No.  This means the government will regulate it.  Regulating and controlling are not the same thing.  For instance, if a government passes a law making certain cryptocurrency mandatory as payment methods for vendors, then it does not mean they control them.

In the previous centralized system, the government issues money and controls the monetary policy.  In this new system, this power is taken away from the government and given to the public.  People now have the freedom to choose which money is the best.