Chinese Central Bank Hails Integration of Blockchain Technology with Digital Renminbi

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A senior official from the People’s Bank of China (PBOC) has touted efforts to incorporate blockchain technology with the digital renminbi applications.

Di Gang (狄刚), deputy-head of PBOC’s Digital Currency Research Institute, said that it was currently “taking the lead in the active exploration of blockchain applications to digital renminbi research and development projects.”

Di made the remarks on 5 December at the 18th International Finance Forum held in the Guangdong province capital of Guangzhou.

“In the digital renminbi system, we have established a unified distributed ledger based on blockchain technology,” said Di.

“The central bank places transactions data on chain as a trusted institution, guaranteeing the veracity and reliability of the data.

“Operating institutions can then engage in cross-institutional reconciliation, collective ledger maintenance and multi-node backups.”

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