The dawn of the ‘Finternet’: What to expect from the digital age of finance – Andy Mukherjee
In the digital age, finance lags behind, burdened by high costs and outdated systems. Agustín Carstens and Nandan Nilekani propose a revolutionary solution: the "Finternet." At its core is the unified ledger, a scoreboard for tracking diverse assets, from securities to real-world possessions. Tokenization could unlock a $22 trillion market, while innovative purpose-bound money offers targeted solutions. Yet, challenges abound, from legal hurdles to privacy concerns. As pioneers press forward, the Finternet promises to reshape finance for the 21st century, though navigating its complexities will demand a paradigm shift from consumers.
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By Andy Mukherjee
Finance in the 21st century is still too costly, and clubby. Besides, when compared with the instantaneous gratification in other aspects of our digital lives, money appears to move too slowly online.
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