What does 𝐅𝐮𝐭𝐮𝐫𝐞 𝐌𝐨𝐧𝐞𝐭𝐚𝐫𝐲 𝐒𝐲𝐬𝐭𝐞𝐦 look like? How does it impact payments?

 BIS (Bank of International Settlements) annual report shaped it for us.

👉 TL;DR Version:
- The metaphor for the future monetary system is a 𝐟𝐨𝐫𝐞𝐬𝐭. See the diagram below.
- The central bank money is the solid tree trunk.
- The canopy facilitates 𝐜𝐫𝐨𝐬𝐬-𝐛𝐨𝐫𝐝𝐞𝐫 activities.
- Private sector PSPs(Payment Service Providers) can embrace innovations and serve users better.

There is a burst of innovations in payments due to crypto and blockchains, but some structural flaws revealed in recent collapses make crypto 𝐮𝐧𝐬𝐮𝐢𝐭𝐚𝐛𝐥𝐞 for the foundation of the monetary system.

A system based on central bank money is a better choice.
We can then build a fast and efficient 𝐩𝐚𝐲𝐦𝐞𝐧𝐭 𝐞𝐜𝐨𝐬𝐲𝐬𝐭𝐞𝐦 on top of central bank digital currencies (CBDCs).

👉 Over to you: Where are the commercial banks in the future monetary system?
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Click Follow for more Payments/Blockchain Illustrations. Hua Li

#payments #cbdc #finance #banks

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