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.
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This article appeared in the Finance & economics section of the print edition under the headline “Deep in the vaults”
Finance & economics September 21st 2024
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- 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
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