Yes, I heard them officially say that they were going to use the blockchain technology. But I don't think they will make their own coin.
They'll peg their "payment system" to whatever the local currency is: Dollar, Euro, etc...
They'll make their own Blockchain like tech, but not off the original, so essentially an Alt Chain.
So Not a cryptocurrency per se, but payment system + Alt chain, and to make things easier for naming purposes, we all joke or jest to say IBM Coin even though IBM Pay is probably closer to the truth.