On Friday, June 22, China’s State Intellectual Property Office (SIPO) revealed two new patent applications submitted by the Digital Currency Research Lab at the People’s Bank of China. As a result, the lab has filed 41 patent applications in total over the 12 months since its launch.
All the 41 patents are aimed at creating a digital currency combining the core features of cryptocurrency and the existing monetary system. Such a currency would provide a wallet that stores and transacts the asset in an “end-to-end” fashion.
According to PBOC, the ultimate goal of the patents is to “break the silo between blockchain-based cryptocurrency and the existing monetary system” so that the digital currency can sport cryptocurrency-like features, while being widely used in the existing financial structure.
The recent patents submitted last week explain how the envisioned digital wallet would allow users to check any transactions made through the service. The wallet would not be limited, like a typical cryptocurrency wallet, to merely storing the private key to a certain asset. Nor would it be like another mobile payment service that only reflects a number on an application’s front-end interface without users actually holding the assets in a peer-to-peer manner.
However, the wallet would enable multi-signature security and manage digital assets that are encrypted like cryptocurrencies with private keys.