e-RMB

PBOC sees digital currency issuance and control as a new battlefield for conflict between sovereign states.

China, one of the world's least cash intensive countries, moves one step closer towards a central bank digital currency.

Unlike cryptocurrencies, which use distributed ledgers and strong cryptography to capture details of coin ownership and transaction, PBOC favours a centralised ledger model that will record and monitor transactions.

Discussions are already underway in Washington about the prospect of a digital dollar to maintain the greenback's hegemonic position.