27 Jun 2018
PBoC digital currency research lab files digital wallet patent. The initiative considers ways to allow users to keep track of their transactions histories.
27 June, AtoZ Markets – The Digital Currency Research Lab at the Central Bank of China has reportedly filed a new patent for a digital wallet that would enable users to track their transactions histories. The application for a patent was submitted with China's State Intellectual Property Office (SIPO).
This last Friday, the People’s Bank of China’s Digital Currently Research Lab has filed a patent for a special digital wallet. It is known that project aims to allow users to keep track of their transactions histories.
The new patent explains how the digital wallet could be utilized to track the transaction data in collaboration with a centralized digital currency issuance registration agency. The wallet would allow multi-signature security and manage digital assets that are encrypted with private keys.
Transaction queries would produce results such as the digital currency type, amount, source currency. The identification of the source and destination wallets would also be included.
The initiative from PBoC Digital Currency Research Lab comes as a part of central bank’s vision related to Blockchain integration. Chinese officials maintain a strict stance on decentralized cryptocurrencies, such as Bitcoin Nevertheless, the PBoC has been thoroughly investigating the benefits of utilizing the nascent technology for its financial system.
Zhou Xiaochuan, the governor of China’s Central Bank, has stated that digital currencies can ultimately reduce the cash circulation and are “technologically inevitable.” At the same time, he has noted the PBoC’s role in managing the “unpredictable effects” of particular Blockchain applications.
During the 2018 national video conference that was related to the achievements and other major matters related to the Chinese monetary system, the deputy governor of the PBoC Fan Yifei has laid out objectives in securing the yuan.
He has backed the development of a government regulated cryptocurrency, stating one of the objectives is “…to further intensify reform and innovation, solidly promote the R&D of the central bank’s digital currency”. At the same time, he has repeated how important the protection of yuan against the unofficial digital currencies is.
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