2min chapter

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Money: From coin to cryptocurrency

The Forum

CHAPTER

The Ming Dynasty and the World Economy

After a few hundred years, China stopped issuing paper money and this hiatus lasted at least 400 years. This has to do with the monetary policies of the founding emperor of the Ming dynasty known as Ming Taizu or the Hongwoo emperor. He wanted to create a purely fiat paper currency, somewhat similar to the Mongol Empire, the UN Empire that preceded it. But he made this paper money in convertible and withdrew coins from circulation as well as silver and the market rejected this.

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