Recently, China's central bank unveiled that it is going to launch its own state-backed cryptocurrency following five years of research.
An official from People's Bank of China said the cryptocurrency was "close to being out" at an event held by China Finance 40 Forum, reported Bloomberg.
Deputy Director, China's central bank, Mu Changchun, said that the new currency would be based on a "two-tier" system to allow both the PBC and financial institutions to issue the currency.
China's cryptocurrency could theoretically reduce the costs of circulating traditional paper currency, and speed up and add security to digital transactions.
Also, Patents registered by the Bank indicates plans for a mobile wallet that would allow users to swap yuan for cryptocurrency.
And, Systems defined in the patents also suggest that the cryptocurrency would give
China's central bank much greater control over the money supply and track of all payments made across the network.