The Chinese were the first in the world to invent paper money back in the 7th Century.
Now, more than 1,400 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.
"In effect, they are not cryptocurrencies, they are not so-called stable coins, in effect, they are the national physical currency of a country just represented in a digital form," said Erik Bethel, former U.S. executive director with the World Bank.
Bethel says while the world fixates on private cryptocurrencies like Bitcoin, Beijing is busy building a digital version of its own currency, the Yuan, also known as the Renminbi, to control its citizens and eventually threaten the dominance of the U.S. Dollar.
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