25.10.2020

China Central Bank Confirms Digital Yuan Mobile App Trials

The People’s Bank of China (PBoC) aims to roll out internal tests for the national digital currency (DECP) in Shenzhen, Suzhou, Xiong’An and Chengdu, according to the bank’s Friday statement. The same four cities were named on a registration page for the test application. 

China’s central bank confirmed it will be testing a mobile application for storing and exchanging the digital yuan, after screenshots circulated on social media. 

The PBoC went out of its way to emphasize that this is just a test.

“The rumored information about the DECP on the internet is part of the test in our research and development process and it does not mean the digital yuan has been launched officially,” an unnamed official from the China Digital Currency Institute said in the statement.

The official said the pilot projects in these four cities are internal closed-circuit tests that will not affect commercial operations of the companies involved, Chinese financial markets or fiat currency circulation outside the test environment.

PBoC did not give a clear schedule for the projects. However, the bank said it plans to run another internal test during the Winter Olympic Games hosted in Beijing in 2022.

The Chinese central bank assembled a task force to study a potential national virtual currency in 2014. Approved by the State Council, PBoC invited major state-owned commercial banks and other influential institutions to design a system for the digital yuan in 2017. The bank denied reports in August that it was planning to launch the digital yuan in November 2019.

Kaleido’s Enterprise Clients Can Now Transfer Tokens In Complete Privacy

Kaleido’s software-as-a-service blockchain solution will now offer an advanced privacy protection service.

At the Ethereal Summit Tel Aviv 2019, on Sunday, the company announced a partnership with QEDIT, a developer of privacy technology for enterprise blockchains.

Through this partnership, the firm will allow clients to shield sensitive information through zero-knowledge proof (ZKP) cryptography when trading tokenized assets in their marketplace. While the technology is broadly applicable, it has particular utility in the energy and financial sectors. The company has worked with established brands including T-Mobile, Sony, Fox, and UnionBank to build blockchain networks.

“Tokens aren’t just about crypto anymore, they’re a digital construct of real world assets,” Kaleido CEO Steve Cerveny told CoinDesk. “They have a shared state [assets that can function on multiple platforms] and need to move from one party to another. In many cases you would want to obfuscate some amount of information.”

While transactions remain legible on the blockchain and verifiable by network participants, “observers cannot see who sent what, or how much, or to whom,” Cerveny said.

ConsenSys-backed Kaleido assists large organizations move from blockchain pilots to production. The latest integration removes the friction from experimenting with the emerging privacy tech. Further, the network is private and permissioned, meaning that organizations themselves will determine which information will remain publicly available.

To use the service, firms will register their wallets, sign up for the native zero knowledge token transfer service, transfer their assets to a shielded account, then press a button that leads to a “dark room” to make private trades.

QEDIT’s solution was developed by the data scientists behind zk-SNARK proofs.

Cerveny concluded:

“Enterprise tokens are still nascent, but many firms are coming around to how powerful these things are to share state. We’re bullish tokenization will be universally applicable.”

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