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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 Throughout the ages physical money in the form of objects, coins, and notes has increasingly been replaced by more abstract means of payment such as bills of exchange, checks, and credit cards. In the years to come that trend to virtual money will continue. As advances in information and communication technology and biometrics continue, as intangibles progressively become the primary source of added value in the burgeoning knowledge economy, and as the public comes 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 the control of the money supply, raising the specter 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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