Paper Currency notes in China is going to be closed ~ Ofuran

Paper Currency notes in China is going to be closed

Paper Currency notes in China is going to be closed

China's paper currency notes is going to be closed soon, it will turn out to be mobile money  exchange. In 2016, approximately 5 trillion dollars worth of money in China has been transmitted through only mobile. You do not have to carry any material paper notes in this manner of transactions.

Instead of money, you will have one or more mobile accounts and some numbers that will indicate your amount of money. From pocket smart phones for transaction, just send the amount of fixed amount to someone else's account and the currency will be credited to his account.

China has revolutionized money exchange in this system. Through this, any large transaction can be made effortlessly by starting begging beggars on the road. China is so totally planning to drain out of paper money currency. But China is not one, Western Europe countries who are heading towards this direction. Last year only 2% of Sweden's transactions were made in paper money too. The rest of the transaction has been on online. Our neighboring country, India too has moved forward in this direction system.

Instead of paying money by currency notes, it is necessary to avail the facility of online money. This can easily be passed through various complications of payment of money to money. Taking money in the line from the bank, submitting, depositing risk and avoiding the hassle of transporting money too. But there are some problems with this method, money can be lost through hacking if the security system can not be fixed online. In addition, for tourists, or for people staying in this system, transactions are not so easy.