An Economist Book of the Year

A Financial Times Book of the Year

A Foreign Affairs Book of the Year

A ProMarket Book of the Year

One of The Week’s Ten Best Business Books of the Year

“A road map for money managers, market strategists, and others seeking to understand this new world.”—Barron’s

“Money shapes economies, economies shape nations, nations shape history. It follows that the future of money is profoundly important. Here is a definitive report on where we are and where we are going.”—Lawrence H. Summers, former Secretary of the Treasury

“Prasad manages to make the financial system intelligible and interesting without resorting to shortcuts and exaggeration…Previous overhauls mainly improved existing systems, he notes. The end of cash—likely within a decade or two—is revolutionary.”—The Economist

The world of finance is on the cusp of a major disruption that will affect corporations, bankers, states—indeed, all of us. As Eswar Prasad makes clear, the end of physical cash will fundamentally rewrite how we live. Bitcoin, Ethereum, and other cryptocurrencies are just the beginning: spurred by their emergence, central banks will increasingly develop their own, more stable digital currencies. Meanwhile, cryptocurrencies themselves will evolve dramatically as global corporations like Meta, Apple, and Amazon join the game.

Prasad shows how these innovations will redefine the very concept of money, unbundling its traditional functions. This transformation promises greater efficiency and flexibility, but also carries the risk of instability, lack of accountability, and erosion of privacy. A lucid, visionary work, The Future of Money shows how to maximize the best and guard against the worst of what is to come.

"A strength of [Prasad’s] analysis is his mastery of both technical details and big-picture trade-offs…As it loses physical form, money’s meaning will become ever harder to grasp. This book explores the economic and social effects of that upheaval, giving shape to this most abstract of concepts." - The Economist

"An in-depth look at how our wallets are set to evolve." - Bloomberg

"Prasad aims to pull together some of the threads about bitcoin and such like to set out a big picture on money…Prasad’s helpful discussion of the pressures on, and options available to, central banks was illuminating. I found his framing of the ways in which these new technologies simultaneously make regulation both easier and more difficult interesting." - Financial World

"Digital technologies are also transforming the world of finance. Prasad provides an invaluable overview of what this might mean: physical money will disappear; central bank money will compete with the new private versions; financial intermediation will be transformed; and new opportunities will open to the world’s population." - Financial Times

"Demystifies the esoteric world of cryptocurrencies…Prasad’s analysis is the best single point of entry for those interested in the nitty-gritty of digital finance." - Foreign Affairs

"A road map for money managers, market strategists, and others seeking to understand this new world." - Barron’s

"As money has become free to move around the world, Prasad probes how digital innovation is reshaping it as both a tool and a concept." - Nature

"An ambitious book, covering the diverse landscape of digital money, and one that will remain relevant for years to come." - CoinDesk

"Prasad’s book is the best on the topic so far. In particular, it provides the most complete description of issues and factors that will shape the future of money. Everyone with limited time wanting to have a deeper understanding of money in the 21st century, should read this book." - Central Banking

"Comprehensive…and a vital handbook for anyone looking to understand how finance is changing." - Financial Times

"A sober-minded and informative take on an overheated topic." - Publishers Weekly

"A sweeping survey of fintech, crypto assets, and central bank digital currencies (CBDCs)." - Quartz

"Very interesting and very worthwhile…I’ll be referencing The Future of Money for a long time." - Forbes

"For anyone who really wants to understand how [Bitcoin] works in all its technical splendor, there is no better introduction." - Project Syndicate

"An impressive overview of the many changes digital technologies have already wrought…A sweeping overview of developments in payments, from the specifics of Ant Group’s business to the e-krona project and Venezuela’s Petro…An engaging read." - Finance and Development

"An eminently readable work that is accessible and smooth. From banks to cryptocurrencies to fintech, he gives a detailed crash course on the present and lays out breadcrumbs to an uncertain future. As Prasad says, only one thing is for sure, cash is on its way out. What the future holds remains to be seen." - The Week (India)

"The book makes a significant contribution. It addresses many wider issues associated with digital currencies and digital finance. These issues include the potential effects on financial stability, the monetary transmission system, domestic and international payment systems, financial inclusion and inequality. It is impressive that so many topics are covered in an accessible manner…[An] excellent book." - Society of Professional Economists

"Covers everything about digital money, finance, and fintech that anyone would need or want to know." - South China Morning Post

"A wonderful introduction to, and reference for, the fast-changing world of electronic assets…Fun to read, provides lots of fascinating material for money and banking classes…The book is solid, but the future of privately provided e-money is not." - Journal of Economic Literature

"An interesting and insightful exposition on the shifting landscape from traditional paper notes to digital currencies…The Future of Money provides readers with a window into some of the opportunities and challenges that lie ahead for the financial sector." - Enterprising Investor

"While written from the perspective of a central bank economist, the book is highly readable and accessible to those without formal training in monetary economics and policy. As it describes projects likely to become reality over the next five to ten years, The Future of Money is relevant for social science scholars interested in technology, digitalization, markets, and organizations." - Administrative Science Quarterly

"This book offers valuable insights to understand the impact of digital currencies on monetary policy, commercial banks and financial stability." - Journal of Evolutionary Economics