Digital Yuan launched: towards the end of cash in China?

For the past 6 years, the Chinese government has been working on the creation of a virtual currency that will be issued by the Central Bank aiming to replace the paper form of Yuan(the local currency in China).

It is the world's first digital currency issued by a Central Bank and will also be the most used worldwide: today Alipay and WeChat Pay, the leaders of China's e-wallets have, between them, 1.7 billion users and WeChat Pay alone have made 1 billion transactions dailyin 2018. This infrastructure will be used to distribute the DCEP and this will no doubt make its adoption and use easier.