People's Bank of China Opens New Digital Currency Research Lab Center

New Cryptocurrency Research Center Launched by PBoC

The digital currency lab sector of the People’s Bank of China has expanded their research facility to include more Chinese cities outside of the country’s capital. Reasons for the new development are speculative but are likely due to the need for better fintech research, also cryptocurrency and blockchain technology development as well.

China is one of the most significant contributors of cryptocurrencies in the world, especially when it comes to real-world applications. A recent document was released to the public from a financial news publication called the Securities Times, in which the details covering the launch of the new fintech center to open in Nanjing was given.

China’s government will also participate in the opening of the new research facility to help accelerate the speed at which it can operate. The primary objectives of the new research hub will be to develop technologies in the lab for fintech, blockchain, and cryptocurrency – particularly those that would benefit the larger financial institutions like banks.

The People's Bank of China is smart in its research; smaller research fintech centers are also used to develop and test technologies for the bank’s adoption of virtual currencies in the future. Other firms are developing more advanced cryptocurrency technology like Shenzhen Fintech Limited that started with funding in the amounts of three hundred thousand US Dollars.

Coindesk has reported some 40 applications by one company, Yao Qian who is preparing to open their centralized digital bank operating strictly on cryptocurrency. Blockchain technology is heavily tested by the PBoC as well, who sees the technology as fundamental to the development of the bank's digital currency sector.

What do you think about mainstream banks developing their cryptocurrency? Tell us your answers in the comment sections below.

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