Push Blockchain in China’s Central Bank

Recently, Chinese banks have been devoting themselves into Block chain research on the application of digital currency and e-currency. While risk control and security measures are all important, which rely on technological direction With the prompting of government, more and more banks start using the advancing technology —Blockchain through greater transparency , then to hit the fraud from the financial sector.

For the practice of People’s Bank of China(PBoC), they are trying to incorporate digital currency wallet attributes into the existing commercial bank account system so that electronic currency and digital currency are managed under the same account.

Digital currency should be managed in compliance with the standards on wallet design specified by the central bank. The wallet is similar to a safe box which is managed by the bank based on agreement with the customer. All the attributes of digital currency and cryptocurrency would be preserved to enable customized application in the future.

The approach would not lead to the commercial banks being channelized or marginalized because customers and their accounts are still managed by the account bank. Unlike money transfer, digital currency does not completely rely on bank accounts and the ownership of digital currency can be verified directly by the issuing bank, so as to realize peer-to-peer cash transaction via digital currency wallet on user's end.

And the digital currency research of the people’s Bank of China has been listed for a period of time, they also have the confidence for the circulation of regular paper money with digital currency in the future. For the ordinary people, they can choose to change real cash or digital currency when going to the bank to withdraw money.

Shuqin Tech has cooperated with the commercial banks for business. They also keep promoting the development of Blockchain technology in the bank sector. For more solutions: https://www.baoquan.com/en/

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