A Keynote on the Future of Money: Smart Money

Professor, Dr. Jonas Hedman, Ph.D. presented his view of five scenarios for the future of money, where the scope of “smart” money was dealt with. The keynote took place at Nets Denmark. It is worth to note that smart money is according to Hedman money that can be programmed for specific purposes.

Before Hedman presented the five scenarios for the future of money, then Hedman defined the concept of money as: “Money is a trusted system”. Though Hedman is of the opinion that the current money system is not particular smart since it enables unintended usage. From this perspective Hedman presented for the audience the history of the money system and how it has evolved over time. One point that Hedman made was about the introduction of the credit card and debit card had to some extent stopped the evolution of the money system, at least to some extent. Currently an evolution has occurred according to Hedman: The crypto-currencies such as bitcoin and the central bank supported currency the “eKrona”. The scope of the “eKrona” is to replace the current physical currency in Sweden and that led to five scenarios that Hedman asked the audience to consider:

  1. Pocket money.
  2. Welfare money.
  3. Anti-money laundering.
  4. Corruption and the misuse of money.
  5. Taxation in real-time.

Some of the presented scenarios made the audience react regarding upbringing of children, the role of the state in a democratic society and planning of the economy.

Hedman did predict that it is very likely that the Nordics are among the first nations who will go all in on the digital currencies. Regarding the usage of the smart currency the value adding activities where among the misuse on a personal level, but also on a societal level. This led to some discussion regarding the value adding perspectives of the “smart money”, and Hedman mentioned that regardless of how the individual sees money, then budgeting, savings, planning etc. is about trade-offs in order to achieve an objective.

Furthermore, Hedman mentioned that he was of the impression that the Danish national bank was rather conservative compared to the Swedish when it came to the visions for the monetary systems and forms money might have.


All in all, a thought-provoking presentation that Dr. Hedman gave at Nets Denmark the 16th of May 2019, though it seems like most of the perspectives applied by Hedman were about how to limit the use of money and not as such on the enablement. The value adding activities should be in scope for future research not just how to limit the usage of money.