How do young people pay for their purchases?

The world is changing, and so is the way we pay. While in the past it was common to carry cash or go to the cashpoint, for young people these payment systems have become obsolete. 11Onze agent Mònica Cornudella explains how young people pay for their purchases.

The indispensable tool for all these payments, it is clear, is the mobile phone, and there are at least three methods that are quite common. All are characterised by being quicker, faster and commission-free, but they have the disadvantage of limiting the amount that can be paid, which ranges from 500 to 1,000 euros per transaction. Let’s see what they are!

1. Mobile payments linked to a current account or card. In this case, young people only have to link their debit or credit card details to the bank’s application on their mobile phone or take a photograph of the card so that the system can scan the numbers and detect it. At 11Onze you can now order your virtual card through El Canut.
2. Payment with a ‘contactless’ card. In this particular method, all you have to do is activate the corresponding application and bring your mobile phone close to a dataphone capable of reading the phone’s NFC chip. This system allows young people to make purchases using radio frequency identification technologies, which are embedded in smart cards in mobile phones or other devices. Moreover, if the purchase does not exceed 20 euros, it is not even necessary to enter the PIN.
3. Transfer by mobile phone. Finally, we must talk about what is the most popular way of paying among young people. Surely you have heard of Bizum or PayPal. These are platforms or applications that allow small transfers to be made between individuals using the same mobile phones. Simple and uncomplicated. And you, how do you pay for your purchases?

11Onze is becoming a phenomenon as the first Fintech community in Catalonia. Now, it releases the first version of El Canut, the super app of 11Onze, for Android and Apple. El Canut, the first universal account can be opened in Catalan territory.

There are now more mobile devices in the world than people. Mobile phones have changed the way we live, work, communicate and even our quality of life, wellbeing and health.

An app is a standalone piece of software that is made to perform a specific task and is optimised for use on smartphones, tablets or smartwatches based on the features available. Health apps are known as mobile Health (mHealth), and according to the World Health Organization (WHO) it is a “delivery of health information and services using mobile technologies”.

What is a health application?

It falls within the field of eHealth, understood as the use of communication and information technologies applied to health services (computers, mobile phones, GPS, connected medical instrument monitors, medical robots, etc.). These are computer programmes that are used on mobile platforms and are often connected to medical devices that tell us how to improve our health or prevent risks. There are also diagnostic applications for treating patients or communicating with our healthcare system.

The European Commission states that medical and public health practice is compatible with mobile phones, patient monitoring devices, personal digital assistants and other wireless devices. It also includes in this category applications related to health information to the population, medication reminders sent by SMS, telemedicine, training and guidance systems and even lifestyle and wellness applications created with the aim of maintaining or improving the population’s healthy habits through the practice of sport and wellness.

How are they monitored and what quality criteria is used?

In Catalonia, a method for evaluating mobile health applications using objective variables, called iSYScore, has been used for some time now.

The criteria used by iSYScore to select the most suitable mobile health apps is based on the opinions of users, developers and health professionals, and is based on three key factors: popularity, trust and usefulness.

What are the problems with these applications?

Basically, the lack of loyalty. There are few apps that have achieved long-term stability. A study confirms that 70% of chronically ill people who have used them stop using them after six months. And 80% of apps are abandoned after only two weeks. To improve these figures, personalisation based on different profiles would be advisable. Each person is unique, and these apps act in a generic way.

Another problem to be faced is that of data ownership and data protection, as well as the loss of credibility the product may have if it doesn’t work for the first users who try it.

Tips for choosing a reliable application

1. Be informed: Search and compare applications on search engines such as Google. 
2. Reviews: Search forums for user opinions. 
3. List of options: Choose between 4 or 5 applications.
4. Reliability:  Make sure they are based on scientific evidence, and a good place to do this is to look for references in PubMed (National Center for Biotechnology Information).
5. Test: It would be advisable to test (try out) the application with a friend. If, for example, you suffer from insomnia, it is important that your friend does not suffer from insomnia so that you can share how it went.
6. Who is behind it? To be a quality (reliable) application, it is important that technicians, health professionals (who will be different depending on the purpose of the product) and experts in legislation and data management have been involved in the process. 
7. Obsolescence: Clinical studies require time and in the world of new technologies time passes very quickly and therefore needs to be taken into account.

