No, I don't think there's any great potential for financial progress if *any* gov't creates a centralized cryptocurrency.  The only reason to do that would be so that the gov't can track every single financial transaction its citizens make, so that they have complete control.  They can call it a cryptocurrency, but it isn't one in the true sense of the word.  Nobody will be mining it and the gov't will hold all the keys.

Does that sound like a good thing to you?  And it doesn't matter if it's China or the U.S., any gov't trying to create their own crypto will be trying to further repress its people.