China's Cryptocurrency Research Lab Opens New Center

China's Cryptocurrency Research Lab Opens New Center

People's Bank of China’s (PBoC) Digital Currency Research Lab is further extending its current research efforts to cities outside of Beijing to support the launch of fintech, including blockchain, ventures. 

Supporting Real-Life Projects 

The lab has partnered with the municipal government of Nanjing, the capital city of Jiangsu region, to open a fintech center in a move to develop and apply pilot programs with banks and academic organizations.

Recently established municipal fintech centers will also serve as platforms for testing the PBoC-issued cryptocurrency once it goes to production, according to a report by local news source Securities Times. 

PBoC Promoting Crypto Advancement 

The lab has filed over 40 digital money-related patent applications focused on central bank-issued cryptocurrency creation. 

Previously the PBoC had initiated a trade finance platform based on blockchain, which now has entered the testing stage across a few partaking commercial banks willing to facilitate the financing burden for small ventures.

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