Peoples bank of China is supposedly trailing a crypto form of Chinese Renminbi as a digital currency.
The nodes of which would be controlled by the The People's bank of China and major Chinese bank where transactions would be visible to the authorities but not to the general public.
https://www.coindesk.com/digital-renminbi-a-fiat-coin-to-make-m0-great-againCould we call it a cryptocurrency?
Yes, it can still be called as cryptocurrency but since it is fully controlled by the Chinese government and not decentralized then it would better to just call it as digital renminbi or eRenminbi. Since the Chinese government has no love for bitcoin the original cryptocurrency and the pioneer of this technology but is actually harboring the idea of making its own, I am sure that soon this can be declared to be the one and only recognized cryptocurrency in the whole China and the government will surely promote its use and acceptance globally. Still, this can be in line with the desire of the government to soon get away from the use of the US Dollar for international commerce transactions and the establishment of the greater Silk Road project.