China Unveils Cryptography Research Center to Support Digital Yuan
The institute will be used to develop applications of the technology in an effort to boost security for China's central bank digital currency.
Jul 22, 2021 at 3:09 a.m. UTCUpdated Aug 21, 2021 at 6:39 p.m. UTC
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China has opened a national institute to research how to use cryptography to secure the digital yuan, state-owned People's Daily reported on Wednesday.
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- The research and development center will be located in Jinan, a city in Shandong, a coastal province just east of Beijing.
- The opening ceremony included a speech from a deputy governor of the People's Bank of China, Fan Yifei, as well as a representative from telecommunications equipment maker 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 have been underway since spring of last year, with a major trial set to take place at the 2022 Beijing Winter Olympics.
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