China’s digital currency patent application grows further 

According to Mpaypass.com, the number of digital yuan patents continues to grow, currently reaching 271 since the application started last year. 

In the data released to the public, it showed that the number of patent applications since last year has exceeded records the applications have reached in 2016 and 2019. 

The Digital Yuan patent applications came from big businesses including China Telecom, China Mobile, China Unicorn, and Alipay. 

These businesses are already aware of the dominant role that Digital Yuan will play in the near future, that is why they are “betting” early to leverage this soon-to-launch technology. 

Growing applications 

The Digital Currency Research Institute, which is under the People’s Bank of China’s authority, has applied for 65 patents between 2017 and 2019. 

Since the beginning of 2020, it has already applied for 30 patents, and all these applications clearly highlight the massive potential in China’s e-CNY. 

Chinese President Xi Jinping is one of the main driving forces of blockchain tech in the country. In fact, in 2019, he called for more investments, research, and regulation on blockchain tech to keep the nation ahead when it comes to technological advancement. 

Some 35,000-plus companies have responded to the President’s request, and these businesses have started pouring funds into blockchain research and development. 

Major push for China 

With President Xi Jinping’s call to focus on blockchain tech, it is clear that the government is seeing big and untapped potential in this rising technology. 

It is no secret that China is always searching for a dominant role on the global stage, and its interest in blockchain is a sign that this technology holds a lot of power that the country wants to unleash. 

With its Digital Yuan, the country is expected to continually expand its application until it can achieve a nationwide reach.  

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/chinas-digital-currency-patent-application-grows-further/