A book has been published about cryptocurrency that stands out from the many books available on the market: it's written by a person with experience and true expertise in financial markets, institutions and regulation both in government and the private sector, Oonagh McDonald. Disclosure: I was her technical advisor for the book. We connected as a result of my article in Forbes on Central Bank Digital Currencies.
Dr. McDonald's prior books are impressive because of her amazing perspective and knowledge. Here's her background:
Dr. Oonagh McDonald CBE is an international expert in financial regulation, having advised regulatory authorities in a wide range of countries, including Indonesia, Sri Lanka and Ukraine. She was formerly a British Member of Parliament, then a board member of the Financial Services Authority, the Investors Compensation Scheme, the General Insurance Standards Council, the Board for Actuarial Standards and the Gibraltar Financial Services Commission. She was also a director of Scottish Provident and the international board of Skandia Insurance Company and the British Portfolio Trust. She is currently Senior Adviser to Crito Capital LLC. She was awarded a CBE in 1998 for services to financial regulation and business. Her books include Fannie Mae and Freddie Mac: Turning the American Dream into a Nightmare (2013), Lehman Brothers: A Crisis of Value (2015) and Holding Bankers to Account (2019). She now lives in Washington DC, having been granted permanent residence on the grounds of "exceptional ability".
Read the comments at the link about her books on Lehman Brothers, Fannie Mae, bankers and markets and others.
Here are examples of what others have said:
Oonagh McDonald has done it again. In this ambitious book, she helps the rest of the world catch up with her on the opportunities and risks associated with stable coins. Even if one may disagree with her about the future of stable coins (and I do a bit), this book is an invaluable resource, especially as a teaching tool, because of McDonald’s ability to synthesize and interpret a vast amount of information about complex and novel practices. -- Charles Calomiris, Henry Kaufman Professor of Financial Institutions, Columbia Business School
McDonald’s rigorously researched analysis of the development of cryptocurrencies is a must-read for anyone who has a stake in the future of money. It is an historical tour de force that painstakingly teases out of every corner of the cryptocurrency world the critical issues that governments, policy makers, and consumers must consider before abandoning government fiat money. -- Thomas P. Vartanian, executive director and professor of law, Program on Financial Regulation and Technology, George Mason University
Everyone fascinated by how the cryptocurrency phenomenon has created a whole sector of ventures to furnish ‘alternative currencies’, while the dollar price of a Bitcoin boomed from 8 cents to a high of more than $60,000, must wonder whether all this will really bring about a revolution in the nature of money. Will Bitcoin’s libertarian dream to displace central bank fiat currency be achieved? Or ironically, will central banks take over digital currencies and make themselves even more dominant monetary monopolies than before? Oonagh McDonald, always a voice of financial reason, provides a thorough consideration of these questions and of cryptocurrency ideas and reality in general, with the intertwined issues of technology, regulation, trust, and government monetary power. This is a very insightful and instructive guide for the intrigued. -- Alex J. Pollock, Distinguished Senior Fellow Emeritus, R Street Institute, and former Principal Deputy Director, Office of Financial Research, US Treasury
It's a different perspective from the many books on the subject of cryptocurrencies that have been published. Whether or not you agree with her conclusions, you will read facts and perspective here that are not available elsewhere.
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