Alipay Prepares to Launch China CBDC, – Media

From February 21 to March 17, the Chinese payment company Alipay has submitted five patents related to the digital currency of the central bank. This is reported by 8btc. Alipay, as an independent company, will take an active role in supporting the Central Bank’s planned initiative.

On February 21, the company filed a patent application for CBDC Transaction Implementation and Electronic Equipment. According to the document, Alipay can take part in the second order emission on a par with commercial banks.

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

Issued DC / EP operators can be combined 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 subject of account management: “Devices and methods for controlling digital currency accounts”.

One of the characteristics of CBDC will be “end-to-end surveillance.” In the current conditions, it is difficult for banks to quickly stop illegal activities. CBDC will allow you to agree on rules for restricting accounts and exclude them from economic activity as directed by the supervisor.

On February 28, Alipay published a patent under the heading “Methods and electronic devices for digital wallets.” It describes the many types of digital wallets endowed with diverse functionality.

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

What is associated with another patent, the publication does not specify.