The People’s Bank of China (Chinese Central Bank) is “close” to issuing its own cryptocurrency, Bloomberg writes, citing a representative of the regulator’s management.

The bank’s experts have been actively working on developing the cryptocurrency since last year, and it is “close to release,” Mu Changchun, deputy head of the payments department of the People’s Bank of China, said at an event at the China Finance 40 Forum in Yichun.

However, he did not go into details regarding the timing of the release of the cryptocurrency.

Unlike decentralized cryptocurrencies based on blockchain technology, the currency that the Chinese Central Bank plans to issue should help strengthen Beijing’s control over the financial system.

According to patents filed by the regulator, consumers and companies will download an e-wallet and exchange yuan for cryptocurrency, which they can use to make and receive payments. At the same time, the Central Bank of China will be able to track transactions.