Move over Bitcoin: China’s central bank is testing out its own digital currency.

The People’s Bank of China has developed a digital currency that’s intended to scale up to the number of transactions made every day across the country. That in itself is no mean feat, but the currency is actually already being tested on mock transactions. While there’s currently no official timeline for a launch, there are plenty of indications that the bank would like to roll out the currency alongside the renminbi. Our own Will Knight explains why that could be a very big deal.