The cryptocurrency called RSCoin will also function on Blockchain, the distributed ledger system on which Bitcoin and other cryptocurrencies are built.

Earlier, in January 2016, China's National Bank also announced plans to launch a virtual currency.

Radical Shift from Traditional Crypto

RSCoin was originally developed by researchers at the University College of London (UCL) which provides greater centralized control compared to BitcoinCT r:  8 and other cryptocurrencies.

The original paper published by the UCL researchers behind RSCoin explained:

"RSCoin's radical shift from traditional cryptocurrencies is to centralize the monetary supply. Every unit of a particular currency is created by a particular central bank, making cryptocurrencies based on RSCoin significantly more palatable to governments. Despite this centralization, RSCoin still provides the benefit over existing (non-crypto) currencies of a transparent transaction ledger, a distributed system for maintaining it, and a globally visible monetary supply. This makes monetary policy transparent, allows direct access to payments and value transfers, supports pseudonymity, and benefits from innovative uses of blockchains and digital money."