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The Future of Money
Money's destiny is to become digital. Throughout the ages physical money in the
form of objects, coins and notes has increasingly been replaced by more abstract
means of payment such as bills of exchange, cheques and credit cards. In the
years to come that trend to virtual money will continue apace. As technological
advances in ICT and biometrics come on-stream, as intangibles progressively
become the primary source of value-added in the burgeoning knowledge
economy, and as the public at large come to grasp the advantages of digital
transactions, virtual forms of payment will dominate. How quickly will this happen
on a major scale, and will cash disappear altogether? How will it affect our daily
lives? Will it deepen already existing rifts in society? Does virtual money threaten
control of the money supply, raising the spectre of greater inflationary risks?
Or will it put central banks out of business? This book tackles these and many
other critical questions, offering timely suggestions on why and how to make the
transition to the world of digital money.
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