This interview has been edited from its original version. It was originally published in its entirety in the International Monetary Fund's Spring 2022 issue of Finance & Development magazine. Eswar Prasad is the Tolani Senior Professor of Trade Policy at Cornell University. He is also a senior fellow at the Brookings Institution. This interview has been edited for length and clarity.
In his latest book,"The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance," Cornell University professor Eswar S. Prasad describes how digital currencies and other financial technologies are reshaping everything from consumer banking to monetary policy and international payments. In a conversation with the International Monetary Fund, Prasad lays out the advantages and perils of the new forms of money.
IMF: Is cash destined to wither away?Prasad: The convenience of digital payments to both consumers and businesses makes it highly unlikely that cash will survive much longer. In China there are two private payment providers, Alipay and WeChat Pay, that have blanketed the entire Chinese economy with very low-cost digital payments. You can use those for something as simple as buying, say, a piece of fruit or a couple of dumplings from a street vendor.
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