The rise of digital currencies has sparked a debate over the future of money, setting private innovations like cryptocurrency against public-sector proposals for central bank digital currencies (CBDCs). McWilliams frames this contest over monetary design as a political choice that shapes institutional trust and economic stability. Institutions like the Bank for International Settlements have proposed frameworks for this new era. South Korean economist Hyun Song Shin argues, “A unified ledger that provides tokenised central bank digital currencies in the same venue as tokenised deposits and other tokenised claims is the most promising way to harness the potential of tokenisation while preserving the singleness of money” (Shin, Hyun Song. “A Blueprint for the Future Monetary System.” Bank for International Settlements, 25 Jun. 2023). Tokenized currency here refers to the digital representation of money or assets as tokens on a blockchain or distributed ledger. These decentralized systems prevent a singular point of failure that may otherwise cause a system to crash, in the event of an error.

The tokenized currency discussed by Shin differs from cryptocurrency or non-fungible tokens (NFTs) in that tokens like CBDCs are considered more “stable” in value, like cash, compared to currencies like Bitcoin, the value of which fluctuates according to an unregulated, enclosed system. The benefit of tokenized currency is that it is more stable than most cryptocurrency, but it offers a decentralized means of accumulating or transferring value. For example, an amount of tokenized currency could be freely exchanged between two individuals without using a traditional bank as an intermediary. Shin argues here that this system has benefits if integrated into global banking ledgers responsibly, as it appeals to the desire for efficient, decentralized banking without creating a separate, more volatile economic ecosystem like that of cryptocurrency such as Bitcoin.

This integrated approach aligns with McWilliams’s focus on legitimacy and trust. The book frames the current moment as a fundamental struggle for legitimacy, noting, “A major battle in the years to come will be between private money issued by private entities and public money issued by the organs of the state in the name of the citizen” (355). He links crypto’s appeal to the erosion of public trust following the 2008 financial crisis and the wealth inequality that widened after quantitative easing. In contrast to crypto’s speculative nature, the book highlights practical, bottom-up innovations like Kenya’s M-Pesa, which succeeded by solving a real-world problem of financial inclusion. Ultimately, the book argues that successful monetary evolution depends on the usability and institutional credibility supporting the system.