How does China develop its digital currency? You need to know about its history

A speech from the top of the Chinese government recently has set off a wave of blockchain across the country.

In fact, the “blueprint” and planning of the blockchain by the senior officials of the Chinese government had already taken shape five years ago. For the blockchain, China has ambition and patience. She was very cautious at the beginning of the test, and was powerful when the policy was implemented.

In today’s article we will share with you the history of China’s research and development of digital currency and the relationship between JarvisPlus and blockchain technology.

Advance exploration

In 2014, the People’s Bank of China (China’s central bank) undertook a mysterious research team. The team was nominally affiliated with the Central Bank Printing Science and Technology Research Institute. When it was founded, it was not listed and there was no publicity.

At the time, no one knew that this team would become one of the biggest driving forces of China’s blockchain technology in the future. The Chinese official’s exploration of the blockchain may be from this time, quietly opening the door.

And more official voices came out after a year. Many Chinese Bitcoin investors are deeply impressed by this day. On August 6, 2015, the People’s Daily published a review article entitled “Bitcoin is difficult to enter the mainstream”

It caused an uproar in the bitcoin circle.

“Bitcoin lacks supervision and is often involved in illegal activities, and the currency is unstable, so it is always difficult to get into the mainstream trading currency.” The beginning of the article questioned Bitcoin.

However, the article then turned around:” The emergence of virtual currency such as Bitcoin has also increased the possibility of deep application of blockchain technology. The value of this technology is far greater than Bitcoin itself.”

Yang Tao, the author of this review article of the People’s Daily, was then assistant to the director of the Institute of Finance of the Chinese Academy of Social Sciences. Then the mysterious team established by the central bank began to embark on the historical stage. On January 20, 2016, the People’s Bank of China held a digital currency seminar in Beijing, which was the first time people knew that the mysterious team was studying digital currency.

the article entitled “Bitcoin is difficult to enter the mainstream”

At the meeting, a “sexy” concept was mentioned: legal digital currency. “The central bank: strive for the early launch of digital currency”, Xinhua News Agency reported the seminar in the title. Since then, the entire industry has begun to know that the country’s digital currency is already on the road. This, officially launched the first shot of the Chinese blockchain.

Since then, the regulatory authorities have continued to release positive signals.

In October of this year, the Ministry of Industry and Information Technology released the White Paper on China’s Blockchain Technology and Application Development (2016).

As a new technology, the blockchain began to gain recognition.Two months later, the blockchain was written into the “13th Five-Year National Informationization Plan”, which was included in the “strategic frontier technology” together with artificial intelligence and quantum communication.

After the policy, local governments began to promote technology and released a white paper on regional blockchain development. Some of the white papers have preliminary plans for the application of blockchain scenarios.

That is, at this time, JarvisPlus’s founding team came up with the idea of starting a business. They wanted to solve social problems based on blockchain technology and improve social efficiency.

Continuous development and application

On April 1, 2017, in the Beijing-Tianjin-Hebei region of China, the Xiong’an New District was born.

Xiong’an New District has become the main battlefield and special zone of China’s blockchain. It is from this moment that China began to show the world its ambitions in the field of blockchain.

“The whole Xiong’an is a digital and technology-driven city.” A senior executive of a financial technology company revealed that digital nodes and blockchain technologies will be in the streets and public facilities of Xiong’an.

“Once the construction is completed, the entire Xiong’an is a real smart city,” the executive said.Blockchain technology has begun to play a role in the construction of Xiong’an. For example, many engineering projects have been embedded in blockchain technology. After signing a cooperation contract, the bank will automatically pay for each stage of the project.

At this point, the mysterious research team of the central bank also began to formally debut. On July 3, 2017, the organization was announced on the 9th floor of Block C of Beijing Desheng International Center. The name on the brand is the Digital Money Institute of the People’s Bank of China.

As of today, the Institute has publicly obtained as many as 74 patents. Through these patents, we can see the development direction of the People’s Bank of China’s digital currency.

These patents basically cover all the functions of digital currency, such as redemption, wallet, storage, payment, settlement, and so on.

These patents basically cover all the functions of digital currency, such as redemption, wallet, storage, payment, settlement and so on.

That is, in 2017, the JarvisPlus project officially launched and completed the architecture design phase 1.0.

We always stick to our mission: to empower each and every person and organization in the world to be the master of their own data and knowledge, and to share, exchange and use it fairly and equally, which can accelerate the development of technology and bring it to society. The well-being. We embrace blockchain and smart economy with natural language interaction.

The Future

Then, US promotes China’s digital currency ultimately.

On June 18, 2019, Facebook released the Libra white paper, a digital currency program led by the international giant. Facebook’s users are as high as 2.4 billion, and what Libra’s release means is self-evident.

China has noticed signs of tension and danger. In August, Mu Changchun, deputy director of the Bank of China’s central bank payment and settlement department, revealed that the central bank’s digital currency has been “out of the box”. “Since last year, the relevant personnel of the Digital Money Institute have been working very hard,” he said.

In addition, as of December 2018, nine provincial (municipal) governments have launched blockchain industry funds with a total scale of nearly 40 billion yuan.Xiong’an, Guiyang, Hainan, Hangzhou, Chengdu, Shenzhen, Shanghai, Beijing, Guangzhou and other cities have all become popular “blockchain capitals”.

2018 is a year of rapid development of China’s blockchain industry and is also a very important year for the JarvisPlus project. We completed the project prototype design in the first quarter, released the first edition of the white paper; and continued to complete the technical iteration and bot service development in the next three quarters, in addition, we also reached the token incentive system development and other technical goals.

Back to today, in the topic of popular search in China, “What is the blockchain” has become the most concerned one. The enthusiasm of the whole people is ignited by this “sexy” vocabulary. Compared with the heat of the Internet and artificial intelligence, this time everyone is more passionate.

JarvisPlus believes that as each practitioner’s hard work, blockchain technology will be more developed and applied, we will continue to maintain our entrepreneurial enthusiasm, bearing in mind our mission, and using NLP technology and blockchain technology to solve the data problem and contribute to the future social development.

That’s all for today. See you next time!

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