Chinese commercial banks and other institutions will compete to provide the best services using China’s digital currency when the new form of money will be launched.

China is preparing to be the first country to roll out a digitised domestic currency, according to Reuters. The Digital Currency Electronic Payment (DCEP) project is being closely watched by the world’s financial services industries, though few details are currently available. The currency will be powered partially by blockchain technology, like Facebook’s proposed Libra digital currency and Bitcoin.

The People’s Bank of China will adopt a two-tier approach with its project; first it will issue the currency to commercial banks and other institutions, who will then resend it to the general public. The financial institutions will compete during this period to provide the best tech and offer and the front runner will take the whole market.

The main motivation behind the project, is China’s desire to protect its capital borders in the face of fears that newer global payment systems and advanced technology could facilitate illegal cash flows.