The People's Bank of China continues to patent elements of the state cryptocurrency

The People’s Bank of China continues to patent elements of the state cryptocurrency

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According to data of the China’s State Intellectual Property Office (SIPO), the Digital Currency Research Lab at the People’s Bank of China gave two patent requests, each of that describes the certain aspect of the system combining in itself the key functions cryptocurrency and operating money system. For 12 months from the moment of founding laboratories are already given 41 the patent requests related to this technology.

All together, they allow to create technology able to issue digital currency, and also to give wallets for storage and “through” transmission assets.

For example, a digital wallet allowing to the users to check up all executed transactions is described in the last patent. That, how implementation transactions is through this wallet is described in more early patent requests.

Judging by the latest patents, the wallet functions in this system will not be limited solely to the storage a private key for an asset. In addition, it also does not look like a mobile payment application, which only displays an amount in the interface and does not allow access to the peer-to-peer system for storing assets.

What be more, this wallet can keep the digital currency issued by a central bank, and also any other authorized asset that can be protected multi-signature and kept by the decentralized method.

A mechanism that will allow to apply digital currency with cryptocurrency functions in the usual financial world is described in one of the patent requests.

This hybrid approach comports with positions of vice-director the PBoC’s Fan Yifei and head research laboratory Yao Qian. Both Chinese officials come forward for balance between centralization and decentralization of the new system.

Anyway, all these patent requests allow it is talked that the PBoC’s works on own digital currency, and also that this technology, maybe, will be extended and on other central institutes.

“The fundamental lacks of the virtual currencies produced by private organizations is excessive volatility, low level trust from the side society and limit spectrum of the use. For this reason, a central bank will produce own digital currency that will surpass on volume circulations existent fiat currency  inevitably,” – a laboratory wrote in November 2017.

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