Why cash will be obsolete within a decade [Yahoo! Finance News]
Apple Inc. (AAPL)
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Source: Yahoo! Finance News
Central banks like the US Federal Reserve are printing more paper money than ever. But Cornell University economics professor Eswar Prasad, whopublished a new bookPrasad’s book,The Future of Money: How the Digital Revolution is Transforming Currencies and Finance,The former head of the International Monetary Fund’s China division thinks innovation will bring many more people into the formal financial system, making these services cheaper and available even to people with low incomes. Prasad acknowledges there are hazards, such as the loss of privacy when everything we buy has a digital footprint, and the potential for some to bedisenfranchised as physical cashQuartz spoke to Prasad about cash, digital payments, and CBDCs. The conversation was edited and condensed for clarity.Quartz: Your book is a wide survey of technology and changes in finance. How will these developments influence the world?Prasad: These changes have enormous potential to democratize finance. That is, to make a bro
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