Front and Back Covers, Volume 39, Number 4. August 2023

Abstract

Front and back cover caption, volume 39 issue 4

CBDC'S BOTANICAL IMAGERY

In the ever-evolving landscape of global finance, the Bank for International Settlements (BIS) has cultivated a botanical metaphor to illustrate the concept of central bank digital currency (CBDC). In this issue, Swartz & Westermeier explore this metaphor (illustrated here by Matthew Kurina), presenting a fascinating anthropological perspective on the intersection of technology, economy and imagination.

The BIS's metaphorical ‘money tree’ positions the central bank as the sturdy trunk, providing stability and support to the financial ecosystem. The branches, representing various financial institutions, extend from this trunk, while the leaves, symbolizing the diverse forms of money, flourish at the periphery. This metaphor not only encapsulates the hierarchical structure of the financial system but also naturalizes the concept of CBDC, subtly implying its inevitability and organic integration into the existing monetary ecosystem.

The BIS uses the ‘money flower’, another botanical metaphor, to classify the past, present and future forms of money. The petals of this flower represent different characteristics of money, such as whether it is digital or physical, centralized or decentralized. This metaphorical taxonomy provides a framework for understanding the evolution of money and the potential role of CBDCs in the future financial landscape.

However, while visually appealing and conceptually insightful, these botanical metaphors also raise anthropological questions. They mask the sociopolitical implications of CBDCs, presenting them as natural phenomena rather than human-made constructs. This portrayal glosses over the potential power dynamics, control mechanisms and geopolitical tensions inherent in adopting CBDCs.

As we stand at the precipice of a new era in digital currency, these metaphors serve as a reminder of the need for critical engagement with the narratives that shape our understanding of complex financial technologies. The ‘money tree’ and ‘money flower’ are not just symbols of financial evolution, but also tools of persuasion, framing our perception of the future of money.

CULTURAL EVOLUTION IN THE AGE OF NFTs

The Bored Ape Yacht Club (BAYC), an intriguing collection of algorithmically generated cartoon ape NFTs etched into the Ethereum blockchain, has not only sparked a cultural phenomenon but also inspired the first ever NFT-themed restaurant, Bored & Hungry, in Long Beach, California, USA.

Why apes? A BAYC founder suggests it is a response to the existential ennui that follows the attainment of vast wealth through crypto investments. ‘Once you've achieved unimaginable wealth, what's next? You join a swamp club with a bunch of apes and embrace the unusual’. Or, you could always enjoy a burger.

Yet, these seemingly whimsical endeavours are more than just a pastime for the crypto rich. NFTs signify a profound shift in the political discourse surrounding blockchain technology. They challenge the financialization of blockchain, aligning with a contemporary wave of anti-finance far-right populism and potentially offering an alternative to the prevailing capitalist democratic order.

In this issue, Bill Maurer delves into the uneasy relationship between the concept of non-fungibility and anthropological theories of embedded or social economies. This tension, he suggests, could pave the way for a post-neoliberal future, one that is not rooted in finance but in regenerative models for future social worlds.

From an anthropological perspective, the rise of NFTs and blockchain technology represents a fascinating evolution of societal norms and values. It challenges our traditional understanding of ownership, value and community, creating a new form of ‘digital tribalism’ where belonging is tied to shared digital assets. Furthermore, the boredom expressed by the crypto wealthy and their subsequent retreat into a virtual ‘swamp club’ can be seen as a form of digital ‘potlatch’, a ceremonial feast of the Kwakiutl, where status is asserted not through wealth accumulation, but through its ostentatious disposal.

As blockchain technology continues infiltrating all aspects of life, anthropology grapples to understand its impact. The cultural shift it brings is as significant as it is complex, and its full implications are yet to be unravelled.