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fixed Markdown syntax in 4-3-commerce-and-trust.md
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GlenWeyl authored Aug 12, 2024
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Expand Up @@ -36,7 +36,7 @@ Beneath a sky speckled with stars, against a backdrop laden with memories, Zvi w

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It's a testament to the commercial nature of the contemporary world that none of the protocols we discuss in this section have received nearly the attention in media and policy as new approaches to facilitating payment and commerce. Cryptocurrencies have been one of the focal technologies of the last decade. But only slightly less heralded and far more broadly adopted have been a range of government and other public payments innovations including instant payment technologies using government identities in places like [India] (https://www.npci.org.in/what-we-do/upi/product-overview), [Brazil](https://www.bcb.gov.br/en/financialstability/pix_en) and [Singapore](https://www.abs.org.sg/consumer-banking/fast), central bank digital currencies (CBDCs), and regulated inter-operable digital payment systems like those used in the People's Republic of China (PRC). While they are far from universally adopted or interoperable, a new generation of payment systems is increasingly prevalent in the lives of many people around the globe, making payment in digital spaces increasingly as easy or easier than what cash facilitated in the past.
It's a testament to the commercial nature of the contemporary world that none of the protocols we discuss in this section have received nearly the attention in media and policy as new approaches to facilitating payment and commerce. Cryptocurrencies have been one of the focal technologies of the last decade. But only slightly less heralded and far more broadly adopted have been a range of government and other public payments innovations including instant payment technologies using government identities in places like [India](https://www.npci.org.in/what-we-do/upi/product-overview), [Brazil](https://www.bcb.gov.br/en/financialstability/pix_en) and [Singapore](https://www.abs.org.sg/consumer-banking/fast), central bank digital currencies (CBDCs), and regulated inter-operable digital payment systems like those used in the People's Republic of China (PRC). While they are far from universally adopted or interoperable, a new generation of payment systems is increasingly prevalent in the lives of many people around the globe, making payment in digital spaces increasingly as easy or easier than what cash facilitated in the past.

Yet, in many ways, the relatively rapid success of these efforts is a symptom of what is so disappointing about their progress so far. Cash is perhaps one of the "dumbest" technologies of the pre-digital era: it is a single, homogeneous substance transmitted between roughly anonymous, abstracted accounts. While it has proven far harder to replicate this basic function, and thus recent advances are important, this is not a revolutionary technique enabled by digital technology as, for example, hypertext improved on what had been possible in previous writing. In this chapter, we will summarize progress thus far, discuss the limitations of traditional money compared to higher aspirations for commerce online, and discuss ways to build on recent advances to allow a more ⿻ vision of digital commerce.

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