China About to Issue its own Cryptocurrency

Wondering the broad implications of this.   Will it embody regulations that will determine how it will be traded versus other currencies?   Or use smart contracts to determine trade contacts?  Or?  Overall very hard to determine how a complex system like this will influence global finance.

Not even clear if it will use a blockchain, and what its format and update method will be.  Private or not?  Worrisome.

Below an excerpt, with many more links:

In the latest Chain Letter, by MIT Technology Review: 

Welcome to Chain Letter! Great to have you. Here’s what’s new in the world of blockchains and cryptocurrencies.   ... 

China is about to launch its own digital currency. Here’s what we know so far. Officials from the People’s Bank of China have hinted in recent weeks that the nation is almost ready to launch a digital version of its currency, the renminbi, to replace physical cash for consumer payments. There are a number of unanswered questions about how it will work, ranging from whether it will use a blockchain to how private the system will be. Despite the unknowns, recent public comments by central bank officials have shed some light on the timeline for and motivation behind the project. Here’s a trio of things we know:  .... " 

(UPDATE 9/26/2019 ....   From the latest chain letter resource,  no specific date has been provided for the release of the currency,  they are apparently still studying possibilities and how to regulate)