China Files 84 Patents For Central Bank Digital Currency

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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…

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