First steps of the Chinese dream
As you will have observed in our posts last week, China aims to implement Blockchain technology in its services, seeking to improve the quality of life of its citizens by providing a favorable environment for technological innovations. This week the dream is beginning to take shape, starting in the financial field.
People's Bank of China files a patent for the digital currency wallet
The Digital Currency Research Lab of the People's Bank of China (BPC) filed a new patent this week for a digital wallet that would allow users to track their transaction histories. The patent application was filed with the State Intellectual Property Office of China (SIPO) on Friday, June 22.
The new patent describes how the proposed digital wallet could be used to track transaction data in coordination with a centralized digital currency issuance registration agency.
The wallet would allow the security of multiple firms and manage digital assets that are encrypted, such as existing cryptocurrencies with private keys.
The transaction queries will yield results that include the type of digital currency, the amount, the currency of origin, as well as the identification of the purses of origin and destination.
Projection to the Future
This patent is only a step in the plans to revolutionize the Chinese financial market, seeking to gradually integrate Blockchain technology and a possibility for cryptocurrencies, with the Chinese Central Bank leading.
PBoC Governor Zhou Xiaochuan has suggested that digital currencies will ultimately decrease cash flow and are "technologically unavoidable", while emphasizing the PBoC's role in controlling the "unpredictable effects" of certain applications. Blockchain.
Government of China
Zhou's comments are related to the strict position of Chinese lawmakers, who continue to reject the use of decentralized currencies such as BTC.
Although for the most optimistic, they consider that there is still a hope of changing this with the implementation of Blockchain technology, which illustrates how decentralization is the future made real today.