Money is about to enter a new era of competition
Technology is set to change our relationship with money. From precious stones and gold nuggets to the first coins, money is one of humankind's most influential inventions, enabling us to trade across time and space. However, we are now at the cusp of a new era of inevitable upheaval. Cash is on the way out, and the digital technologies replacing it could transform money's very nature and capabilities. The decline of physical cash is a minor feature of our rapidly changing financial landscape which won't surprise most since it has become increasingly obsolete in recent years. However, as Eswar Prasad discovers, while this shift could be a significant financial inclusion force for households with little access to formal banking systems, it could also be a potential driver of inequality impacting vulnerable people.
From MIT Technology Review