Chinese Central Bank Actively Exploring Application of Blockchain to Digital Renminbi Systems: Di Gang

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A senior official from the digital currency research wing of the Chinese central bank says it is driving efforts to apply blockchain technology to systems for the circulation and usage of the digital renminbi.

“In recent years the Digital Currency Research Institute has focused on specific applications of the blockchain, such as building a unified distributed ledger based on the blockchain at the issuance level for the digital renminbi, and actively exploring blockchain applications for digital renminbi systems” said Di Gang (狄刚), deputy-head of the People’s Bank of China (PBOC) Digital Currency Research Institute.

Di made the remarks on 24 September at the “Blockchain and Digital Economy Development Forum” (区块链与数字经济发展论坛), held as part of the 2021 Zhongguancun Forum.

The PBOC official also called for the more unified and coordinated development of blockchain technologies in China.

“While many blockchains have been established at present, more often it’s a case of old islands being replaced by new islands, and the creation of new barriers after old barriers are expunged,” said Di.

“In order to avoid this situation, it is necessary to expand top level design, achieve operational connections, form industrial co-governance, and thus achieve industry innovation.”

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