RATE Group | China’s plan to introduce a central bank digital currency will benefit Bitcoin
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China’s plan to introduce a central bank digital currency will benefit Bitcoin

18 Feb China’s plan to introduce a central bank digital currency will benefit Bitcoin

Posted at 23:48h in Bitcoin News by

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Bitcoin China central bank digital currency CBDC
China’s central bank has filed 84 patents related to digital currency technology.

The People’s Bank of China (PBOC) has filed 84 patents and is hastening plans to launch a digital currency electronic payments (DCEP) system.

The filed patents focus on “designing protocols” that will control the issuance and supply of digital renminbi, as well as frameworks for performing interbank settlements and integration of the central bank digital currency (CBDC) with China’s existing retail banking infrastructure.

In addition to various protocols, the PBOC also intends to develop a digital token that will presumably be swappable with actual Yuan currency.

Other patent filings refer to the creation of a middle-layer entity that allows customers to deposit fiat currency and withdraw the digitised renminbi. Similar patents also mention the creation of digital wallets or chip cards for retail holders of the CBDC.

Global digital currency…

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