BTC
$66903.8782
2.13493604%ETH
$3102.701
5.38312939%USDT
$1.0003
0.01177136%BNB
$443.0351
1.89893071%USDC
$1
-0.00640806%XRP
$0.2246
0.877342%DOGE
$0.1556
3.68385084%ADA
$0.4835
4.29075045%SHIB
$0
2.43834746%TRX
$0.1244
0.14243128%LINK
$16.2217
3.56529482%BCH
$480.8907
8.01920466%MATIC
$0.1261
5.19295559%LTC
$84.0354
2.34054415%LEO
$5.9125
-0.31203672%UNI
$7.522
3.3810631%ETC
$28.9096
6.47453448%ATOM
$8.6689
1.89156302%CRO
$0.0378
-1.23731%FIL
$5.9027
3.30917764%Search Coins
NFT Collection The Superlative Secret Society Price, Stats, and Review
PEPE and KANG Witness Surge in Whale Activity Amid Price Rally to new all-time high
Exploring what fueled Floki Inu’s 111% hike and the road ahead
Dogecoin Whale Offloads 120M Coins To Robinhood, DOGE Price At Risk?
Willy Woo’s Bitcoin price prediction: BTC has ‘room to run’ and that means…
Do We Even Need Bitcoin ETFs
Mining Rig Producer Canaan’s Q1 Unrealized Gains Narrow Net Loss to $39.4 Million
AVAX’s price can rally to $50 ONLY if these conditions pan out
Binance Aids Taiwan in Busting $6M Crypto Money Laundering Ring
TRUMP vs BODEN – Which ‘Presidential’ token has the advantage now?
Digital Yuan Goes Cross-Border: Hong Kong Unveils e-CNY Wallets For Local Users
Dolce & Gabbana Sued Over $6,000 NFTs Losing 97% Value
Crypto Influencer ‘T.J. Stone’ Pleads Guilty To $1M Wire Fraud Scheme
Crypto Post-Mortem: Here’s How Pump.Fun Was Exploited For $2 Million
Dogecoin price prediction – All the reasons why DOGE can still fall to $0.12
‘Big Short’ Investor Michael Burry Goes Hard on Gold, Invests $10 Million in Q1
$22,000 Disappears From JPMorgan Chase Account After Customer Reports Suspicious Activity – Now Bank Says Reimbursement Is Not Happening: Report
Fantom (FTM) Defies Crypto Market Doldrums and Surges 15% This Week Amid New Chain Upgrade
Here Are The Latest Shiba Inu Developments You Should Be Aware Of
Shiba Inu’s price back to its March highs? Here are the steps…
Ripple Spotlights $865M XRP Volume Amid SEC Lawsuit: Report
Spot Bitcoin ETFs Net $1.3B in May, Reversing April’s $344M Outflows
China Files 84 Patents For Central Bank Digital Currency
Feb 12, 2020 7:30 PM +00:00•
0
Reports of more than 80 digital payments-related patents filed by the People’s Bank of China (PBOC) is offering concrete proof of the country’s moves to launch a CBDC.
China Serious About CBDC Issuance
According to the Financial Times, China’s central bank has filed 84 patents relating to its plans to launch a digital currency electronic payments DCEP system. The number of CBDC-related patents by the PBOC came after an investigative study by the U.S. Chamber of Digital Commerce.
These patents reportedly 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 CBDC with China’s existing retail banking infrastructure.
The reported patent filings also point to the proposed ‘tokenomics’ being considered by the DCEP working group. Some patents show plans towards programmed inflation control mechanisms.
Other patent filings point towards the creation of a middle-layer entity that will allow customers to deposit fiat and withdraw the digitized renminbi. Similar patents also mention the creation of digital wallets or chip cards for retail holders of the CBDC.
Commenting on the scale of China’s digital currency plan, Perianne Boring, President of the Chamber of Digital Commerce, remarked:
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 previously reported by Bitcoinist, Beijing’s work on its proposed digital currency is moving along smoothly but no word of any launch date announced by authorities.
America Waking up to the Digital Currency Race
China’s CBDC progress is causing a wave of interest across Europe and the United States. Beijing’s work on a sovereign digital currency which could be adopted by smaller nations has increased the pressure on central bankers in major economies to consider launching their own digital currencies.
Appearing before Congress on Tuesday (February 11, 2020), Jerome Powell, the chairman of the U.S. Federal Reserve revealed that developments like Facebook’s Libra and China’s CBDC plans have brought CBDCs to the forefront.
In Japan, some lawmakers are pushing for the country’s central bank to create a digitized yen in response to China’s CBDC plans. Japan is also reportedly looking to lobby the U.S. to make sovereign digital currencies a major focus of the next G7 meeting.
A think tank of central bankers from Canada, Sweden, Switzerland, Japan, as well as the European Central Bank (ECB) is set to hold its inaugural meeting in April.
Do you think China will win the CBDC race? Let us know in the comments below.
Images via Shutterstock
China Serious About CBDC Issuance
According to the Financial Times, China’s central bank has filed 84 patents relating to its plans to launch a digital currency electronic payments DCEP system. The number of CBDC-related patents by the PBOC came after an investigative study by the U.S. Chamber of Digital Commerce.
These patents reportedly 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 CBDC with China’s existing retail banking infrastructure.
The reported patent filings also point to the proposed ‘tokenomics’ being considered by the DCEP working group. Some patents show plans towards programmed inflation control mechanisms.
Other patent filings point towards the creation of a middle-layer entity that will allow customers to deposit fiat and withdraw the digitized renminbi. Similar patents also mention the creation of digital wallets or chip cards for retail holders of the CBDC.
Commenting on the scale of China’s digital currency plan, Perianne Boring, President of the Chamber of Digital Commerce, remarked:
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 previously reported by Bitcoinist, Beijing’s work on its proposed digital currency is moving along smoothly but no word of any launch date announced by authorities.
America Waking up to the Digital Currency Race
China’s CBDC progress is causing a wave of interest across Europe and the United States. Beijing’s work on a sovereign digital currency which could be adopted by smaller nations has increased the pressure on central bankers in major economies to consider launching their own digital currencies.
Appearing before Congress on Tuesday (February 11, 2020), Jerome Powell, the chairman of the U.S. Federal Reserve revealed that developments like Facebook’s Libra and China’s CBDC plans have brought CBDCs to the forefront.
In Japan, some lawmakers are pushing for the country’s central bank to create a digitized yen in response to China’s CBDC plans. Japan is also reportedly looking to lobby the U.S. to make sovereign digital currencies a major focus of the next G7 meeting.
A think tank of central bankers from Canada, Sweden, Switzerland, Japan, as well as the European Central Bank (ECB) is set to hold its inaugural meeting in April.
Do you think China will win the CBDC race? Let us know in the comments below.
Images via Shutterstock
Share This Article
Get the most out of CoinFi News!
Save coins into your Watchlist and be the first to know about the latest market moving news.