What the history of money tells you about crypto’s future
The thread from shipwrecks and sheep flocks to digital currencies
This month China’s central bank revealed that its digital currency, the e-CNY, had been used for 7trn-yuan-worth of transactions in its short life—an amount equivalent to almost $1trn. China is not alone. Over 130 countries are exploring digital currencies, according to the Atlantic Council, a think-tank. Proponents of official digital currencies believe that a combination of ubiquitous smartphones, innovative cryptography and vast computing power means it is possible to remake the financial system.
Explore more
This article appeared in the Finance & economics section of the print edition under the headline “Deep in the vaults”
Finance & economics September 21st 2024
- The world’s poorest countries have experienced a brutal decade
- Why the Federal Reserve has gambled on a big interest-rate cut
- The Federal Reserve’s interest-rate cuts may disappoint investors
- How China’s communists fell in love with privatisation
- European regulators are about to become more political
- What the history of money tells you about crypto’s future
From the September 21st 2024 edition
Discover stories from this section and more in the list of contents
Explore the editionMore from Finance & economics
Don’t let Donald Trump see our Big Mac index
America’s tariff-loving president could learn the wrong lessons from international burger prices
Will America’s crypto frenzy end in disaster?
Donald Trump’s team is about to bring digital finance into the mainstream
Do tariffs raise inflation?
Usually. But the bigger problem is that they harm economic growth and innovation
European governments struggle to stop rich people from fleeing
Exit taxes are popular, and counter-productive
Saba Capital wages war on underperforming British investment trusts
How many will end up in Boaz Weinstein’s sights?
Has Japan truly escaped low inflation?
Its central bankers are increasingly hopeful