The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance

Eswar Prasad explains the world of finance is at the threshold of  major disruption that will affect corporations, bankers, states, and  indeed all of us. The transformation of money will fundamentally rewrite  how ordinary people live. Above all, Prasad foresees the end of  physical cash. The driving force won't be phones or credit cards but  rather central banks, spurred by the emergence of cryptocurrencies to  develop their own, more stable digital currencies. Meanwhile,  cryptocurrencies themselves will evolve unpredictably as global  corporations like Facebook and Amazon join the game. The changes will be  accompanied by snowballing innovations that are reshaping finance and  have already begun to revolutionize how we invest, trade, insure, and  manage risk. Prasad shows how these and other changes will  redefine the very concept of money, unbundling its traditional functions  as a unit of account, medium of exchange, and store of value. The  promise lies in greater efficiency and flexibility, increased  sensitivity to the needs of diverse consumers, and improved market  access for the unbanked. The risk is instability, lack of  accountability, and erosion of privacy. A lucid, visionary work, The  Future of Money shows how to maximize the best and guard against the  worst of what is to come.