On January 9, 2017, an agreement in the UK established a global node for a standardized digital currency based on blockchain technology. The agreement was signed at Central Hall Westminster after China’s Puerbank Group delivered the node, establishing a complete set of operating protocols for a digital currency. Puerbank Group built the first large node for currency in China and is promoting ideas on digital currency management and the global deployment of blockchain-based financial solutions. The Group plans to collaborate with companies in the UK as an initiative to exchange various forms of assets valued at over 5 billion yuan, equal to approximately $720 million (USD).
In the UK, Puerbank Group plans to provide technologies to assist in the building of a digital asset module, accomplish the exchange of assets between nodes within the country, and in the near future, the exchange of digital assets worldwide. The group’s goal is to have a fully standardized system to enhance competitiveness among private digital currencies.
Puerbank Group originally utilized Tibetan tea as the standard asset to back their digital currency known as Puyin. The Puyin token was designed in full compliance with the standard Puerbank Group created through an open-source asset expansion program, and the assets grew in volume to exceed 100 billion yuan or approximately $15 billion (USD). This exponential growth was made possible through Puerbank’s ability to build a robust infrastructure capable of handling the high volume of asset swaps. The same model can be localized to build nodes anywhere in the world in order to manage a blockchain-based financial ecosystem in tandem with “local currencies.” According to the press release:
“Ultimately, [Puerbank Group’s] model will be able to handle cross-border asset conversion and circulation through the exchange and settlement of these ‘local currencies’ in combination with ‘tokens’ such as Puyin.”
Along with the establishment of a node in the UK, Puerbank Group has also created a node in California’s Silicon Valley. It connects two digital currencies that are backed by a single standard. This unprecedented move will allow asset swaps to take place securely and transparently on the blockchain, making the process of exchange easier between parties. With the projected growth of global nodes, it won’t be long before digital assets are quickly converted, free of obstacles, within a full-functioning infrastructure through a standardized digital currency. Puerbank Group is creating uniform digital currencies and evolving commerce solutions through the blockchain.