Why is digital cash on its way?

Cryptocurrencies were the preserve firstly of just a few techies and those championing an alternative to traditional financial services companies as they could be traded and transferred without having to use the existing banking and regulated infrastructure. However, little did the early adopters of Bitcoin et al realise that the banks and, indeed many other financial services companies, were ripe for disruption since many had become too big to fail. As the banking crisis unfolded in 2008, financial markets turned to taxpayers to support them and paper over the cracks. This was demonstrated by the “Bailout Bill” in the US which injected $700 billions of liquidity to the markets, whilst here in the UK, the Royal Bank of Scotland, Barclays, Lloyds and TSB all shuffled ‘cap in hand’ to the then Chancellor of the Exchequer, Alistair Darling, for taxpayers’ money for up to £15billion each. Historically, many traditional, regulated institutions have used Common Business-Oriented Language (C…