The People’s Bank of China has filed more than 80 patents related to its secretive plans to launch a digital currency, according to new research that shows the extent of Beijing’s ambitions to digitise the renminbi.
The patents, seen and verified by the Financial Times, include proposals related to the issuance and supply of a central bank digital currency, a system for interbank settlements that uses the currency, and the integration of digital currency wallets into existing retail bank accounts.
Uncovered by the Chamber of Digital Commerce, their contents shed light on Beijing’s mounting efforts to digitise the renminbi, which has sparked alarm in the west and spurred central bankers around the world to begin exploring similar projects.
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