Can China create a successful national cryptocurrency?

It seems counter intuitive for the creation of any National cryptocurrency

Zhou Xiaochuan the Bank governor said last year >"A digital currency must be issued by the central bank and the PBOC had been pouring money into the study of “blockchain” technology. Following two years of research, the bank had devised a test of its own digital currency and by the end of last year had set up an in-house research institute headed by a former deputy director at the bank’s payment department."<

Now that Bitcoin has exceeded expactations and shows no sign of slowing down, will China answer with its own solution of creating a China Coin?

 PBOC’s interest for its own digital currency is growing and some companies have already started selling digital currencies in the name of the bank. The central bank has issued a alert to the public of misleading claims. "The yuan remains the only legitimate currency on the Chinese mainland".