People’s Bank of China Has Filed 84 Digital Payment Patents For CBDC’s: Report

According to the Chamber of Digital Commerce, China has filed 84 patents for the digital yuan, its new upcoming digital currency.

The patents date to 2017 and are credited to the People’s Bank of China’s (PBoC) Digital Currency Institute. They were filed to the Chinese Patent Office (SIPO) and indicate some important aspects like the one where the Chinese government is able to alter the currencies supply after some specific events like interest rates going up, or the one of integration with traditional bank accounts while the connection with digital currency chips cars or digital wallets is still possible.

The Chinese Government Will Track Down Transactions

The patent applications are related to the integration of the digital currency in the already existing banking infrastructure. This is what Mark Kaufman, the patent attorneys for Rimon Law and a former employee of the Chamber of Digital Commerce said about them:

“Virtually all of these patent applications relate to integrating a system of digital currency into the existing banking infrastructure.”

Meanwhile, the Chamber’s president, Perianne Boring, mentioned how a mechanism that’s able to stop the tracking of transaction by the Chinese government doesn’t exist yet.

Will Other Governments Take China’s Example?

In November 2019, Mu Changchun, the head of PBoC’s Digital Currency Institute, spoke at a Singapore conference and said:

“We are not seeking full control of the information of the general public.”

The newly filed patents come only to prove that the Chinese government is committed to issue a digital currency, which may convince other governments to take action in the same direction. For example, the Japanese government recently talked about China’s digital yuan and Facebook’s Libra, saying these should be combated with a digital currency released by Japan. Norihiro Nakayama, the foreign affairs parliamentary vice-president of Japan said,

“China is moving toward issuing digital yuan, so we’d like to propose measures to counter such attempts.”

Will the US Release Its Own Digital Currency?

There have been signs that the US may be considering issuing its own digital currency too, as Jerome Powell, the Federal Reserve Chairman, said on Tuesday that this matter needs to have an answer and that:

“We’re working hard on it.”

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Author: Oana Ularu

Gemini’s Winklevoss Twins Win Six Patents To Increase Usability Of Stablecoins

Gemini cryptocurrency exchange founders, Cameron and Tyler Winklevoss recently obtained patents related to six stablecoins, according to filing data obtained from the US Patent & Trademark Office.

The filing information indicates that three out of the six patents, namely the 1st, 2nd, and 5th patents in their list all have something to do with altering the stock of a stablecoin based on a public blockchain.

Of the three, the first part provides a description of how trustworthy third parties, e.g., banks and crypto exchange platforms can produce the stablecoin on demand.

Stablecoins and Traditional Currencies

Of the remaining three patents, the 3rd and 6th patents provide a description pertaining to the process of generating a stablecoin on a public-based blockchain. The 3rd patent also goes as far as stating that stablecoins with official backing can also be used as collateral when dealing with financial transactions that are to be undertaken through the use of smart contracts.

According to the filing information, the 4th patent, which was officially filed on 23rd April 2018:

“relates to the use of a stable value digital asset to pay dividends for securities and other financial instruments tied to a blockchain.”

The Fight for Crypto-related Patents

The growth and maturity of the crypto-verse have forced many firms to invest more in research and crypto-related technologies. As the research results start to trickle in, firms are resorting to patenting technologies that they deem viable.

In late January 2019, Cointelegraph reported that IBM, the technology giant had received a patent that would help it create what is referred to as a “self-aware token.” IBM stated that the development of this token would enable it to record all events pertaining to offline transactions.

Not to be left behind, other notable people who have patented new technologies include Brian Armstrong, the Coinbase CEO. Brian was awarded a patent for a system that would make it possible for Bitcoin holders to send and receive BTC via traditional email.

As 2019 was coming to a close, his company was also awarded a patent for the development of a system that was capable of identifying and recording accounts that were not compliant.

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Author: Daniel W