Cloudmoney

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Brett Scott is a journalist, campaigner, and author. He used to be a broker, and knows the financial system inside out. He is a fellow at the Finance Innovation Lab, and has published other books such as The Heretic’s Guide to Global Finance.

The journey to our current financial landscape began with the 2008 financial crisis, which eroded trust in banks and triggered a global recession. Simultaneously, technological advancements, such as the 2007 launch of the iPhone, spurred the rise of fintech startups aiming to disrupt traditional banking. However, instead of dismantling the system, these innovations became intertwined with it, promoting a cashless society driven more by corporate interests than grassroots demand. While digital payments gained momentum, particularly during the Covid-19 pandemic, concerns about privacy, surveillance, and higher transaction costs persist. Cash remains vital, especially for marginalized communities, emergencies, and fostering social progress, yet its availability is declining. Efforts to explore alternatives like cryptocurrencies and central bank digital currencies (CBDCs) have faced challenges, including limited adoption and surveillance concerns. As the push for cashless systems grows, safeguarding cash as a tool for autonomy, equity, and resilience becomes increasingly urgent.

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