New digital currencies will have a profound impact on our concept of money, the financial system and the broader economy, says a top regulatory lawyer.

“No matter what you think of bitcoin, it’s an absolutely valid demonstration that it’s possible for something to be money without having anything to do with states or governments,” says Simon Gleeson, a partner at law firm Clifford Chance.

Gleeson is one of the world's leading experts in the regulation of financial services and banking.

During the podcast, Gleeson discusses:

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• the legal concept of money
  
• the difference between money as a unit of account and money as a legal claim against a deposit institution
  
• the history of private currencies
  
• the impact of new digital currencies on banks and payments
  
• the structural changes in the financial system and challenges for policymakers
  
• Facebook's Libra project and inefficiencies in global payments
  
• oustanding legal challenges for those dealing in older and newer versions of money