Massimo Buonomo, a former United Nations expert on blockchain and cryptocurrencies, says that consumers can benefit greatly if countries around the world adopt central bank digital currencies, because this will not only reduce costs and the number of security breaches, but also eliminate the need to have a bank account.

"The future will not require credit cards to process transactions, but only digital currency wallets," said Massimo, who serves as an adviser and consultant to many international organizations, central banks, and corporations.

Buonomo said that the only advantage of having a bank account in the current interest rate environment is that it allows for electronic payments without remuneration.

"But there are a lot of costs associated with having a bank account, especially those that charge a fee for each transaction. There is a fee for electronic transactions using credit cards," he said. In addition, there are fewer securities in bank accounts due to the risk of hackers breaking into the system.

Buonomo, who has more than 20 years of experience in international finance, said using a digital currency could eliminate the need to open a bank account.

With the adoption of central banks' digital currency, consumers will not have to pay a fee to credit card processing companies such as Visa, MasterCard, and even SWIFT. "No fees will be required for banks to transfer money or open a bank account," he said.

According to Buonomo, banks do not support the introduction of digital currencies because they will be most affected if a single-tier system is adopted in the long run.

In a single-tier model, digital money will be transferred directly from the central bank through the social security system to one person. This social security system will contain all updated information about individuals. In this way, digital payments will facilitate faster money transfers to people according to their updated information, Buonomo said.

Giving an example, he said: "Because of COVID-19, money transfers that will be made in the US to people who need them can be made directly through digital currency transfers through a security system."

Massimo Buonomo stated that companies like Visa and MasterCard would be worse off because of the introduction of the digital currency. There may also be a two-tier model of digital money that can be transferred by intermediaries, mainly banks, to one person. This model will be adopted in China, as well as offered in the US and other countries.