Cultivate a diverse range of crops and raise adorable farm animals for a thrilling ranching adventure. After that, unleash your creativity and construct the ranch of your wildest dreams with an array of buildings and decorations. Rajan, a former governor of the Reserve Bank of India, recently offered his views on this and related questions for Project Syndicate’s “ Finance 3.0 ” event.Create Your Dream Ranch & Build a Thriving TownĮxperience the peaceful allure of country life in a serene location with breathtaking views of a meandering river in Wild West New Frontier. How should governments – and democratic electorates – weigh the risks and rewards? Raghuram G. Though there are many scams, there are also many opportunities, and the countries that can harness these new technologies effectively may stand to gain a competitive edge. The rapid growth of digital assets is a case in point. But technological innovation is not inherently “good” or “bad.” Some changes yield broad benefits for society, but others may benefit the few at the expense of the many, and most will bring a mix of benefits, costs, and complications. The promise of financial technology (fintech) is that it will enable even faster, less costly commerce (including across international borders), improve the allocation of capital toward productive investments, and make financial services even more efficient and accessible, not least to the world’s 1.7 billion unbanked or underbanked people.
If the digital revolution has shown us anything, it is that one seemingly minor innovation can upend or even eliminate entire industries.
But precisely because the financial sector is so central, developments within it are highly consequential. Without efficient payments and broadly accessible financial services, people cannot engage easily in commerce, save for a rainy day, invest in new innovations and business models, or insure against risk.
A well-functioning financial system is a key component of any successful economy.
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