What the history of money tells you about crypto’s future
The thread from shipwrecks and sheep flocks to digital currencies
![Illustration of two coins side by side on a red background. The left coin is green, featuring an image of Julius Caesar in profile, labeled with Roman-style text. The right coin is gold with the Bitcoin symbol and a digital circuit design. Below the coins](https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/content-assets/images/20240921_FND000.jpg)
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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