The Digital Finance Revolution Will Fade into Obscurity

Artwork of the day: Detail from the “Book of Caverns:” Tomb of Ramses IV, Reign (1163-1156 BC), Valley of the Kings, Luxor, Egypt

King Ramses IV's tomb is in the Valley of the Kings in Upper Egypt. It was constructed in an old Egyptian style, with descending stairs leading to an antechamber. The tomb was designed to protect the Pharaoh's remains and ensure his immortality forever.

The scene depicted is from “The Book of Caverns,” which describes the journey of the sun god Ra through the six caverns of the underworld. The book focuses on the interaction between the sun god and the inhabitants of the netherworld, including rewards for the righteous and punishments for the enemies of the worldly order, those who fail their judgment in the afterlife.

For those struggling to understand the meaning of the recent BRICS Summit, I recommend this superb article by ING Research HERE. My take is that the proposed cross-border transfer system is underwhelming and not destined for greatness.

Underwhelming: Russia's Proposed Cross Border DLT System for BRICS+ Dedollarization

Youtubers proclaiming a gold backed BRICS+ currency get it very wrong!

Russia’s Ministry of Finance released its proposed new cross-border payment infrastructure for next week's BRICS Summit in Kazan, and it underwhelms.

First, let me quash the wreckless rumors from YouTube and Crypto websites that predicted both a gold-backed BRICS currency.

Nothing in this document supports this assertion, and there never has been a credible claim that such a system was in the works—shame on them for promoting falsehoods that get a million views.

Read my full analysis on why this won't fly: HERE

Banks and Payments: Fortune Punishes the Timid

Banks' resistance to payment modernization will leave them eating fintech's table scraps.

Banks and payments are more a story of “fortune punishing the weak” than “favoring the bold” because most banks have done nothing but resist payment modernization.

Read why banks need to up their game and get with payment modernization: HERE

IMF: Quality CBDC Design Won't Break the Banks

The IMF myth-busts banks' fear-mongering that CBDCs will create financial instability.

The IMF myth-busts bank claims that CBDCs will cause financial instability by showing how the impact of CBDC on financial stability is unlikely to be material if designed as a means of payment, not a store of value.

Read my full analysis of how banks once again get CBDCs wrong and prefer fear-mongering to change: HERE