- A thousand years ago, when money meant coins, China invented paper currency. Now the Chinese government is minting cash digitally, in a re-imagination of money that could shake a foundational pillar of American power.
- It might seem money is already virtual, as credit cards and payment apps such as Apple Pay in the U.S. and WeChat in China eliminate the need for bills or coins. But those are just ways to move money electronically. China Will turn legal tender itself into a computer code.
- Unlike bitcoin, China’s version of a digital currency is controlled by its central bank, which will issue the new electronic money. It will give China’s government vast new tools to monitor both its economy and its people.
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