BEIJING, China—China’s central bank has filed a patent application for a digital wallet that consumers can use to track all their cryptocurrency transactions.
The patent application was sent to China’s State Intellectual Property Office, Investing.com reported.
According to the document that was prepared by its Digital Currency Research Lab, the People’s Bank of China is seeking a digital wallet that is capable of providing multiple-signature security and can manage encrypted digital currencies using private keys. The wallet will be used to keep a record of all transaction data with the assistance of a “centralized digital currency issuance registration agency,” Investing.com noted.
“The transaction information and query instruction include a certificate and a transaction information query condition. The wallet service organization uses the certificate to verify the signature, adds a wallet service agency signature, and sends the signature to the digital currency distribution,” Investing.com said, referring to the patent application.
The application added that the digital currency issuance registration authority would perform the verification on the signed transaction information and the queries according to the transaction information. The wallet shall also contain information about the user’s cryptocurrency of choice, as well as the source of the digital assets, including identification of the source and destination wallets, Investing.com reported.