Is the future of money truly inclusive?

In this episode of Crossing Channels, Richard Westcott talks to Sumedha Deshmukh and Bruno Biais about whether the future of money can be truly inclusive. They explore the promise and limits of cryptocurrency, asking whether it offers a genuine alternative to existing financial systems or risks reproducing the same forms of exclusion, volatility and mistrust. The conversation examines why crypto may be useful in places where monetary and banking institutions are weak, but also why it can expose less informed users to new risks. They also discuss stablecoins, digital public infrastructure, regulation, trust and governance, and what policymakers need to consider if digital finance is to serve people’s real needs rather than simply benefiting those who are already better connected and better informed.Season 5 Episode 6 transcriptListen to this episode on your preferred podcast platformFor more information about the Crossing Channels podcast series and the work of the Bennett School of Public Policy and IAST visit our websites at https://www.bennettschool.cam.ac.uk/ and https://www.iast.fr/.Follow us on Linkedin, Bluesky and X. With thanks to:Audio production by Alice WhaleyAssociate production by Burcu Sevde SelviVisuals by Tiffany Naylor and Pauline AlvesMore information about our host and guests:Podcast hostRichard Westcott is an award-winning journalist who spent 27 years at the BBC as a correspondent/producer/presenter covering global stories for the flagship Six and Ten o’clock TV news as well as the Today programme. Last year, Richard left the corporation and he is now the communications director for Cambridge University Health Partners and the Cambridge Biomedical Campus, both organisations that are working to support life sciences and healthcare across the city.Podcast guestsBruno Biais, a professor at HEC Paris, and associate researcher at TSE, holds a PhD in finance from HEC. He is a fellow of the Econometric Society and the Finance Theory group and has been scientific adviser to the NYSE, Euronext, European Central Bank and Bank of England. His current research project, titled "Welfare, Incentives, and Dynamic Equilibrium" benefits from the support of the European Research Council (ERC Advanced Grant).Sumedha Deshmukh, formerly of the Bennett School of Public Policy, is currently a Research Fellow at University College London and the Ada Lovelace Institute. Her research focuses on the economic and societal impacts of digital technologies, with a particular interest in technology governance and public policy. Previously, she led multi-stakeholder technology governance initiatives at the World Economic Forum. She holds a PhD from the University of Cambridge, as well as a Master of Public Policy and BA in Economics from the University of Virginia.