The world is witnessing a historic transformation of the global financial system, as the US dollar is losing its dominance and the role of banks is diminishing. The recent wave of bank failures in the US and other countries has exposed the fragility and vulnerability of the traditional banking system, which relies on trust, confidence, and regulation. As more people lose faith in banks and fiat currencies, they are turning to alternative forms of money and payment, such as cryptocurrencies, digital currencies, and peer-to-peer platforms. These innovations challenge the status quo and create a new cashless society system where money is decentralized, digital, and borderless.
