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Change comes with the territory in business. Fail to adapt, and your company can quickly shutter. However, the pace of change in the digital age has become exponential and is disrupting even large, successful companies that might seem secure. In fact, more than half of Fortune 500 companies have gone bankrupt, been acquired, or shuttered due to digital disruption — and researchers predict that 75 percent of S&P companies will be replaced by 2027. COVID-19 has only accelerated shifts. Reshaping your business to accommodate the new
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TECHNOLOGICAL CHANGE is upending finance. Bitcoin has gone from being an obsession of anarchists to a $1trn asset class that many fund managers insist belongs in any balanced portfolio. Swarms of digital day-traders have become a force on Wall Street. PayPal has 392m users, a sign that America is catching up with China’s digital-payments giants. Yet, as our special report explains, the least noticed disruption on the frontier between technology and finance may end up as the most revolutionary: the creation of government digital currencies, which typically aim to let people deposit funds directly with a
EAGLE-EYED BEACHCOMBERS may recognise the round white shells etched with a five-petal flower. These erstwhile homes of sea urchins resemble a silver dollar, earning them the nickname “sand dollars” and the myth that they are the money of mermaids or the long-lost city of Atlantis. They pile up on the shores of the 700 islands in the Bahamas, so its central bank picked the sand dollar as its logo. In October 2020, when the Bahamas launched the world’s first central-bank digital currency (CBDC), the authorities chose to adorn the app with the familiar floral
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The central bank of Norway, where old-fashioned cash is now used less than anywhere else in the world, says it’s time to take the next step in exploring the introduction of a digital currency.
Norges Bank Governor Oystein Olsen, who in the past has seemed less enthusiastic about central bank digital currencies than his peers, says the case for looking into their feasibility now “has been strengthened.” The bank plans to spend the next two
British finance minister Rishi Sunak told the Bank of England on Monday to look at the case for a new “Britcoin”, or central bank-backed digital currency, aimed at tackling some of the challenges posed by cryptocurrencies such as bitcoin.
A BoE-backed digital version of sterling would potentially allow businesses and consumers to hold accounts directly with the bank and to sidestep others when making payments, upending the lenders’ role in the financial system.
“We’re launching a new taskforce between the Treasury and the Bank of England to coordinate exploratory work on a potential central bank digital currency (CBDC),” Sunak told
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