Chinese authorities are keen to beat Facebook to the crypto punch.
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.
Written by George Tchetvertakov
Published by Small Caps