To eliminate cash, the Central Bank of China is choosing to create a virtual currency.
According to reports, the launch is very close to being carried out after 5 years of work, at the moment they have not indicated the launch date.
image source: https://www.apd.es/evolucion-economia-china-viaje-al-pasado-para-entender-el-presente/
The main objective of this project is to eliminate cash, in addition to this new cryptocurrency, the Central Bank of China plans to give Beijing greater control over the financial system.