Efforts to combat the coronavirus could accelerate China’s central bank’s plans to issue a digital currency, according to the former head of China’s central bank.

In an interview with China Daily on February 16, Li Hui argued that the efficiency, cost-effectiveness and convenience of the digital currency make it especially desirable during periods of crisis and epidemic.

Lee previously headed the People’s Bank of China (the central bank) and now serves as the main leader of the state-run National Internet Finance Association.

To prevent the spread of the virus through physical cash, the government has quarantined some old paper notes

It distributed 600 billion yuan ($85.9 billion) in new money in the “Huobei” region, where the virus originated.

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Meanwhile, millions of people are confined to their homes by government order, making it difficult to make payments in person.

Dong Yang, a professor at Renmin University of China who studies blockchain and digital economy research, said:

A fully global alternative currency – as well as other forms of digital payment such as those offered by AliPay and WeChat Pay – will become popular.

Li also noted that the adoption of any central bank-backed digital currency still depends in part on demand from China’s retail market, which is currently dominated by Alipay and WeChat Pay.

Lee stated:

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China’s modern and emerging electronic payment platforms are very mature, and online payment platforms WeChat and Alipay ranked first and second in the world.

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