Digital Currency Lab of China’s Central Bank extends its venture to Eastern province  22422
News
Ashmita Dutta
Sep 6, 2018 at 11:57 AM

Digital Currency Research Lab of the central bank of China, namely, People's Bank of China is expanding its domain of activities. The local news media, CNstock has reported that the Digital Currency Research Lab is entering into the eastern province of China.

The Location

The lab has set up a research centre based on fintech in Nanjing, Jiangsu's capital located in the eastern province of China. The fundamental reason behind this establishment of the fintech centre is providing assistance to the testing of the prototype of digital currency conducted by PBoC. According to the report of CNstock, Nanjing University, municipal government, Bank of Jiangsu and Jiangsu branch of PBoC have collaborated to set up this Jiangsu centre.

The primary objective of the fintech centre of Digital Currency Research Lab is bridging the gap between the “politics, production, study, research and use”. The aim can be achieved by deriving resources from high-tech parks, universities, financial institutions and governmental departments. As per the report of CNstock, Digital Currency Research Lab has been established months before this new centre has come up.

By the setting up of this new centre, the Lab already established its subsidiary that is completely owned by it in Shenzhen, the southern city of China. The first city known to conduct the testing of the "legal" digital currency of PBoC happens to be Shenzhen. The city has also provided a organised preparation for the launch of the cryotocurrency which also include cooperation with the regulators of the nation. Prior to the scheduled date, PBoC's Shenzhen Central Sub-branch has carried out its official launching of the testing phase of trade finance policy based on the blockchain technology.

 

See also: Fintech firm Bitt inks deal with Curacao's central bank to launch local digital currency

See also: Has Bitcoin hit the bottom for the year? Digital Currency Group's Silbert explains

Image via Shutterstock

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