According to a recent report on Forbes, China’s central bank is planning to issue its very own cryptocurrency by as soon as November this year. The PBOC has been exploring the use of cryptocurrencies since 2014 to reduce the costs associated with printing money and have better control over money supply in the Chinese markets.

Facebook’s plans of launching its cryptocurrency Libra, announced a few months ago, has boosted China’s confidence in getting started with digital currencies. According to the report, the PBOC will tie up with leading companies from tech and payments and even state-owned banks to manage distribution of its crypto into the markets.

The seven institutions included in the initial stage of this project include Alibaba, Tencent, China UnionPay and banks like Industrial and Commerce Bank of China, China Construction Bank, Bank of China and the Agricultural Bank of China. PBOC could also explore developing relationships with Western banks to make its cryptocurrency available for consumers based in the US and other countries around the world further down the road.