After the establishment of the Financial Technology Commission and the Digital Currency Research Institute, the People’s Bank of China (PBoC) continues to explore potentials of financial technology. It’s reported that China Banknote Printing and Minting Corp (hereinafter referred to as CBPM) set up the Blockchain Research Institute (hereinafter referred to as the CBPM Blockchain Research Institute).

The China Banknote Printing and Minting Corp

The mission of CBPM Blockchain Research Institute mainly is to track the technology and applications of blockchain and digital currency. At present, the Institute is affiliated to one of the core enterprises of the CBPM Credit Card Industry Development Co., Ltd. (hereinafter referred to as “Banknote Credit Card Company”). The institute has also become one of the few institutions that focus on blockchain research in the PBoC banking system.

Back in July, the Digital Currency Research Institute of PBoC has been officially established in Beijing.

Public source indicates that the sole shareholder of CBPM is the People’s Bank of China. Although the CBPM Credit Card Company in located in Beijing, the Institute chose to set up in Hangzhou for its first-mover advantage on blockchain research.

“China Banknote Printing and Minting Corporation (CBPM), with a staff of nearly 20,000,is under the direct leadership of the People’s Bank of China. Its 22 enterprises and one technical center are specialized in banknote printing, minting, banknote paper making, machinery of banknote printing and minting, credit cards, high-purity gold and silver refining, printing of value-added fax invoices, negotiable securities, banking vouchers, high-level anti-counterfeiting certificates. The corporation has a net asset of 66 billion Yuan.”

According to the whitepaper by the CBPM Blockchain Research Institute, an open registration platform is under development.

Through the bottom layer blockchain technology, the platform allows identity verification, digital certificates and certificates of credible records, providing enterprise users with query, verification of ownership and publication of information. Other user cases are also introduced, including food traceability, government and enterprise publication, certificate registration, charity registration, identity registration and authorization, medical data platform and so on.

In 2017, the PBoC has been very progressive on financial technology. The Fintech Commission and the Digital Currency Research Institute has been set up in July. The blockchain-based DVP settlement system has been tested early 2017 as per caixin report.