Have you ever enjoyed a warm, crackling fire? As the flames flicker and crackle, didn’t you hear your grandparents spin yarns of fearless heroes, frolicking pixies, and old covenants? Back in the Emerald Isle where my roots go back to the Potato Famine, these stories were more than just fantasy. They were the cultural DNA, passed down through generations, forming the building blocks of who we are. Consider, then, the challenge of preserving heritage in the digital space. Data surges through our society like a raging torrent, washing away the foundations of privacy and agency. That's the challenge Europe is facing, and Money20/20 Europe in Amsterdam offered a stark glimpse into how we're tackling it.

The energy at Money20/20 Europe was palpable. You can sense that the digital finance galaxy has turned a corner from hype to reality and is instead fixated on actually building. Amidst the buzzwords and demos, three core truths emerged, truths that resonated deeply with my own understanding of cultural preservation:

Digital Identity Equals Cultural Sovereignty

Think about it. For hundreds of years, our sense of identity, our ego, was tied up in our community, our family name, the oral histories that we held. Now, it’s locked away in thousands of databases, held by private companies that we’ve never heard of. This is a climate crisis in the making. The EU’s response to this challenge? The digital identity wallet, required by law by 2026.

Now, I know what you're thinking: "Bureaucracy! Government overreach!" And yes, those are valid concerns. But consider the alternative: a world where your digital footprint is permanently etched into the ledger of Big Tech, used and abused without your consent.

The secure, privacy-protecting transactions of the EU’s digital identity wallet go far beyond online spending. Citizens must have greater control over their own data. They should make the decisions about what’s made public and what should remain private. It’s about saving our digital democracy, our digital society, our digital culture, from being happily hoovered up and exploited by forces much larger than ourselves. Like those old Irish bards, the EU is attempting to protect our heritage. This time, not with song, but with digital innovation. To join this sharing, we’re hoping to use the experiences and expertise in building a digital Gaeltacht. This space will ensure our data—and digital identities—remain securely in our control.

Is it perfect? Absolutely not. But is it really a significant step toward a more equitable and culturally aware digital future? I firmly believe it is.

Stablecoins Are More Than Just Hype

Let’s face it, crypto can seem like a dangerous Wild West. But amidst the volatility and scams, stablecoins are emerging as a surprisingly stable force – a programmable form of money with the potential to revolutionize global payments.

At Money20/20, the excitement and hopefulness about stablecoins was everywhere. Stripe's interest, for example, speaks volumes. Why? Because they understand how it can simplify cross-border transactions and help make it easier for businesses of all sizes to operate on a global scale.

There's a deeper implication here. Stablecoins represent a shift in power. They provide a faster, cheaper and more transparent alternative to existing banking infrastructure. This is huge for emerging markets, for marginalized communities, for anyone who's been left behind by the existing financial infrastructure.

Europe is already setting the global regulatory pace on stablecoins, with the MiCA framework offering a straightforward issuance route for stablecoin providers. The UK is taking a different approach, but the overall message is clear: stablecoins are here to stay. Without some kind of stablecoin strategy, US banks risk falling behind this new technology.

This isn't just about faster payments. Providing financial inclusion allows people and small businesses to thrive and prosper. More importantly, it helps them compete in the global economy on a greater level playing field. It’s not just a nice thing to do, it’s the key to creating a more resilient and culturally diverse financial system.

Open Banking Needs a Kick in the Arse

Open banking is poised to change the finance ecosystem. It gives consumers more power to control their data and opens the door for new, cutting-edge services. In many ways, it's been a disappointment. Adoption is patchy, APIs are buggy, and monetization models are half-baked at best.

Money20/20 offered a glimmer of hope. The combination of instant payment regulations and the PSR are requiring banks to develop account-to-account payment solutions. For this reason, open banking is having a new moment. The meeting point of open banking and digital assets is a supremely exciting prospect. First and foremost, it can bring digital wallets closer to be integrated into mainstream banking applications.

Open banking needs a serious kick in the arse. It requires more than strategic compliance. It needs strategic vision. Financial institutions need to approach open banking as an exciting opportunity, not a threat. Taking this updated approach extends their innovation and adds new value that their customers are looking for.

And it’s high time for regulators to take the lead and make sure that APIs are consistent and interoperable. The EU’s PSD3 framework, which was crafted in parallel with MiCA, is definitely moving things in the right direction. While these efforts are a good start, much more needs to be done to nurture a genuinely vibrant, open and competitive banking ecosystem.

Ultimately, open banking isn’t really a technology. It’s about empowering consumers to feel safe sharing their data, leading to them adopting new financial services. That’s what creating a more transparent banking system that holds our banks accountable is all about.

Money20/20 Europe was an opportune point in time for the EU’s progressive digital identity and digital finance agenda to shine. In sharp relief, though, it emphasized glaring divergences with the US. The US takes a largely laissez-faire approach to data privacy. This position jeopardizes protections for corporate interests over cultural identity and individual rights.

This is a dangerous path. Without strong regulations to protect Americans, the US will become a digital Wild West. We need to empower citizens to protect their own individual privacy before data becomes the unquestioned overlord.

Money20/20 Europe was more than a conference – it was an awakening. Digital finance is more than technology. It’s our people, culture, and the inclusive, equitable future we want to create together that will get us there.

As we plan for the future, let’s take our own past to heart. Join us to discover the tales of our forebears! They understood just how vital it is to protect our cultural heritage and defend our communities. Together, we can create a more inclusive, innovative and connected digital future. Let’s work together to help make sure technology is a force for good in everyone’s lives, regardless of where they come from or what their circumstances.

The digital fire is burning brightly. So let’s promise to make the best use of this data. Working in partnership, we can build a future that deserves our values, our culture and empowers us all to prosper. Otherwise, we risk losing our digital souls. And that’s a story nobody wants to be telling.

As we move forward, let's remember the lessons of the past. Let's learn from the stories of our ancestors, who understood the importance of preserving our heritage and protecting our communities. And let's work together to create a digital future that is both innovative and equitable, a future where technology empowers us all, regardless of our background or origin.

The digital fire is burning brightly. Let's make sure we use it to build a future that reflects our values, preserves our culture, and empowers us all to thrive. Otherwise, we risk losing our digital souls. And that's a story no one wants to tell.