China Filed 84 Patents For CBDC

According to the Financial Times, the People's Bank of China has filed applications for 84 patents related to digital currency, which serves as evidence of the country's successful efforts to issue CBDC. These patents are aimed at developing protocols that will control the issuance and delivery of the digital yuan, serve as the basis for interbank settlements and the integration of CBDC with China’s existing retail banking infrastructure.

Some patents are aimed at programmed inflation control mechanisms. Other patent applications describe an entity that will allow customers to deposit fiat and withdraw digital yuan. Similar patents also mention the creation of digital wallets or chip cards.

The authorities have not yet announced a specific date of CBDC release, but Beijing’s work on the digital currency of central bank is going successfully. China's progress on CBDC has caused a wave of interest in Europe and the United States. Beijing's work on sovereign digital currency has increased pressure on central banks, and has also served as a push in creating a digital currency for the Central Bank in other countries.

For example, in Japan, some legislators insist that the central bank of the country create a digital yen in response to China’s CBDC plans. In addition, Japan is intended to put the CBDC issue on the agenda for the next G7 meeting.

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