People’s Bank of China Advocates Expedition of Blockchain Adoption May 14, 2020 May 14, 2020 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsMay 14, 2020 by Kelly Cromley

People’s Bank of China Advocates Expedition of Blockchain Adoption

People's Bank of ChinaThe Financial Technology committee of the China’s central bank, the People’s Bank of China (PBoC), conducted its first meeting of 2020 earlier this week.

While speaking to the executives during the meeting, Fan Yifei, PBoC’s deputy governor, advocated expedition of the country’s blockchain implementation plan.

As per Sina’s report, the central bank’s deputy governor had discussions with other top officials of the PBoC and the leaders of their associated financial enterprises.

During the discussion, Fan underlined the relevance of the fintech and blockchain firms, and asked the officials to make sure that the implementation plan succeeds on or before the 2021 deadline.

Fan emphasized the necessity to expedite the “digitization” of the country’s economy.

The discussion involved a brush-up of scientific research which forms the base for the trials and roll out of new guidelines that facilitate the development strategy. Officials pointed out that it is requisite to have an in-depth study of the fintech advancement index system, meticulously watch dynamics and perform a detailed assessment to advise financial institutions and expedite the digital transformation.

One of the decisions taken in the meeting was:

“It’s necessary to strengthen the application of regulatory science and technology, actively use big data, artificial intelligence, cloud computing, blockchain, and other technologies to strengthen the construction of digital supervision capabilities.”

It was disclosed in August last year that the Fintech Development Plan concentrates on normalization of cross-market financial technology based operations across the country. With increasing interest in blockchain technology implementation in China, Hunan province has set up its initial provincial blockchain zone in Loudi city.

Hainan, another province in China, has announced its intention to adopt blockchain for its trans-border financial services platform.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.