Chinese Central Bank Official Calls for Commercial Banks to Adopt Blockchain Tech

The lead of the technology department at the People’s Bank of China (PBoC) has called for commercial banks to adopt blockchain innovation in digital finance. 

As revealed by Reuters, bank official Li Wei had a speech on October 28 at a gathering in Shanghai on commercial bank adoption.

The central bank is right now building up its own digital yuan that is anticipated to launch soon. The possible launch of the Facebook-driven Libra digital currency payments incited calls for the PBoC to quicken the development of the cryptocurrency.

Li Wei’s remarks come hard on the heels of Chinese president and general secretary of the Communist Party Xi Jinping’s call for broad blockchain adoption in China on October 25.

“[We must] clarify the main direction, increase investment, focus on a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation,” Xi stated.

Along with a 16 percent jump in bitcoin’s cost throughout the end of the week, blockchain-related Chinese tech stocks bounced following Xi’s remarks. Bloomberg reports that the Shenzhen Information Technology Index bounced 5.3 percent on October 28, with many firms shooting past the daily 10% onshore limit.