Following these simple steps will ensure that the applications you use are quite reliable.

11Onze is the community fintech of Catalonia. Open an account by downloading the super app El Canut for Android or iOS and join the revolution!

Artificial intelligence generates equal parts of admiration and rejection. The advantages of a digitalised world clash with the desire not to lose traditional practices. The fear, primarily, is of losing the human side, but what if technology could help us to enhance it?

In recent years, research in scientific fields has been strengthened thanks to the incorporation of AI, artificial intelligence. Universities, companies, and projects are joining forces to advance and improve both disease diagnosis and treatment, with special emphasis on improving the quality of life of patients, both physically and psychologically.

Artificial intelligence reaches the field of mental health and is part of this crusade, between therapists and patients, to speed up the diagnosis process, facilitate its recognition and improve the precision of each treatment.

Algorithms to prevent disease

In everything that affects mental health, the prevention factor is key. For this reason, entities, companies, and organisations are joining forces – increasingly sophisticated – to make tools available to the population that facilitate the process of asking for help. Diagnosis, treatment, and recovery depend on this first step.

Countries such as the United States have taken action, and more and more research centres are turning to AI. We find projects such as The Trevor Project, which, through AI, has created a safe space for the LGBTQI+ community, especially as a support for young people. The reason is as simple as it is worrying: they estimate that in the United States alone, 1.8 million young people consider suicide every year, and at least one young person attempts suicide every 45 seconds. If we expand these figures, calculated only in relation to the LGBTQI+ collective, among the total population, the figures increase considerably.

Catalonia has also developed research projects and companies oriented towards AI for mental health. For example, the STOP Project, led by the Universitat Pompeu Fabra, is aimed at detecting depression and preventing suicide and eating disorders. They do this thanks to an algorithm that acts focused on social networks, a space where users are especially vulnerable. Thanks to the latest campaigns carried out, the project has managed to increase by 60% the calls to the Telèfon de l’Esperança, a foundation that accompanies all those who feel lonely or may need help.

The right words can save lives

AI has made it possible to take a step forward, and businesses from different fields are creating algorithms to help. The first advantage of digital tools is accessibility, allowing therapeutic resources to be at hand anywhere and at any time. This is a key advantage, although it may minimise its effect on profiles of people who are not very technological or without resources.

The sophistication of AI systems is such that they are capable of analysing the patient’s behaviour, facial expressions, tone of voice, or the language they use. With all this data, the X-ray of a patient can be much more realistic, and the diagnosis more accurate. Two key factors in mental health, especially if we take into account that half of the patients receive erroneous diagnoses, according to Aimentia, a Catalan company that develops digital tools for professionals in the field of mental health.

Other algorithms go further and analyse conversations between patients and therapists with the aim of providing professionals with a more accurate approach when communicating with patients. The goal of all these projects is clear: to get mental health problems, which according to the WHO affect one in four people, treated and cured.

11Onze is the fintech community of Catalonia. Open an account by downloading the super app El Canut on Android and Apple and join the revolution!

Technology companies are investing large amounts of money in creating new multimodal artificial intelligence models and algorithms that can learn, reason and make decisions autonomously after collecting and analysing data.

Data processing and machine learning are accelerating the development of artificial intelligence at an unrelenting pace. While early AI assistants, such as Siri or Alexa, were limited to simple interactions, with the entry of ChatGPT on the scene everyone started talking about the next generation of AI assistants that could perform more complex tasks.

The goal was to create a system capable of performing a wide range of tasks, like a human assistant. However, these assistants did not go beyond the processing of textual data, limiting their practical use. It is an approach far from how humans understand the world, using multiple sensory channels simultaneously.

Thus, the evolution of AI is focused on new algorithms that can process and integrate information from various modalities, including images, audio and video, to improve interaction. Many experts, including Sam Altman, CEO of Open AI, say that multimodal AI agents are the next big revolution that will make AI tools even more integrated into our daily lives than smartphones.

