The People’s Bank of China (PBoC) wants to create a better standard to regulate new technologies in the financial industry. According to the Xinhua News Agency, the regulations apply to 17 different categories in the financial technology industry, including blockchain, IA and cloud services.
PBoC is leading the effort to regulate the industry Fintech
After months of uncertainty about the state of blockchain and cryptocurrencies in China, the country seems to have set his sights on becoming a leader in the industry. But, growth and innovation require a set of well-defined rules, which is why the country accelerated time to regulate it.
According to a report by the state Xinhua News Agency , this effort is led by the People’s Bank of China (PBoC). During a meeting of the National Technical Committee, vice president of PBoC, Fan Yifei, he said the bank intends to better introduce regulations for the entire financial technology sector.
I have noted that the financial industry in China lacks the necessary standards and need to update existing regulations. Fan told reporters during a press conference.
“CURRENT REGULATIONS FOR FINANCIAL SERVICES ARE NOT CLEAR AND STRONG ENOUGH TO GUIDE DEVELOPMENT OF HIGH QUALITY IN THE INDUSTRY.”
It blockchain be regulated by the central bank
The new set of proposed regulations apply to all subcategories of flowering Fintech industries nationwide. According to Xinhua, the bank has divided the industry into 17 different categories, including cloud services and artificial intelligence.
Also Blockchain is one of the 17 categories established by the PBoC, Fei Said, but did not give details on the other categories to Which the regulations will apply. Mobile financial payments, along with voice and image recognition technologies, have a clear set of established rules, since industry-wide standards have recently Been Implemented.
This is not the first industry standard Implemented by the Chinese regime government. Xinhua Reported That another set of rules that apply to blockchain projects was recently created, adding That 500 different projects and companies benefited from the Directly Have rules.
The second set of industry standard rules Also Has Been Implemented in 11 different categories of products Fintech That Aimed to Improve digital payments in the country.
This is just the last step taken by the Chinese Authorities That will help position the country as a leader in cryptography and blockchain. Earlier this month, the plan to include mining cryptocurrencies In a list of industries That would be banned in the country has-been scrapped.
Rumors of a bank in China Have Also led many to believe That the country was ready to see a resurgence of cryptocurrencies.