While other nations watch closely, China seems ever more committed to having the world’s first central bank issued digital currency. But it is unclear to date what exactly they mean by that.

Chinese newspaper Caixin Weekly reports that a trial run, issuing bills and payments between a range of banking systems and the social media app WeChat, has been conducted successfully on a system based on Blockchain technology.

The People’s Republic is also recruiting experts on big-data systems, cryptography, and blockchain technology to a research institute to be set up early in February.

Caixin reports that China’s digital money will be legal tender backed by the central government. It is unlikely though that the government will countenance a system that has the transactional anonymity that Bitcoin boasts.

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