China's central bank is nearly ready to issue its own sovereign digital currency, according to a senior official.

Mu Changchun, deputy director of the People's Bank of China's payments department, said the institution's virtual currency was "almost ready" for release, according to Reuters. Mu's comments were also reported by Bloomberg.

Researchers at the bank have been working on the currency for five years. The PBOC hasn't been alone in exploring the possibility of issuing digital currency as an alternative to cash; Sweden's Riksbank is another central bank looking into the idea.