Bloomberg New Economy: China Cashless Economy and Surveillance
Photographer: Bloomberg
Among the many wonders Marco Polo encountered on his journey to China in the 13th century was paper money. The Chinese invention so impressed the Venetian traveler that he observed the Mongol emperor at the time had “a more extensive command of treasure than any other sovereign in the universe.”
Today, China is again at the forefront of monetary innovation. It plans to eliminate notes, which have been circulating for 1,500 years, and launch a digital-only currency. Coins will disappear, too.