The People's Bank of China came out the fifth edition (版本) of the reminbi (RMB) from August 30, 2019. These banknotes (纸币) have brighter colours and new security features.
We've been using banknotes for around 1,000 years. Back in the Northern Song Dynasty, Chinese people made the world's earliest paper money to replace metal coins. These bank notes were called jiaozi.
Paper money is cheaper to make and easier to carry. These advantages made it more popular than other forms of money. But now, in the digital age, paper money seems to be disappearing for the same reason.
China seems to be heading towards becoming a cashless society. From supermarkets to street stores, people pay by using the Wechat Wallet and Alipay apps on their mobile phones. Sweden is even closer to a future without paper money. Many Swedish banks no longer even have cash on hand.
But there are worries about creating cashless societies. Some say it is unfair to the poor and people without much education. It's not easy for them to open bank accounts or deal with mobile phones. And if all of your money is "digital", it may not be safe enough.
Is paper money going away? Although paper money is used less than electronic payment in some countries, it won't disappear at once in most parts of the world.
