enerdude
Expert Member
Interview
Central Banks vs. Private Currencies: ‘The Future of Money’ With Economist Eswar Prasad
Economist Eswar Prasad’s latest book is an ambitious overview of the changing nature of money.
"The elimination of cash will be a consequence of digital payment systems proliferating. The reality is, you’re going to live in a world where every transaction will leave a digital trace, such that the transaction is either [viewable] by a private payments provider or by the central bank or some government agency.
There is a question whether we want to live in such a world. This is not just a purely technocratic matter. It’s not just a matter of economic policy. These conversations are going to have to happen at the level of society.
For instance, the Swedish central bank, the Riksbank, has made it very clear that while it can come up with the technical design for an e-kroner, the decision about whether or not to issue it will involve a decision by the country’s parliament. There’s urgency in every economy to have these discussions, because the reality is the use of cash is withering away fast."