The future of multimodal agents

In practical terms, a multimodal AI agent can, for example, analyse a text while processing an image, spoken language, or an audio clip to give a more complete and accurate response, both through voice and text. This opens up new possibilities in various fields: from education and healthcare to e-commerce and customer service.

According to David Barber, director of the Centre for Artificial Intelligence at University College London, these agents could also streamline the processes of businesses and public bodies, so that an AI agent could function as a more complex customer service canister.

Unlike the current generation of linguistic model-based assistants that can only generate the next likely word in a sentence, an AI agent would have the ability to act autonomously on natural language commands and process customer service tasks without supervision, such as analysing customer complaint emails and, by accessing the management database, process them according to company policies.

Multimodal AI agents can also analyse consumers’ shopping behaviour, including their interaction with various media, to provide more personalised product recommendations. This is a practical application that would also be useful in educational environments, transforming the learning experience by providing personalised and interactive content.

Perhaps one of the most obvious uses of this latest evolution of AI is autonomous vehicles that can drive with limited human intervention. While it is true that we are still a long way from these vehicles being able to achieve fully autonomous operation, AI agents are already an integral part of their operation, sensing the car’s environment and making informed decisions.

In the medical field, it can not only improve patient care by integrating various types of data but can also help healthcare professionals diagnose diseases, identify patterns and suggest possible treatments by analysing medical images, vital data and the patient’s medical history. However, as with other potential applications that handle large amounts of personal data, privacy, security and ethical issues will need to be addressed to ensure public acceptance.

11Onze is the community fintech of Catalonia. Open an account by downloading the app El Canut for Android or iOS and join the revolution!

In contrast to the current economic development model, which is based on the uncontrolled extractives of natural resources, the bioeconomy seeks to provide goods and services sustainably across all economic sectors. Emerging technologies are expanding the areas in which a circular bioeconomy can transform our society.

According to the strategy adopted by the European Commission in 2012, designed to steer the European economy towards a more sustainable use of natural resources, the bioeconomy is an economic system that uses the earth’s biological resources and waste as inputs for food and feed production, as well as for industrial and energy production and the use of biological processes in a sustainable industry.

Since then, both the European Union and the OECD have implemented specific bioeconomy policies affecting various industrial sectors such as agriculture, fisheries, food and renewable energy. Europe aims to accelerate the deployment of a sustainable bioeconomy model to maximise its contribution to the 2030 Agenda and the Sustainable Development Goals (SDGs), as well as the Paris Agreement on climate change.

However, despite decades of investment, technological progress, and optimistic market forecasts, the transition to a bio-based economy still has a long way to go before it can offer a commercially viable alternative to the current dependence on fossil fuels in all facets of the economy.

A technology-driven bioeconomy

The World Economic Forum’s report “Accelerating the Tech-Driven Bioeconomy 2024” provides a detailed overview of how technology is transforming this sector and the opportunities and challenges ahead. Specifically, it examines how bioengineering and other technological advances create the perfect conditions for a bio-based economic transformation.

“The world is positioned better than ever before to accelerate the global transition to a bio-based economy. Capturing increasing quantities of carbon, tackling previously incurable diseases, delivering clean water, sustainably feeding a growing population, remediating environmental damage and reducing carbon emissions represent just a few areas for bio-innovation.”

According to the WEF study, done in collaboration with Capgemini, several converging technologies are revolutionising the bioeconomy. For example:

Gene editing through technologies such as CRISPR is being used in a wide range of applications, including the development of more resilient, productive and nutritious crops, and human medicine such as the elimination of infectious diseases. Unlike the technologies that preceded it, CRISPR has democratised genome engineering because it is easy to use and low cost.

Bioengineering is creating microorganisms designed to produce sustainable chemicals and fuels that are transforming industrial production. Biological engineers want to mimic biological systems to create products that can replace, or improve upon, some chemical and mechanical processes.

Digitalisation applied to precision agriculture using sensors and global positioning systems on machinery or using drones allows for more efficient and sustainable management of agricultural resources. On the other hand, the traceability of supply chains, thanks to blockchain technologies, guarantees better transparency.

