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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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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