Chinese central bank keeps on filing patents on a new cryptocurrency concept

26 June 2018

Latest reports from China’s State Intellectual Property Office (SIPO) unveil that the Digital Currency Research Lab under the control of the People’s Bank of China filed two new patent applications last week, bringing the total number of the applications to 41, as the central bank’s division pushes to develop national digital currency capable to mix the key features peculiar to a cryptocurrency and the proven performance of the current monetary system.

In each of the 41 patent applications the central bank addresses various sides of a digital currency ecosystem, and, if and when approved, they would bring to life an innovative technology capable to issue digital currencies and offer digital wallets for the users to store their assets and transact in an end-to-end mode.

In its latest patent application, the research lab provides details on how the presumable wallet would enable the process of checking any transaction performed with the new service, and in its previous filings the lab focused on the wallet’s capability to streamline the transactions.

Through these patents PBoC seeks to remove the inconsistency between the blockchain-powered cryptocurrencies and the conventional monetary systems to make a digital currency combining best capabilities and functionality of cryptocurrencies, while being viable in the traditional financial environment.

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