China’s Central Bank Promotes Accelerated Blockchain Integration

China’s Central Bank Promotes Accelerated Blockchain Integration

Blockchain
May 15, 2020 Editor's Desk
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The deputy governor of the People Bank of China (PBoC) has called on the country to stimulate its blockchain adoption strategy. In a current meeting, Fan Yifei recognized the impact that blockchain and other emerging financial technologies have and requested for their speedy deployment. Yifei was chatting during a meeting with the PBoC’s Financial Technology
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The deputy governor of the People Bank of China (PBoC) has called on the country to stimulate its blockchain adoption strategy. In a current meeting, Fan Yifei recognized the impact that blockchain and other emerging financial technologies have and requested for their speedy deployment.

Yifei was chatting during a meeting with the PBoC’s Financial Technology Committee, the first such meeting this year. As reported by Chinese outlet Sina, the main agenda of the meeting was the expedition of the digitalization of China’s economy.

One of the focuses for the Chinese government has been the deployment of blockchain technology, a subject which highlighted greatly during the meeting. The deputy governor urged the Committee to speed up the technology’s adoption to accelerate the growth of the fintech industry.

The Committee concluded that it’s crucial for the PBoC to carefully monitor the dynamics of fintech development before guiding digital transformation. It further suggested the alliance of blockchain with other emerging technologies to push digitalization.

“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,” the Committee concluded.

The meeting happens just a day after the PBoC published a warning against blockchain investment scams that have shot up in the recent past. The regulator detailed some of the common features of blockchain scams and how to spot them. The watchdog listed 16 questions that investors must question themselves before putting their money in blockchain investment.

China has advanced to fortify its position as a global leader in blockchain advancements ever since President Xi Jinping urged technology adoption. Since then, the Asian economic giant has made enormous strides, including enforcing regulations that promote the growth of the industry.

In its biggest project, however, the country is bordering closer to rolling out a digital yuan. The PBoC has been operating on the project for years and is now associating with the country’s largest banks for the rollout. One of these banks, the Agricultural Bank of China, has already rolled out a test app for the digital yuan for select users.

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