The Digital Coin Revolution: Who Really Controls the Future of Currency?
The digital age revives timeless tensions: who controls money, central banks, states, or decentralised crypto systems?
In history, governments have manipulated currency for their benefit. For example, in Tudor England, Henry VIII's "Great Debasement" between 1542 and 1551 reduced the silver content of coins from more than 90% to barely one-third.
Similarly, Roman emperors resorted to reducing the silver content of the denarius, undermining its credibility and contributing to economic instability.
Outside Europe, the same pattern held. In 11th-century China, the Song dynasty pioneered paper money, extending state control over taxation and trade.
who controls money... central banks, states, or decentralised crypto systems?
Author's summary: The control of money sparks timeless tensions.
- Tudor England: Henry VIII's "Great Debasement" reduced silver content in coins.
- Roman Empire: Denarius silver content reduced over time.
- 11th-century China: Song dynasty introduced paper money for state control.
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