The people’s Bank of China patented cryptocurrency wallet. All transactions in it are tracked

In late March the people’s Bank of China called cryptocurrency one of the main threats to the yuan. The regulator plans to issue its own digital currency, and the preparations for that event underway. Laboratory of digital currencies at the National Bank applied for a patent on a digital wallet that will allow users to track their transaction history. This writes Cointelegraph.

Why States create a national cryptocurrency

Wallet, developed by the Chinese government, will also allow authorities to register the operation with the coins for the subsequent taxation of the income from these operations. The service will improve the security of funds and be able to work with the protected keys, reads the patent.

The publication notes that the creation of the purse means a quick presentation of the national cryptocurrency of China. Will the wallet to support other coins is unknown. It is unlikely someone will want to use it, given total control of operations and automatic identification of the owner of the store.

Earlier, the head of the people’s Bank Governor Zhou Xiaochuan said that the development of digital money “technologically inevitable” and ultimately will result in rejection of cash . He added that in such a situation regulators should monitor the coins for the sake of avoiding “unintended consequences”.

Subscribe to our channel in the Telegram to be aware of.

Leave a Reply

Your email address will not be published.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