Similarly, technologies for converting organic waste into bioproducts and bioenergy improve sustainability, thus contributing to the circular economy by reducing the use of non-renewable natural resources and minimising environmental impact.

11Onze is the community fintech of Catalonia. Open an account by downloading the app El Canut for Android or iOS and join the revolution!

Open Wi-Fi networks offer convenience, allowing us to access the Internet in cafés, airports, hotels, and other public places. However, these networks are rarely properly secured and carry numerous security risks that many users need to pay more attention to.

Public Wi-Fi networks are free internet hotspots found in many public places, such as hotels, cafés, airports and shopping centres, and allow you to surf the internet without using your data tariff. But is it safe to connect to these networks?

Although there are some exceptions, it is important to note that, as a general rule, public or open Wi-Fi networks often have weaker security than private Wi-Fi networks such as those we may have at home. The same easy-to-connect characteristics that make them attractive to consumers also make them a magnet for hackers, who can gain access without the restrictions of a properly secured network.

Thus, a hacker connected to one of these networks could set up his or her equipment to get between us and the service provider, gaining access to our information or stealing our data.

Another of the techniques most commonly used by hackers to obtain confidential information from other users is to create a fake Wi-Fi network with the name of the establishment from which the signal is received, to gain access to the device of customers who connect to their network.

How can we protect ourselves?

We may find ourselves in situations where a public, open or not very secure Wi-Fi network will be the only connection available, so it is advisable to take some basic precautions.

• Disable automatic connection. Ensure that your mobile or computer does not automatically connect to public Wi-Fi networks by setting your device to ask for authorisation before connecting to a network.
• Update your device. It is essential to have run all pending updates to your device, whether it is the operating system, browser, or the applications you use. This will close any security gaps that third parties could use.
• Download an antivirus. You probably already use an antivirus on your computer, but it is also advisable to install one on your mobile phone if you use it to connect to open Wi-Fi networks.
• Avoid using banking applications. When connecting to a public Wi-Fi network, it is better to avoid accessing our bank’s application or any other payment application that we may use to make online purchases.
• Use a virtual private network (VPN). Many of these VPN applications are free and offer an encrypted virtual connection between the two data exchange points that will stop cybercriminals from accessing or at least make it more difficult for them to do so.
• Check for SSL certificates. SSL is a standardised technology that encrypts data traffic between two web servers, thus securing the connection. If the letters “HTTPS” appear at the beginning of the address (URL) of a website, this place is protected by an SSL certificate. Therefore, activate the option to always use HTTPS on websites that you visit frequently, or that require your data.

11Onze is the community fintech of Catalonia. Open an account by downloading the super app El Canut for Android or iOS and join the revolution!

Quantum computing is no longer science fiction. The great technological powers are investing billions because they know it can transform the global economy. From banking security to logistics, artificial intelligence, or monetary control, quantum computers promise to solve in minutes problems that today would require decades. But who will control this power?

For decades, traditional computers have operated according to the same logic: the binary system. Everything is reduced to bits, which can be 0 or 1. This architecture has made it possible to build everything from the first computers to today’s artificial intelligence systems, but it also has obvious limits.

Some mathematical problems are so complex that, even with the world’s most powerful computers, they would take decades or centuries to solve. This is where quantum computing comes into play, working not with bits, but with qubits. These can exist in two states at once thanks to quantum superposition: like a coin spinning in the air, which is neither heads nor tails, but both things simultaneously.

This property allows quantum computers to explore certain calculations in parallel in a way that is impossible for a classical computer. The consequence is enormous: problems that we currently consider “impossible” could be solved in minutes. And this is not just a technological revolution. It is a change in economic paradigm.

The great threat to the financial system

The first major potential victim of quantum computing could be digital security. The global financial system is based on cryptography: banks, credit cards, international transfers, digital signatures, and cryptocurrencies depend on mathematical systems that today are practically impossible to break because they would require decades of computational calculation.

But a sufficiently advanced quantum computer could reduce that time to minutes. This means that a large part of the world’s financial infrastructure could become obsolete. What today protects bank accounts, personal data, or state reserves could cease to be secure. It is precisely this capacity that is triggering a new global technological race comparable to the nuclear race of the twentieth century.

