I like to see what China will bring to cryptocurrency next year when they launch their coin. There are trying bring coin that wont have anything to do with bitcoin, lets see the response even with the population behind it.
Government backed "cryptocurrency"?
Well, China already has a currency... it's the Chinese fiat currency... both digital and physical. I guess what the government needs is to fully convert the fiat currency into digital coin or just use stablecoin backed by the its fiat currency. A coin that does not have the main features of cryptocurrency do not really deserve to be called a cryptocurrency,in my opinion
This is a way to control your citizens. I do not see anything good in creating a national cryptocurrency because this shit coin will be controlled by third parties. Do not forget what kind of policies China pursues, the country's leaders will not allow people to use Bitcoin or altcoins that cannot be controlled. All that does not give power will be rejected by China, remember this