What are the biggest challenges and obstacles for reinventing money today? I would say dysfunctional governments through corruption. Could a new monetary system lead us into a world of practices beyond elitism, and give us an inheritance of inconceivable oppressions that the world has never experienced.
Since the dawning of plastic currency transactions, credit and debit cards have resulted in the extra cost of money incurred by money (interests rates or the cost of money to access money) with ongoing credibility checks and risk vulnerabilities.
When we stop our use of ‘tangible money’, this hard-money cash will not be deemed as valueless. Because, already coins, and dollars have become a collectors’ commodity of wealth, tucked away by elites, for the imminency of an impending storm. Plastic money does not bear the motto “In God We Trust”. JonAk Rush Hour/AmericaOnCoffee (AOC)
“In God We Trust”, also written as “In God we trust”, is the official motto of the United States of America and of the U.S. state of Florida. It was adopted by the U.S. Congress in 1956, supplanting E pluribus unum, in use since the initial 1776 design of the Great Seal of the United States.
The capitalized form “IN GOD WE TRUST” first appeared on the two-cent piece in 1864 and has appeared on paper currency since 1957. A law passed in a Joint Resolution by the 84th Congress (P.L 84–140) and approved by President Dwight Eisenhower on July 30, 1956, requires that “In God We Trust” appear on American currency.
The following year, the phrase was used on paper money for the first time—on the updated one-dollar silver certificate that entered circulation on October 1, 1957. The 84th Congress later passed legislation (P.L. 84–851), also signed by President Eisenhower on July 30, 1956, declaring the phrase to be the national motto. Wiki
Bitcoin Goes Plastic: Are Crypto Debit Cards for Real?
Cryptocurrency debit cards are out from Visa, MasterCard and other providers, and are growing in number. Are crypto-friendly debit cards the real deal? the street.com
We are witnessing banking being reinvented in real time, and taking action now couldn’t be more important.
COVID-19 created a critical challenge for the banking industry, one that many banks weren’t quite prepared for. Pre-COVID, digital transformation was a desire. Three months later it is now a demand. Banks need to modify their business and operating models, to serve customers better, and to prepare their employees to work in completely new ways. The path forward is digital transformation, and it needs to happen faster than anyone could have predicted.
This report explains the need for banks to accelerate digital capabilities with a keen eye toward a new set of norms starting with understanding the answers to two fundamental questions facing banks:
How will we generate new growth and protect the current customer base?
How should business and operating model strategies evolve to drive experiences based on evolving interaction needs?
We’ve developed a seven-step journey meant to fundamentally transform how banks operate by influencing the individuals at the top of the house who actually make changes stick. We believe these steps can provide a strategic and holistic roadmap for a sustained reshaping of how banks operate. We see that the recent forced digitization only reinforces that message: Quick change is not only possible, but downright essential.
In this report we help banks define their digital strategies, ascertain ambitions, focus on target market segments, and align their culture with their innovation needs. kpmg.us