Central Bank Digital Money R&D Progress Accelerates, Related Patent Layouts Present New Patterns

Recently, the Central Bank has reiterated the need to promote the research and development of legal digital money, a statement that has attracted significant attention from the market. The digital money sector subsequently saw a substantial increase, reflecting investors' optimistic expectations for this field.

Industry analysis suggests that Central Bank Digital Money is expected to be accelerated post-pandemic. The pilot work is anticipated to first take place among several large banks. This will bring new system demands to the banking industry, while also driving upgrades and transformations of core banking systems, ATMs, and other software and hardware. Additionally, personal mobile devices and POS terminals may also face updates. The issuance of digital money will further promote the application of electronic bills. Throughout the entire industrial chain, cryptographic technology will play a crucial role.

It is reported that the Central Bank may have collaborated with some enterprises to complete the basic functionality development of Digital Money, and is currently formulating relevant regulations to prepare for subsequent issuance.

As of now, the Central Bank Digital Currency Research Institute has obtained 76 patents related to digital money. If we include the patent applications under review, the total reaches 86. It is worth noting that since the end of 2019, the institute has announced several key patents involving the generation, distribution, circulation, and recovery of digital money, among other core aspects. This indicates that, from the perspective of the central bank, the technical preparations for the issuance of digital money are basically ready.

However, the successful implementation of Central Bank Digital Money requires the cooperation of various institutions in the issuance, distribution, and circulation stages. It is understood that, in addition to the Central Bank, some large fintech companies and state-owned banks are also actively laying out related patents. Among them, a certain payment platform has announced multiple patents directly related to Central Bank Digital Money this year, covering aspects such as issuance, transaction records, digital wallets, and support for anonymous transactions. This has basically achieved comprehensive support for the issuance of digital money.

A large state-owned bank has made breakthroughs in key technologies such as "dual offline payment", clearing obstacles for the widespread application of Digital Money. The bank has also launched a solution that supports merchants in receiving payments without a Digital Money account, which is beneficial for the promotion and popularization of Digital Money.

In addition, other major banks and telecom operators have also made technological reserves in areas related to blockchain, electronic wallets, and so on. Some technology companies are also involved in the research and development of Central Bank Digital Money.

It is worth noting that although blockchain technology has been regarded as an important technological foundation for Central Bank Digital Money, recent statements from the central bank seem to indicate some adjustments. Relevant individuals point out that Central Bank Digital Money does not preset a technical route, and blockchain is not the only option. This is similar to the views of some other countries' central banks.

However, industry experts believe that there is still no final conclusion regarding the technical route selection for Central Bank Digital Money. As countries accelerate the development process of digital money, relevant technical solutions and application scenarios are still being continuously improved and explored. The specific implementation plans for Central Bank Digital Money in the future and its impact on the market still need further observation.