China Construction Bank has opened 7.23 million digital wallets for individual users, the South China Morning Post reported.
In a survey, 76% of execs said crypto will at least provide a strong alternative to fiat, which means financial firms must get on board or miss out.
China is several years ahead of other major economies in its efforts to develop a central bank digital currency.
Waller doesn't see how a Fed CBDC would solve any major problems in the US payment system such as slow speeds.
Central bank digital currencies are inevitable and could even play a part in monetary policy, Bank of America strategists believe.
"Central banks have the power and the will to prevent a very bad outcome," the analysts said, adding that banks will retain control of the payments system.
Deputy Governor T. Rabi Sankar said politicians are eyeing a CBDC to protect citizens from the volatility of cryptocurrencies, Bloomberg first reported.
Central bank digital currencies could also increase and protect welfare, the Bank of Canada said in a research paper.
So-called hyperbitcoinization could take place as early as 2035, according to Finder.com, which surveyed a panel of crypto experts.
"You wouldn't need stablecoins, you wouldn't need cryptocurrencies, if you had a digital US currency," the Fed chief said.
"The surge in the prices of a variety of crypto assets also reflects in part increased risk appetite," the report said.
CBDCs could shake up today's international payments systems, according to the World Bank, the IMF and the Bank for International Settlements.
The head of Japan's ruling party's digital currency initiative said this could provide clarity on its impact on the existing financial system.
Wyoming has legalized a decentralized autonomous organisation (DAO) with effect from July 1, marking another in a series of crypto friendly steps.
Emerging markets could be the next big crypto frontier as central banks create digital currencies and politicians push for crypto adoption.
There's no decision yet, but the Bank of England's modellers assume one-fifth of all UK retail bank deposits could be in a new form of digital money.
Beijing residents can win "red packets" worth 200 yuan each in a lottery held by China's central bank in its digital currency trials.