launch in October 2019.
"Cryptocurrencies are the future. Of course, the state will resist their mass adoption, because this concept is still new and mostly unknown. The regulators do not know how this technology works and what are the related risks," Solonin noted.