The Digital Finance Revolution Will Fade into Obscurity
CBDC, De-Dollarization, and Payments advances will all seem absurd in 100 years.
Artwork of the day: Detail from the “Book of Caverns:” Tomb of Ramses IV, Reign (1163-1156 BC), Valley of the Kings, Luxor, Egypt
King Ramses IV's tomb is in the Valley of the Kings in Upper Egypt. It was constructed in an old Egyptian style, with descending stairs leading to an antechamber. The tomb was designed to protect the Pharaoh's remains and ensure his immortality forever.
The scene depicted is from “The Book of Caverns,” which describes the journey of the sun god Ra through the six caverns of the underworld. The book focuses on the interaction between the sun god and the inhabitants of the netherworld, including rewards for the righteous and punishments for the enemies of the worldly order, those who fail their judgment in the afterlife.
Gazing at the work of artists who lived some 3000 years ago makes me wonder how people will perceive our feeble attempts to digitize finance today.
Looking back on our work today in 50 or 100 years will undoubtedly make our achievements fade into obscurity, despite how hard-fought our advances may be.
This is the perspective that readers should take when digesting today’s stories, all of which are important today but destined to fade into obscurity with time.
BRICS and dedollarization? Will this even be a question in 50 or 100 years? Think back 100 years when the English pound reigned supreme.
Banks and payments? In 50 years, banks’ reluctance to modernize will be the smallest of footnotes. Banks may delay modernization for a few years, but the trend is unstoppable.
And what of CBDC in 100 years' time? The discussion or debate about CBDC will seem absurd! How can governments not have digital payments?
I am gradually returning from digital detox and a week off-line. Next week’s edition will also be abbreviated.
For those struggling to understand the meaning of the recent BRICS Summit, I recommend this superb article by ING Research HERE. My take is that the proposed cross-border transfer system is underwhelming and not destined for greatness.
Please restack!
Readers like you make my work possible! Subscribing is free, and I use the same business model as public broadcasting, where you can get all of my writing for free. If you like the content, please buy me a coffee by subscribing. Thank you!
Sponsor Cashless and reach a targeted audience of over 50,000 fintech and CBDC aficionados who would love to know more about what you do!
