The Chinese authorities have opened the National Institute for the Study of the Digital Yuan, which will develop cryptographic applications to enhance the security of the NBK’s digital currency.
According to the People’s Daily publication, the digital yuan R&D center will be located in Jinan. The institute will use cryptography to develop applications that will enhance the security of China’s government cryptocurrency.
Deputy Governor of the People’s Bank of China (PBOC) Yifei Fan and a representative from Huawei spoke at the opening ceremony of the research center. In addition, at the event, Shandong Provincial Official Wang Xiaoyun presented a blockchain education platform as well as enterprise blockchains for government coordination, energy big data, and supply chain finance.
The digital yuan is expected to enhance China’s financial and national security, as well as innovate the digital economy. Earlier this month, the NBK published the Digital RMB White Paper. The document announced the use of smart contracts.
The digital yuan has been testing since last spring, with the largest pilot planned for the 2022 Winter Olympics in Beijing. Recently, US senators appealed to the US Olympic Committee with a demand to ban the use of China’s state digital currency at the Beijing Olympics.