Chinese Bank PBoC Files Digital Wallet to Track Crypto Transactions Patent

China’s central bank, the so called People’s Bank of China, has presented a patent application for a wallet that consumers are able to use so as to track cryptocurrency transactions. The patent has been sent to China’s State Intellectual Property Office (SIPO) during the last week. In the last year, China has been one of the most important countries registering blockchain related patents.

China’s Cryptocurrency Wallet

The main intention behind this wallet is to provide multi-sig security and give users the possibility to manage cryptocurrencies using private keys. The document was prepared by the Digital Currency Research Lab.

Additionally, the wallet will be used to keep a record of all transaction data. This will be possible using a ‘centralized digital currency issuance registration agency.’

The document uploaded reads as follows:

“The transaction information and query instruction include a certificate and a transaction information query condition. The wallet service organization uses the certificate to verify the signature, adds a wallet service agency signature, and sends the signature to the digital currency distribution.”

It is important to mention that the digital currency issuance registration authority would be in charge of performing the verification on the transaction information. The wallet will also have the information about which cryptocurrencies the users manages. Moreover, it will have information about the source and destination wallets. The main intention is to avoid money laundering activities and similar behaviors.

China is one of the most important countries in the world, and this is being reflected in the blockchain space. The country was able to present more blockchain patents than the United States, and the number is expected to keep growing.

China has always been attacking cryptocurrencies and Initial Coin Offerings (ICOs). But the situation looks completely different when its about distributed ledger technology.

Back in May, the Ministry of Industry and Information Technology (MIT) released a paper in which they show Beijing's interest to adopt blockchain technology in the economy. At the end of March, there were 456 blockchain technology companies operating in the Asian country, according to China’s official news agency, Xinhua.

Blockchain technology keeps growing all over the world, but China remains as the most important hub ever.