The Future of Money Quotes

“Digitalization of money is not a cure-all, by any means. The issuance of CBDCs will not mask underlying weaknesses in central bank credibility or other factors, such as a government’s undisciplined fiscal policies, that affect the value of central bank money. When a government runs large budget deficits, the presumption that the central bank might be directed to print money to finance those deficits tends to raise inflation and reduce the purchasing power of central bank money, whether physical or digital. In other words, digital central bank money is only as strong and credible as the institution that issues it.”
― Eswar S. Prasad, The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance

“Consider that, since 2005, the online platform Kiva has already been crowdfunding micro loans to entrepreneurs in many developing countries around the world. By early 2021, it had arranged about $1.5 billion in loans from nearly two million lenders (who can put up as little as $25) to about four million borrowers in seventy-seven countries. The total value of loans is small, but Kiva’s screening and monitoring technologies are not automated and seem antiquated compared with those of newer Fintech lending platforms, which have far greater potential for such matching of borrowers and lenders.”
― Eswar S. Prasad, The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance