There are certain reports that over 84 patents related to digital payments were filed by the People’s Bank of China (PBOC) which is proof that the nation is on its way to launch central bank digital currency as we are reading more in the altcoin news today.
According to the Financial Times, the central bank of China has filed 84 patents related to its ambition to launch a digital currency electronic payments DCEP system. This group or central bank digital currency-related patents by the central bank of China came after an investigative study by the United States Chamber of Digital Commerce.
These patents according to the report are focused on designing protocols that will control the emitting and supply of digital renminbi and also they are designed as frameworks for interbank settlements and integration of the central bank digital currency with the existing retail banking infrastructure of China. The reported patents also show to the proposed ‘tokennomics’ being considered by the DCEP working group. Some of the patents show plans for programmed inflation control mechanisms.
Some of the 84 patents show towards the building the creation of a middle-layer entity that will give customers the opportunity to deposit fiat and withdraw the digitized renminbi. Some of the patents also mention the creation of digital wallets or chip cards for retail holders of the central bank digital currency. Commenting on the magnitude of the digital currency plan of China, Perianne Boring the president of the Chamber of Digital Commerce, said:
“The theme is that China has made massive investments and are taking this very seriously. That is drastically different from the United States approach and this just highlights that.”
As reported in a previous occasion in our altcoin news, the labors of Beijing on its digital currency are going smoothly, but there is no mentioning of any launch date announced by the government. The progress of China on the field of central bank digital currency CBDC is causing a wave of interest in Europe and the United States. The project of a sovereign digital currency by China which can be adopted by smaller nations has magnified the pressure on the central banks of the major economies to put into consideration their own digital currencies.
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“The users are in control of the digital assets, which is something that hasn’t happened before. I think that over time players will gravitate toward games where they are more in control.”As per the other Decentraland news, HTC announcing that the altcoin MANA will be their strategic partner, MANA spiked almost two times against the US dollar. For those of you who are asking themselves why these unique crypto assets are part of HTC and Samsung’s plans, the truth is that both smartphone manufacturers believe that their potential exceeds the realm of payments and goes above and beyond the popularized cryptocurrencies in the likes of Ripple, EOS, Litecoin, Stellar and TRON.
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“There are tons of projects that use the liquidity from individual DEX networks, but the liquidity isn’t connected. Our goal is to provide the best price for any token trading pair on the market...it’s pretty much guaranteed with 0x API because we’re just pulling from networks that have the best prices.”For example, while 0x is quite liquid when it comes to popular trading pairs such as DAI and ETH or USDC to DAI, he says that there’s a lack of liquidity on other coins such as Augur that could be more liquid on another network. 0x wants to solve this problem by creating an order that will be split between all DEX networks and returning back the best price there is. With only a few code lines, the 0x developers can now connect to the API and get a quote in the back end so they will be able to execute the transaction at the best prices. Taylor continued:
“We want to be the most liquid decentralized exchange, but we also want to provide developers the best price. If that’s not on 0x native liquidity, we’re happy to give them on Kyber, for example, because that’s a better developer experience. ‘’0x API does not have a bridge with dYdX which is a margin lending exchange that started sourcing liquidity from 0x in 2019. The platform has a closed pool as Matt explained so while the maker that uses 0x API could potentially make an order on the margin trade on dydx, there is not a single possibility on the taker side to fill dydx trades via 0x API.
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