While speaking about CBDCs (Central Bank Digital Currencies), a type of cryptocurrency pegged to fiat currency that central banks are experimenting with, Sir Jon Cunliffe, the deputy governor for financial stability at the Bank of England, said: “It’s quite difficult to predict how innovators will take money and actually use money going forward. But we are starting to see programmable money being used in the crypto world. And I would expect we would see a similar revolution in the functionality of money driven by technology.”
I love the characterization of cryptocurrency as “programmable money.” While it is technically incorrect, it communicates the entirety of the idea behind decentralized finance (DeFi) in a really nice way.
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About Shelly Palmer
Shelly Palmer is the Professor of Advanced Media in Residence at Syracuse University’s S.I. Newhouse School of Public Communications and CEO of The Palmer Group, a consulting practice that helps Fortune 500 companies with AI strategy, implementation and governance, as well as technology, media and marketing. Named one of LinkedIn’s Top Voices in Technology, he is a bestselling author, covers tech and business for Fox 5’s Good Day New York, is a regular commentator on CNN, and writes the popular daily business blog Think About This. Follow @shellypalmer or visit shellypalmer.com.