Eswar Prasad on The Future of Money

Eswar Prasad, in his conversation with Shankar P, spoke about the many benefits that digital payments offer the public, small businesses and governments. He said that 5% of the households in the USA are still unbanked and therefore don’t have access to digital payments, and that India and China are much ahead in this regard. He further stated that bitcoin has turned into a purely speculative financial asset and is not a suitable medium of trade. The advent of digital currencies is putting pressure on central banks and other financial institutions to become more efficient. When asked about the challenges he faced while writing his book 'The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance, he said the main challenge was to simplify the theme without oversimplifying it!