China’s government is creating a new digital currency to support its efforts to boost its digital content and to boost online advertising.
The digital asset, called the China Digital Ally, is a digital asset that can be bought or sold with bitcoin and can be transferred electronically between two parties.
It is also being used to promote local content in China, where content has long been restricted by censorship.
“The digital ally has been created as a kind of digital asset for the country,” said Xinhua News Agency, the Chinese state news agency, in a statement.
“We will use this asset to promote and develop local content for the people of China.
The digital ally will be sold to people, businesses and media outlets in China and will be used for local content promotion.”
China has been trying to create a digital currency that can help its citizens to purchase digital content from foreign websites.
In June, China launched the first Bitcoin Cash, a virtual currency created in January 2017.
China is expected to spend about $1 billion to create its own digital currency in 2019, Xinhua said.