The United States, China, and the European Union are competing to lead a technology that will transform not only the economy, but also world geopolitics. Quantum computing could alter the global balance of power in the same way that the internet, oil, or the atomic bomb did. Whoever leads quantum technology will have a decisive advantage in the economy of the future.

Quantum computing does not only affect financial security. It can also revolutionize global productivity: optimizing logistics networks, reducing energy costs, accelerating pharmaceutical development, and transforming financial markets. Major investment funds could analyze millions of scenarios simultaneously, insurers could calculate risks with unprecedented precision, and central banks could model crises almost in real time. The risk is clear: that this technology will further amplify global economic inequalities.

Europe wants to avoid falling behind

For years, Europe has exported technological talent while the great digital giants were born in the United States or China. But in quantum computing, the situation is different. The European Commission has increased investment in quantum research with programs such as the “Quantum Flagship”, designed to promote European companies, universities, and research centers. The objective is clear: to avoid absolute technological dependence on the great powers. And it is not only an economic issue, but also one of sovereignty.

In an increasingly digitized world, whoever controls technological infrastructure also controls information, finance, and a large part of political capacity. We have already seen this with the dominance of the dollar and global payment systems. Quantum computing could create an even deeper new dependency. And when it is combined with artificial intelligence, the shift could accelerate exponentially: from personalized medicine to financial prediction, the creation of new materials, or the development of autonomous weapons. The debate is no longer whether this revolution will arrive, but who will control it.

The risk of a new digital extractive capitalism

Every major technological revolution has been accompanied by a concentration of economic power. It happened with the Industrial Revolution, it happened with the internet, and it could happen again with quantum computing. The large technology corporations already accumulate data, computational capacity, and financial resources on an unprecedented scale.

Quantum computing could further reinforce this hegemony. It is a scenario that fits with the logic of modern extractive capitalism: controlling the infrastructure in order to control the economy. In this context, technology ceases to be a neutral tool and becomes a tool of power.

Economic history teaches us that every major technological change redefines the world’s centers of power. The steam engine propelled the British Empire, oil consolidated the United States, and the internet created today’s technology giants. Quantum computing could determine who will lead the global economy over the coming decades, because whoever dominates this technology will have not only an economic advantage, but also a geopolitical one.

A future that has already begun

We are still at the beginning of this revolution. Today’s quantum computers still have important limitations: computational errors are high and their stability is extremely delicate. But development is advancing quickly, much more than most of society perceives.

As happened with the internet in the 1990s, many people still see quantum computing as a distant technology. But major companies and governments are already competing to dominate it. This means that the world’s economic future could begin to be decided right now, inside laboratories that most citizens do not even know exist.

That is why it is essential to understand what is at stake. Quantum computing is not just technology: it is economy, power, and sovereignty. And for the 11Onze community, understanding these changes is a way to protect ourselves, anticipate risks, and make better decisions. Because the future is not written only by those who master technology, but also by those who have the knowledge not to be subjected to it.

11Onze is the community fintech of Catalonia. Open an account by downloading the app El Canut for Android or iOS and join the revolution!

Artificial intelligence (AI) is transforming the world at breakneck speed. Companies, governments and investors are competing to position themselves in what appears to be the new engine of global growth. But behind the technological euphoria, uncomfortable doubts are emerging: are we facing a structural revolution or a new financial bubble? And, above all, what risk does it pose for investors and for the economic system as a whole?

Economic history is clear. Every major innovation has been accompanied by a similar cycle: enthusiasm, massive investment, overvaluation… and correction. It happened with the railway in the 19th century, with technology companies during the “dot-com” bubble of 2000 and, more recently, with sectors such as fossil fuels, where some analysts were already warning of a structural overvaluation of assets. AI does not seem to be an exception.

According to market data, the major technology companies have accounted for a significant share of stock market gains in recent years. Companies with multi-billion valuations that, in many cases, have not yet proven profitable business models associated with AI. The question is inevitable: are we paying for the future… or inflating it?

The narrative that justifies everything

Every bubble needs a story. And AI has a very powerful one. Massive automation, exponential increases in productivity, replacement of jobs and new economic models outline a disruptive future that seems to justify any valuation. But the problem is not the technology, but its translation into financial expectations.

