Central Banks vs. Private Currencies: ‘The Future of Money’ With Economist Eswar

[Tanimariya]

Economist Eswar Prasad’s latest book is an ambitious overview of the changing nature of money. The history of money is filled with conflict and competition. In some cases, bloodshed. In 13th-century China, for instance, Kublai Khan instituted what some consider to be the world’s first fiat paper money. It was forced legal tender for all debts under his domain, backed by the Grand Khan’s decree, and the punishment of death.

“Is this true for all fiat currencies?” Eswar Prasad, a professor of trade policy at Cornell University, asks in his latest book, “The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance.” If it was before, it likely isn’t now. Source Link