China Central Bank to Set Industry Standards for Financial Sector, Including Blockchain

The People’s Bank of China (PBoC) has a plan to set industry standards for fintech categories, including blockchain, a senior authority from the bank stated on November 20.

Talking at a meeting of the National Technical Committee, PBoC VP Yifei Fan stated the bank plans to regulate better new technologies utilized over the financial industry, as indicated by a report from state media Xinhua News Agency.

Fan stated blockchain is among 17 classes of financial technologies, including artificial intelligence and cloud services, to be regulated under the new guidelines.

“The financial industry either lacks the standards or needs to update the existing standards,” he stated. “The current regulations for financial services are not clear and strong enough to guide high-quality developments in the industry.”

An earlier round of standards were set for voice and image recognition technologies and mobile financial payment platforms, he stated.

The remarks come after two other “industry standard” systems were made by the administration; one for registering all new blockchain ventures, with 500 included in the first two tranches, and, the second, for 11 fintech product classifications for digital payments.