China’s Central Bank is seeking a digital wallet to track cryptocurrency deals

China’s central bank has filed a patent application for a digital wallet that consumers can use to track all their cryptocurrency transactions. The patent application was sent to China’s State Intellectual Property Office (SIPO) last week.

The document that was prepared by its Digital Currency Research Lab, states that the People’s Bank of China (PBoC) is seeking a digital wallet that is capable of providing multiple-signature security and can manage encrypted digital currencies using private keys. The wallet will be used to keep a record of all transaction data with the assistance of a “centralized digital currency issuance registration agency.”

The digital currency issuance registration authority would perform the verification on the signed transaction information and the queries according to the transaction information. The wallet shall also contain information about the user’s cryptocurrency of choice, as well as the source of the digital assets, including identification of the source and destination wallets.

A lot of industry observers said that PBoC’s latest move is part of the government’s long-term thrust into blockchain integration.

Leave a Reply

Your email address will not be published. Required fields are marked *