Many companies include the word “AI” in their discourse to attract capital, just as happened with “blockchain” or “crypto” a few years ago. The result is a distortion of the market, where perceived value exceeds —and often far exceeds— real value. This phenomenon fits with a deeper dynamic of the current economic system, where the proximity between financial, political and corporate power can amplify speculative trends and favour certain actors.

The real problem is not that there is a bubble, but that it could affect the entire system. When large investment funds, banks and institutions concentrate capital in the same sector, the risk ceases to be individual and becomes systemic. We already saw this in 2008 with subprime mortgages or with the possible carbon bubble, and with AI the pattern could repeat itself: concentration of investment, dependence on narratives, costly infrastructure and a possible domino effect that, in the event of a correction, could impact global financial markets.

The real economy vs. the speculative economy

There is a growing disconnect between the real economy and financial markets. While wages struggle to maintain purchasing power and the cost of living rises, markets can experience spectacular increases based on future expectations. This divergence is shaping an increasingly evident dual economy.

On the one hand, we find a real economy marked by inflation, high taxes and loss of purchasing power. On the other, a financial economy driven by narratives and excess liquidity, where AI is becoming one of the main engines. But when the distance between the two becomes too great, history teaches us that the adjustment eventually arrives.

This does not mean that AI is not an opportunity. It is, and a very big one. But it is necessary to differentiate between technology and investment: the fact that an innovation transforms the world does not mean that all related companies are good bets. In moments of euphoria, risk management becomes key: diversifying, understanding assets and avoiding following the crowd are basic principles for protecting wealth, especially when growth appears disconnected from fundamentals.

In this context, the role of central banks is decisive. For years they have injected large amounts of liquidity, fuelling investment in risk assets and emerging sectors such as AI. But when conditions change —with interest rate hikes or monetary restrictions— these investments can deflate rapidly. What today seems like a safe bet may tomorrow reveal itself to be a clearly overvalued asset.

Revolution yes, but not at any price

Artificial intelligence is, without doubt, a technological revolution. But that does not make it immune to the classic dynamics of markets. Confusing innovation with secure value is a recurring, and often costly, mistake. The key is not to avoid AI, but to understand it, analyse it and, above all, not be carried away by the dominant narrative.

History does not repeat itself exactly, but it rhymes. And today, the rhyme sounds familiar. When everyone is talking about the same asset, when valuations soar and the narrative outweighs the data, it is time for prudence. AI may be the future, but it may also be the next correction. The difference between winning and losing will not lie in detecting the technology, but in understanding the moment. In an increasingly complex environment, understanding the dynamics of the financial system is key to protecting savings and making well-informed decisions.

11Onze is the community fintech of Catalonia. Open an account by downloading the app El Canut for Android or iOS and join the revolution!

The US Federal Reserve will launch this summer a real-time payments system designed to streamline transactions between bank accounts. This is a development that some critics see as a further step towards a digital dollar to counter cryptocurrencies and eliminate cash.

In an increasingly digital and interconnected world, payment systems are evolving to meet the needs of businesses and consumers who demand access to fast payment services to make transactions more efficient and better control their cash flow. The private sector has been at the forefront of this evolution, but governments also want to play a role.

To meet these needs, the US Federal Reserve plans to introduce a new payment system known as FedNow in July this year. This new instant payment platform is designed to enable secure and efficient payments in real-time, 24 hours a day, 365 days a year.

This is a great advantage for businesses and consumers, as they will not have to rely on traditional processing times, which can now be several business days. The new system will allow funds to be transferred instantly between participating bank accounts, and as a non-profit governmental organisation, it will be able to offer more competitive prices.

On the other hand, the adoption of FedNow by US banks, corporations and major financial institutions could result in other foreign entities being forced to use the service. This is significant because it could help the dollar, also in digital form, to perpetuate its reign in international cross-border transactions. This is a possibility that cannot be ruled out in the face of increasing de-dollarisation and the announcement of the launch of a new currency by the BRICS group.

A new payment system linked to the digital dollar?

