China is preparing to launch blockchain-based cryptocurrency. The Chinese government has been exploring the possibilities of cryptocurrencies for nearly three years, having set up a research team in consultation with digital firms such as Deloitte.
For the end user in China, services such as WeChat or Alipay would remain largely the same but transaction costs would be lower, as a state-run cryptocurrency would mean payments coming directly from the buyer.
By using blockchain, China will be able to collect vast quantities of data on every transaction in the hope of better predicting monetary forecasts.
The PBOC has stated its intention to issue its own digital currency “as soon as possible.”
Update 20/3/2017 - China Bitcoin Rules Would Require Exchanges to Verify Clients’ Identity:
https://www.wsj.com/articles/china-bitcoin-rules-would-require-exchanges-to-verify-clients-identity-1489721593
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