Give your own justifiable opinion for the article below. Relate with the material lecture and textbook/theory about money.

The People's Bank of China has been developing the digital yuan, a so-called central bank digital currency that aims to replace some of the cash in circulation. China has already started real-world trials for the digital currency in a number of cities including Shenzhen, Chengdu and Suzhou. The digital yuan could increase competition in China's mobile payments market which is dominated by Ant Group's Alipay and Tencent's WeChat Pay. Fan Yifei, deputy governor of the PBOC, said last year that there is a "pressing need to digitalize cash and coin" as producing and storing these currently is expensive. In a separate article, Fan outlined how a CBDC could make payments more efficient and improve the transmission of monetary policy. Fan also argues that a digital yuan could help with financial stability through a system of "controllable anonymity." This is where the payments would be anonymous to some degree, but data analysis tools could help the central bank catch illegal activities. Page | 1 Another reason behind the PBOC's efforts could be to increase competition in the payments space and reduce systemic risk. China's digital payments arena is dominated by Alipay, which is run by Alibaba affiliate Ant Group, as well as WeChat Pay, run by internet giant Tencent. (Source : https://www.embe.com/2021/03/05/chinas-digital-yuan-what-is-it-and-how-does-it-work.html)