2050: CBDCs, AI, and the uncharted path ahead | Opinion
As we stand on the threshold of an epochal shift in finance and technology, the emergence of central bank digital currencies (CBDCs) and the rise of artificial intelligence (AI) stand as the two most defining factors. Yet, it’s when these forces intertwine that the real intrigue begins. We’re at a turning point, and the road we’re traveling is one of no return. Money, as we knew it, is vanishing. In Sweden, a mere 9% of transactions in 2020 involved physical cash. Finland is on a fast track towards a cashless future, predicted to embrace it entirely by 2030. In The Netherlands, digital payments have become the norm, and Norway stands at the pinnacle of this revolution with a staggering 98% adoption rate of debit and credit cards. Yet Germany remains the last frontier of cash, with many still clinging to physical currency. However, even in Germany, the tide is turning, accelerated by the COVID-19 pandemic, which has made contactless payments not just a matter of...