China’s PBoC announces standards to be followed by blockchain, Fintech groups
On the heels of Xi Jinping’s historical blockchain announcement, China recently announced the establishment of a national standards committee for blockchain technology to boost high-tech innovation. Keeping up with the principle of standardization, the Deputy Governor of the People’s Bank of China revealed the 17 categories of financial technologies to follow standards that have been systematized to guide the application of new technologies.
The Deputy Governor, Yifei Fan, while speaking at a meeting of the National Technical Committee, said that the bank aims to improve the regulation of new technologies across the financial industry, a report claimed. One of the mentioned categories was blockchain, alongside artificial intelligence and cloud computing, with regulations under the new standards now being sought.
According to a report, Fan added,
“The financial industry either lacks the standards or needs to update the existing standards. The current regulations for financial services are not clear and strong enough to guide high-quality developments in the industry.”
China has confirmed 65 national financial standards and 252 financial industry standards, which have been strongly supported for the healthy development of the financial industry. Additionally, the official body has launched 20 group standards, including Internet financial information disclosure standards.
The present announcement follows the two other industry standards formulated by the government. These standards were for registering new blockchain projects and also for 11 Fintech product categories in digital payments. The report concluded by stating,
“Fan Yifei emphasized that it is necessary to speed up the internationalization of financial standards, actively carry out financial standardization research, and strive to cultivate a new era of financial standardization talents, and promote financial standards to play a fundamental and strategic role in the modernization of financial governance systems and governance capabilities.”