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well China is pushing ahead into a cashless Society its creating a new digital currency to replace paper money and coins it will also give the Communist Party total knowledge of how the Chinese people are spending their money and that opens the door for unprecedented government control George Thomas has the story [Music] Chinese were the first in the world to invent paper money back in the 7th century now more than 1400 years later China is again on the cusp of creating a new form of government currency that some say could pose a serious economic threat to America and the West China is about to launch one of the most revolutionary Financial projects in the world theyre not cryptocurrencies theyre not so-called stable coins in effect they are the National physical currency of a country just represented in a digital form Eric Bethel is the former U.S executive director of the World Bank Bitcoin near record highs Crossing 23 000 he says while the world fixates on private cryptocurrenc
