The People's Bank of China deputy governor Fan Yifei has outlined the bank's approach to its central bank digital currency. It is in an op-ed which was published by the regional media outlet Yicai. This may look very different from Bitcoin and other public cryptocurrencies.
This central bank of China is moving forward with plans to adopt a state-backed digital currency; the central bank expects that they use the centralized control of their level on digital currency because it is more than cash. Its fan explained that the objective of the CBDC will be to change the physical currency.