## The Future of Money in a Digital World - EDITOR'S LETTER - IMF F&D Magazine

## Source details

**Canonical URL:** [The Future of Money in a Digital World - EDITOR'S LETTER - IMF F&D Magazine](https://www.imf.org/en/publications/fandd/issues/2018/06/future-of-money-in-a-digital-world-letterfr)

## Other formats

- [Markdown version](/en/publications/fandd/issues/2018/06/future-of-money-in-a-digital-world-letterfr/index.md)
- [Structured JSON version](/en/publications/fandd/issues/2018/06/future-of-money-in-a-digital-world-letterfr/index.json)
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## Bibliographic details
- Published: June 1, 2018

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### Overview
- Issue: June 2018.
- Theme: Exploration of how digitalization and financial technology (fintech) might redefine money, examining potential consequences—both positive and negative.
- Framing questions presented: "What are cryptocurrencies? What is the future of money? How should Central Banks regulate cryptoassets and fintech? Are we heading towards a cashless society?"

### Characteristics of cryptocurrencies and distributed ledger technology (DLT)
- Finding: "Most experts agree that so-called cryptocurrencies do not possess all the core attributes of money."
- Finding: Distributed ledger technology (which underpins such assets) "has the potential to transform payment services by removing the need for an intermediary."
- Political motivation noted: "Indeed, that was the political motivation behind Bitcoin, the first decentralized digital currency."

### Central banks, cash usage, and digital tokens
- Statistic: "At present, only 13 percent of transactions in his country are settled with cash." (statement attributed to Swedish central bank governor Stefan Ingves)
- Implication: If banknotes and coins decline, "the public will no longer have access to a state-guaranteed means of payment" unless central banks adapt.
- Policy option highlighted: Central banks could "issue their own digital tokens"—a solution requiring "careful consideration of choices and policy trade-offs" (attributed to the IMF’s Dong He).

### Policy considerations and recommendations
- Balance of risks and benefits: "Worries about the misuse of financial technology should be weighed against its potential benefits to society."
- Advice from IMF Managing Director Christine Lagarde: "Above all, we must keep an open mind about crypto assets and financial technology more broadly, not only because of the risks they pose, but also because of their potential to improve our lives."
- Implicit recommendation: Policymakers should evaluate regulatory responses, central bank roles, and the design choices related to potential central bank digital tokens.

### Notable framing and context
- Historical perspective: "Money has for centuries been central to human relationships. Loss of faith in its value can result in economic and political instability, even war."
- Scholarly note: "Traditionally, money has always been an expression of sovereignty," (attributed to Harold James of Princeton University).

*The Future of Money in a Digital World - EDITOR'S LETTER - IMF F&D Magazine*

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_Source: https://www.imf.org/en/publications/fandd/issues/2018/06/future-of-money-in-a-digital-world-letterfr_