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China is working on a global cryptocurrency system

The country wants to create a single system of criteria.

26.Jun.18 9:57 PM
By Jeff Bannister


China is working on a global cryptocurrency system
The People's Bank of China (NSC) is getting closer to the release of the national cryptocurrency. The Digital Currency Research Laboratory under the Office has issued more than 40 patent applications for digital currency technologies. All applications describe technologies that combine elements of the crypto-currency and the state payment system.

According to CoinDesk, all patents describe individual elements of the overall digital economy system. If they are combined into a single whole, they will constitute a global digital currency system that can itself emit coins, generate purses for its storage and turnover within the network.

The main objective of this project is to create a single cryptocurrency, operating within the monetary system. This system can provide users with digital wallets with the ability to verify all transactions performed through the service and other useful functions.

According to the deputy director of the NBK, Fena Iifey, China is trying to find a balance between decentralized solutions and the possibility of control. The NBK realizes the limited possibilities of crypto-currencies issued by private companies and therefore seeks to create a universal solution used at the state level.

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