Wang Yongli, former vice president of Bank of China and a director of the Haixia Blockchain Research Institute, believes that digital currency will eventually replace all cash in circulation and won’t just be confined to M0.
M0 refers to a measurement of the notes and coins in circulation. It’s sometimes referred to as “broad money”. The criteria continues on to M1, cash held in checking accounts, and then M2 where it largely refers to the funds and credit in commercial bank accounts — where WeChat Pay and Alipay currency is held.
Continue read: https://decrypt.co/37580/former-pboc-official-digital-currency-can-substitute-all-currencies