2. China

The Chinese central bak (Picture: Wikimedia Commons) 

China's plans are also far advanced and the implementation is already ongoing. For example, client holdings at WeChat need to be backed up through cash deposits at the central bank. It means in essence that Chinese consumers already have access to synthetic CBDC, according to Niepelt.

The central bank will apply a two-stage procedure, whereby the digital money is being passed on to banks and other companies, which in turn serve their clients with the e-cash. The companies are securing the digital money through cash holdings with the central bank.

The two-stage approach is meant to keep monetary policy unaffected by CBDC in the giant economy.