Will history repeat itself?
Historically, China doesn't have a good record of managing novel forms of payment.
Consider the following rough sequence. Nearly worthless (and thus difficult to use) bronze coins and "strings" thereof from a few hundred years BC till something like the 12th century. Then Song dynasty paper money backed by (still nearly worthless) bronze. Then Song and later Yuan dynasty fiat paper money allowing exporting bronze. Then hyperinflation of paper money. Then new Ming dynasty coins only to discover that copper mines were nearly empty so that the coins were more expensive to produce than they were nominally worth, hence counterfeiting. Then more fiat paper money with more inflation. Then the government banning their own coins (!), multiple times (!). Then successive rulers declaring the predecessors' money invalid (that worked out well - money good in the morning becoming worthless in the evening by government decree).
Throughout all of that turmoil silver was considered valuable, except by the government(s) - commodity money has some advantages over fiat, notably inflation-wise, but governments are wary because they can't control the supply. Finally someone in the Ming dynasty decided to adopt silver for government transactions (including taxes) as well. By that time China was the world's largest economy (anyone who gasps at the prospect today - take note), but it had no usable silver mines. Americas had lots of silver though, and so Spanish galleons literally supplied the means of payment to China via Manila. That worked out really well for the Chinese government monetary policy, as everyone can imagine, for a few hundred years.
Fast forward to the 21st century, with only partially convertible and pegged to the dollar renminbi (US dollar today, not Spanish dollar as in the late 19th century, granted). I think I am going to sit back to watch how this new new thing will work out - I may not live to witness the final curtain, but it will be interesting nonetheless.