The People’s Bank of China (PBOC) announced it is planning to issue its own digital currency to “boost control of money,” RT reported Thursday, January 21.

According to the central bank, an expert group was formed in 2014 to examine the possibility, as well as do some digital currency research and experience domestically and abroad.

The digital currency could strengthen financial infrastructure and payment systems while enhancing foreign exchange controls for social and economic development of the country, according to the regulator.

It added that a digital currency would also help reduce money laundering and simplify the trading process, RT says.