End of cash ‘is a near reality in many countries’

Why is the digital transformation of the economy necessary and when will we see the end of cash? Answering these two crucial questions, Eswar Prasad, professor of trade policy and economics at Cornell University in New York, tells Kathimerini that the digitalization of money transactions will, among other things, reshape the banking environment, curb transaction privacy and reduce illegal transactions.

Author of the book "The Future of Money: How the digital revolution is transforming currencies and the finance," Professor Prasad explains that the creation of "central bank digital currencies" will cause competition between bank and private cryptocurrencies, triggering the era of the binary digital economy.

Why does our world need the financial digital transformation?

The world is going digital and money is no exception, with digital payments...