The Prof G Pod with Scott Galloway The Evolution of Money — with Eswar Prasad
Sep 2, 2022
Eswar Prasad, Tolani Senior Professor of Trade Policy at Cornell University and author of "The Future of Money," shares his expertise on global finance and cryptocurrencies. He delves into the slow shift from cash to digital payments in the U.S., highlighting challenges for the unbanked. The conversation also navigates U.S.-China economic tensions, emphasizing the future of decentralized finance and opportunities with Ethereum. Prasad offers valuable advice for aspiring fintech professionals looking to make an impact in this evolving landscape.
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US Lagging in Digital Payments
- The US lags behind other countries in digital payments adoption, hindering financial access for some.
- Fintech platforms are emerging to address this gap, but other countries are still ahead.
Credit Card Companies' Market Power
- Credit card companies maintain market power in the US through high interchange fees and incentives.
- They lobby politicians to keep regulations in their favor, hindering faster adoption of digital payments.
CBDCs: Opportunities and Risks
- Central bank digital currencies (CBDCs) could offer universal access to low-cost payments and banking.
- However, they also pose risks to privacy and competition with private sector payment providers.
