Any currency built on blockchain technology is basically supposed to be purely cryptocurrency, but in this case, since the coin is being proposed by government directly provided the source of the news we are being provided with is reliable and if the news is genuine, they will just create a stable coins which will operate in a centralized ways.

There will still be lots of limitation to it compared to other fully decentralized coins that has no influence of government; probably this is the only way they feel they can regulate cryptocurrency by creating one that will fully be functional in their country.