IL31: What Your Cashless Future Will Look Like ft. Richard Holden

Our guest on this episode is Richard Holden, economics professor at the University of New South Wales Sydney author of a new book: Money in the 21st Century: Cheap, Mobile and Digital. Richard explains why the prospect of a private digital currency run by a company like Amazon or Google is a real possibility and why that would represent an enormous transfer of power from democratic governments to a private company. He also talks about China’s digital currency, its vast user base in China and how it even has users in Australia. Richard believes the US should proactively head off the threat from these digital competitors by creating ‘fedcoin’ - a digital currency managed by the Federal Reserve. He believes it could be done with little disruption to consumers and could bring enormous benefits.

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Episode TimeStamps:

02:04 - Introduction to Richard Holden

06:06 - A whole year without cash

08:08 - What are the benefits of cash?

12:40 - The implications of a cashless society

23:53 - A big hurdle

26:04 - Building a better mouse trap

28:08 - Dealing with the U.S. banking regulation

31:13 - The Fed Coin - How could it work?

38:11 - The dark side of the Fed Coin

41:36 - How the borrowing process works in banks

44:55 - How would the Fed control credits?

51:56 - Is Holden working with the Australian government?

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