China Unveils Cryptography Research Center to Support Digital Yuan
16 min ago•1 min read•Regulation
China opened a new national institute to research applications of cryptography to secure the digital yuan, state-owned People’s Daily reported on Wednesday.
The R&D center will be in Jinan, a city in Shandong, a coastal province just east of Beijing. The star-studded opening ceremony included a speech from a deputy governor of the People's Bank of China, Fan Yifei, as well as a representative from Huawei. A Shandong official, Wang Xiaoyun, presented the province's blockchain-based education platform, as well as enterprise blockchains for government coordination, energy big data, and supply chain finance. People's Daily said the central bank digital currency will contribute to China's financial and national security, on top of injecting innovation into the digital economy. China has been trying to beef up cybersecurity practices domestically since 2017, when it implemented the landmark Cybersecurity Law of the People's Republic of China. A 2019 encryption law was controversial because it allowed the government to access commercial encrypted information. Trials for the digital yuan are well underway since spring of last year, with a major trial set to take place at the 2022 Beijing Winter Olympics.