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The reality is cryptocurrencies are here to stay.  Time will only tell if this will in the form of commodity or currency in its own right. There are two solutions one can visualise

1. In every central banks must digitise fiat currencies may be call it crypto Euros or crypto pounds. This will help central banks when formulating monetary policies, fiscal policies etc.,

2. All central banks can come together and decide on one global cryptocurrency. Something similar to IMF SDRs. 

Tangible currencies days are near over. 

@ Swaminathan, perhaps hacking was not as sophisticated then as it is these days. Can that be a reason for less online frauds? 

With open banking a reality and promoted by regulators 'who appear know the best' the focus now must be on security.  The alternate architecture that is best suited to minimise vulnerability should have the following business flow

1. The bank customer MUST login in to her bank's internet banking portal as they do currently

2. The Bank must provide for an option to the customer if they prefer 'open banking' 

3. The Bank must provide a list of TPP for the customer to choose from

4. The TPPs must have approval from regulators and a separate agreement with the regulated banks

5. The connection must be established through a VPN

6. The customer must be provided with the option of the information that she is willing to share.

7. The Bank must assure the customer that it is the single point of contact for a security breach. 

8. For every session there must be the second factor authentication like a one time password to a registered mobile number or an accepted aand agreed mode of communication.

This is the kind of assurance that will make open banking a success and reduce hacking and online frauds. 

I believe there has to be more product innovation. Products that are digital friendly. I see Scotia doing some great work in this space. Each bank needs to have a digital evangelist, to carry forward the theme in various forums, media etc. Not just send across text messages or cold calls. As you rightly say technology is impersonal, it requires people to create a revolution.