China’s first official ‘crypto-coin’ is almost finished.

The Chinese state bank has revealed that after five years of work, its digital currency “is almost finished.” In their own words, it is not a crypto coin but something that uses a more complex structure. The announcement is striking because China has never been in favor of cryptocurrencies.

The digital currency has two levels, with People’s Bank of China at the top and commercial banks below it. In this way, people think they can handle the enormous size of the Chinese economy and population. Also, the new currency will not rely entirely on blockchain, normally the backbone of cryptocurrencies. Blockchain technology simply cannot deliver the volume required for the Chinese retail sector.