Alipay is preparing to launch a digital currency …

Alipay is preparing to launch a digital currency …

Alipay Prepares To Launch Central Bank Of China Digital Currency With Five New Patents

Chinese payment company Alipay filed five patents related to the central bank’s digital currency from February 21 to March 17. Writes about this 8btc. Alipay, as a stand-alone company, will take an active role in supporting the planned CBA initiative.

On February 21, the company filed a patent application for “Implementation and Electronic Equipment for CBDC Transactions.” According to the document, Alipay can take part in the second-order emission along with commercial banks..

The document assumes that the digital payment system of the central bank (DC / EP) itself will not be based on the blockchain, but will use tracking systems with its elements..

DC / EP operators with the right to issue can be combined with each other using central bank equipment. Also, the central bank will install primary encryption devices on the side of each operator.

On February 25, a patent was published on the topic of account management: “Devices and methods of control over digital currency accounts”.

One of the characteristics of the CBDC will be “end-to-end surveillance”. In the current environment, it is difficult for banks to promptly suppress illegal activities. CBDC will allow harmonization of rules for limiting the operation of accounts and excluding them from economic activity at the direction of the supervisory authority.

On February 28, Alipay published a patent entitled “Methods and Electronic Devices of Digital Wallets.” It describes many types of digital wallets, endowed with a variety of functionality..

Alipay is preparing to launch a digital currency ...

On March 17, a patent was presented under the heading “Method of anonymous transactions based on digital currency”. It talks about the principles of creating a temporary password for anonymous transactions. Although identification by real name is not provided in this case, the user will still have to identify himself somehow, for example, using a mobile phone number or email address.

What is another patent associated with, the publication is not specified.

Earlier it became known that the US authorities may issue a digital dollar as a response to the coronavirus pandemic.

Alipay is preparing to launch a digital currency ...
Alipay is preparing to launch a digital currency ...

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