Digitalization Of Banking With Regulatory & Licensing Regime For India
- IJLLR Journal
- Jun 10, 2022
- 1 min read
Meet Achal Shah, LLM in Financial Regulations, SVKM’s Narsee Monjee Institute of Management Studies (NMIMS)
INTRODUCTION
Traditional Concept of Money
The human history for over past 5,000 years1 have accepted and traded their goods and services in terms of money. Before such time, the historians claimed that the system of ‘barter trade’2 existed for buying and selling of goods. With the pace of time the concept of currency was developed over the decades, which included easy trade of items like animal skin, salt and weapons. This trading of goods were served as a medium of exchange from one person to another. For instance, Mr. A has 5 kgs of wheat and he trades his wheat with Mr. B for 10 kgs of rice.
The Chinese archaeologists in August 2021, with the State University of Zhengzhou discovered about the world’s oldest coin mining site. This was traced back in around 640 BCE, which was situated in Guanzhuang in Henan Province, China3. In around 700 CE, the coins were switched to paper money. The introduction of paper money was first issued by the European governments in North America4. After this intro- duction of currency notes and paper notes, the concept of money and currency was accepted globally to facilitate global trades and also to render domestic trades in the nations.
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