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The Coming Edition of RMB May Adopt Blockchain against Counterfeit or for Positioning

On April 29th, the official website of the China Central Bank announced that the fifth edition of RMB in the 2019 with denomination of 50 yuan, 20 yuan, 10 yuan, 1 yuan, and 50 cents edition will be issued on August 30th  this year. It is worth mentioning that 5 yuan notes are temporarily absent due to the application of new technologies. Wang Hongying, the president of the China (Hong Kong) Institute of Financial Derivatives Investment, said that

“ In the research of 5 yuan banknotes, the central bank may adopt blockchain technology to identifying and coding, thus anti-counterfeiting and tracing RMB, and the adoption of blockchain is conducive to anti-money laundry”.

By now, 50 yuan, 20 yuan, 10 yuan, 1 yuan notes and 1 yuan, 50 cents and 1 dime coins have been circulated for nearly 20 years. During this period, great changes have taken place in cash flow,  including the rapid development of cash automatic processing equipment, the diversification of counterfeits, and the updating of currency anti-counterfeiting technology. Higher public expectation on the design level, anti-counterfeiting technology and printing quality of RMB calls for new technology.

As five yuan note was absent from the issuance of the new RMB, the central bank explained that in order to improve the anti-counterfeiting ability and prolong circulation life of RMB, 5-yuan notes, with low denomination and circulation volume is chosen to study the application of related new technologies, and its issuance work will be delayed.

Xiao Lei, a senior financial analyst, believes that the anti-counterfeiting technology of 5 yuan notes may be related to specific tracing and positioning, which is likely to realise online and offline linkage recognition as a big step of the application of digital money.

Adoption of 5 yuan notes would further advance anti-counterfeiting technology and blockchain technology, which will be an significant direction for the future development of China’s currency.

COMMENTS(1)

  • Vinent he
    5 months ago Vinent he

    The Coming Edition of RMB May Adopt Blockchain against Counterfeit or for Positioninghttps://news.8btc.com/the-coming-edition-of-rmb-may-adopt-blockchain-against-counterfeit-or-for-positioning …

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