The People’s Bank of China, China’s central bank is extending the activities of its Digital Currency Labs beyond the country’s capital.
The Jiangsu center has been established in partnership with the municipal government, Nanjing University, the PBoC’s Jiangsu branch, and the Bank of Jiangsu, CN stock writes.
The center aims to serve as a bridge between “politics, production, study, research and use” and to this end will pool resources from across government departments, high-tech parks, financial institutions, and universities in order to pilot cutting-edge fintech applications and promote them across the country.
PBoC’s lab has also been ratcheting up patent applications for its planned digital currency, which include several patents for a digital currency wallet. CNstock further reports that the PBoc has a host of newly unveiled patents, encompassing digital currency management methods and systems triggered by loan interest rate conditions, as well as digital currency exchange methods and systems