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People’s Bank of China to Build Blockchain and Crypto Research Center to Test Digital Currencies People’s Bank of China to Build Blockchain and Crypto Research Center to Test Digital Currencies
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People’s Bank of China to Build Blockchain and Crypto Research Center to Test Digital Currencies

The People’s Bank of China (PBoC), China’s central bank, is expanding its blockchain technology and digital currency research efforts after several successful tests, according to CNStock.

The People’s Bank of China (PBoC), China’s central bank, is expanding its blockchain technology and digital currency research efforts after several successful tests, according to CNStock.

Chinaโ€™s Blockchain Push

PBoC, the worldโ€™s largest bank by total assets, is increasing the scope of digital currencies- and blockchain-enabled finance in the Far East and has partnered with Nanjingโ€™s municipal government to create a fintech lab focusing on the blockchain, artificial intelligence and digital currencies.

In this year alone, the PBoC partnered with a number of regional banks and academic institutions to develop blockchain solutions for trade finance, and is now set toย deploy the test technologies to local administrations.

Related: China Bans Crypto Events in Beijing, Blocks 124 Trading Platforms

The distributed ledger solutions will be implemented across several real-life projects, and this time, beyond the Beijing-metropolitan area.

As part of Chinaโ€™s newly-created fintech cities, administrations like Nanjing and Shenzhen will serve as blockchain hubs ahead of the countryโ€™s ambitious plans to launch a Central Bank Digital Currency.

Just months ago, the PBoC-backed Digital Currency Lab established a fully-owned subsidiary, called Shenzhen Fintech Limited, in Shenzhen.

Crypto Developments Oncoming?

The lab is creating breakthroughs with regard to cryptocurrencies and holds over 40 patents. As per reports, the patents are believed to facilitate a state-owned cryptocurrency, ranging from protocol building to launch, and provide a wallet solution for safekeeping assets.

The patents also indicate Chinaโ€™s intention to create a digital currency that connects the digital realm to real-world banking, alongside introducing laws that scrutinize the use of crypto in the modern world.

The report follows PBoC’s recentย development, which includes deploying a blockchain-based trade finance infrastructure in Hong Kong and Macau. All public and commercial banks are said to have participated in the venture.

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