In parallel with the launch of FedNow, the Federal Reserve is considering the possibility of introducing the digital dollar. As other countries have done already, this would involve putting into circulation a Central Bank Digital Currency (CBDC). This proposal has been criticised on the grounds that it could affect the fundamental freedoms of citizens, increasing the ability of governments to track and control the population.

In this regard, Florida Governor Ron DeSantis and presidential candidate Robert Kennedy Jr, questioned the motives behind the possible introduction of the digital dollar and the new FedNow payment system. Specifically, Robert Kennedy Jr stated that the issuance of a digital dollar will serve as a mechanism to control US citizens, just like the FedNow payment system, declaring that “the distinction between FedNow and a CBDC is important from a technical point of view, but not from a civil liberties point of view”.

As a result of these statements that seek to link the two proposals, yet another controversy has been unleashed on social networks, in which content is circulating that claims that the Federal Reserve will launch a central bank digital currency called FedNow this July, which will give more power to the government to ratify financial slavery and political tyranny.

This misinformation has gone viral to the point that the Fed has deemed it necessary to officially deny it, stating that “FedNow is not related to a digital currency. FedNow is a payment service that the Federal Reserve makes available to banks and credit unions to transfer funds. The FedNow service is neither a form of currency nor a step toward the elimination of any form of payment, including cash.”

Additionally, federal officials – including Fed chair Jerome Powell and former vice chair Lael Brainard – noted that a digital dollar could still be years away from becoming a reality, but that FedNow could emerge as a better alternative to a CBDC. Be that as it may, the controversy is served, and is likely to further boost the case for cryptocurrencies as decentralised digital currencies that can be used as a defence against CBDCs or other state-backed monetary alternatives.

11Onze is the community fintech of Catalonia. Open an account by downloading the super app El Canut for Android or iOS and join the revolution!

In recent years, the belief that our poor email management is highly harmful to the environment has spread out. The latest research relativises its impact and points to other digital habits as responsible for a significant part of global warming.

The book ‘How Bad Are Bananas? The Carbon Footprint of Everything’, published in 2010, popularised the idea that emails have a large carbon footprint. Its author estimated that each message, even if it is just to reply “thank you”, generates a minimum of 0.3 grams of CO₂ due to the energy consumption associated with our devices and, above all, with large data centres. And it should be borne in mind that between 150 billion and 300 billion emails are sent daily around the world, although most of them are ‘spam’.

Some recent research relativises this alleged environmental damage of our messages. Apart from freeing up some space on the servers that host them, there is no evidence that it substantially reduces the energy consumption of the digital infrastructure if we avoid our expendable emails and delete unnecessary ones. 

We very rarely switch on a mobile phone or computer just to send an email and both storage and data transmission systems run relentlessly, even when we are not using them, so energy consumption remains fairly stable.

An updated perspective

With the new estimates, it is estimated that heating water in a kettle requires more electricity than sending and storing a thousand e-mails. And deleting that thousand messages from our inbox would have a carbon benefit of about five grams of CO₂, the minimum our computer would generate in half an hour if we kept it on to delete them. Although it may be hard to comprehend, manually deleting emails can have a greater impact on carbon emissions than storing them.

In fact, the first effective measure to limit the carbon footprint of email is to reduce as much as possible the number of electronic devices we buy to manage it and to keep them as long as possible, as their manufacture generates a significant carbon footprint. 

But above all, safeguarding the environment means using energy-efficient devices and rationalising the time we keep them switched on: we should not forget that part of the electricity we use to power these devices comes from fossil fuels.

The source of excessive traffic

Obviously, avoiding unnecessary emails, writing concisely, including hyperlinks to files rather than attachments, limiting the number of recipients, regularly emptying the ‘spam’ folder and unsubscribing from newsletters that do not really interest us are best practices that will reduce Internet traffic. But if we really want to contribute with our digital habits to the good health of the planet, we should look beyond our e-mail. 

Email exchanges account for only 1% of Internet traffic, which is tiny compared to video streaming services, which already account for more than 80% of what goes online. And that is an appreciable amount of tons of CO₂.

If you want to wash your clothes without polluting the planet, 11Onze Recommends Natulim.