What is interesting is that the government is now saying that it will bear a similarity to Facebook's Libra virtual currency.

It will be possible to use China's digital currency across the country, as consumers will be able to use it to pay for things on major mobile payment platforms like Alipay and WeChat, Mu Changchun, deputy director of the People’s Bank of China’s payments department told Reuters.

He added that the aim is for the tokens of this crypto-current to be as safe as paper money issued by the central bank, and can be used even without an internet connection.

Facebook announced in June that it planned to launch its own global digital currency. It has seen severe criticism from regulators, bank chiefs and politicians, who fear it will be difficult to regulate.