"China’s Central Bank ‘Close’ to Releasing Its Own Cryptocurrency – Reports"

Between capital flight encouraged by a depreciating currency and events in Hong Kong - all outgoing flights were cancled about an hour ago - the government/Communist Party will probably impose the death penelty for use of any crypto other than the PBOCcoin.
From Sputnik:

With Facebook pushing to create its own coin, Libra, the Chinese authorities are also entering the game. After several years of reported research amid the world’s bitcoin craze, China could become one of the first major economies to release its own cryptocurrency.

The cryptoсurrency of the People’s Bank of China is “close to being out”, a senior official from the financial institution stated at one of the country’s financial forums, Bloomberg reports. Deputy Director of the PBOC’s payments department Mu Changchun said at an event by China Finance 40 Forum that their researchers have been working since 2018 to create systems but did not elaborate about when the Chinese state digital currency will be released.

He is said to have repeated the PBOC’s plans to replace cash in circulation with digital coins rather than M2, which would generate credit and impact monetary policy. The outlet points out that his remarks signal the Chinese central bank is close to formally introducing its digital coin although the reports about their research have been circulating for about five years.

The PBOC stated earlier in August that it plans to “expedite the research of China’s legal digital tender”...

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If interested see also:
July 2019
"Facebook’s Libra forcing China to step up plans for its own cryptocurrency, says central bank official"
January 2016
More On China's Cryptocurrency Push and Financial Repression
January 2016
"You Call That Financial Repression? I'll Show You Financial Repression: Chinese Central Bank Explores Cryptocurrency".