Tech disparity and the privatisation of money

Once again, the world finds itself at a critical juncture. The old order has been uprooted by the rise of new powers, and with it, a new global contest has begun. In the battle for economic dominance, technology has become the new frontline. Just as artificial intelligence is transforming the way we work, cryptocurrencies are reshaping the very foundation of finance and challenging the state’s control over the flow of money. For now, most digital currencies, like Bitcoin and Ethereum, are notorious for their dramatic highs and lows, which makes them impractical to use as a reliable medium of exchange. Consumers need something more reliable. This gave rise to a new class of cryptocurrencies known as stablecoins. Stablecoins are designed to keep their prices steady by linking their value to other assets like fiat currencies or commodities. This makes stablecoins a safer means for quickly transferring funds. And since blockchain transactions are recorded almost instantaneously on digital ledgers, these coins allow cross-border and retail transactions to be completed within minutes instead of days and within a fraction of the fee charged by card issuers and banks.