People’s Bank of China doubles on plans to digitize the renminbi

PBOC has filed more than 80 patents surrounding the integration of a digital currency system.
China is taking calculated risk regarding digital currencies; choosing to embrace the blockchain technology.

China continues to be at for forefront development of central bank digital currencies (CBDCs). China as a country also leads in terms of digital payments by the average consumers. Platforms like Alipay have for some time been giving China’s residents an opportunity to make day-to-day payments using fiat currency. Somehow the platform is preparing the citizens for a day when payment and currency will both be digitized 100%.

China has recently taken an open approach towards digital currencies, especially the technology that underlies them, blockchain. The development of a CBDC has also placed China on the global map. Moreover, the country is taking a clearer route and framework regarding regulation.

A report by the Financial Times recently said that the PBOC has filed for over 80 patents that will see it clear the way for the launch of the digital renminbi. Marc Kaufman an attorney at Rimon Law speaking to the Financial Times said:

Virtually all of these patent applications relate to integrating a system of digital currency into the existing banking infrastructure.

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