China seems to be in the forefront of e-currency implementation and has started trialling payments with its digital currency – e-RMB in four major cities including Shenzhen, Chengdu, Suzhou and Xiong’an.
Some of the money were distributed in the form of subsidies for transport and in Xiang’on will be also used for food and retail.
In China the digital payments are very well developed representing around 16% of the gross domestic product, Alipay and WeChat Pay being the largest ones and this giants will be able to also use e-RMB.
The e-RMB will be pegged to the national currency, the RMB.
Also e-RMB is probably aiming to be a replacement for the US dollar settlement sustem and its dominacy.
Also the COVID 19 pandemic highlighted the health risk associated with physical money and accelerated the use of digital alternatives.
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