March 22, 2023


Money is on the threshold of momentous change. Digital currencies may replace the very nature and capabilities of money. But rather than leading to a proliferation of private and official currencies that compete on a level playing field, the digitisation of currencies could make economic power even more concentrated. Which turn will it take?

By Eswar PrasadMoney is one of humankind’s most remarkable innovations. It makes it possible to trade products and services across great geographic distances, between people who may not know each other and have no particular reason to trust each other. It can even be used to transfer wealth and resources over time. Without money, trade and commerce—all human economic activity, really—would be severely constrained in terms of time and space. The

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