China’s PboC Financial Committee Aims For ‘Accelerated Blockchain, Fintech Development'

  • The People’s Bank of China Financial Committee, responsible for the fintech industry in the country held its first meeting this year earlier in the week.
  • The officials called for an accelerated effort in studying and implementing the “FinTech Development Plan (2019-2021)” which includes blockchain integration in various industries.

The meeting, held in Beijing, was chaired by the Vice President of the Party Committee of the PBoC, Fan Yifei, presiding over both the PBoC officials and heads of directly owned industrial companies. According to a publication by local media channel, Sian, this meeting focused on the theoretical and practical research in the financial and technology industry, planning guidance and application of these technologies, and the next steps to implementing them.

Yifei spoke on the need to accelerate blockchain technology and FinTech in preparation for the 2021 deadline for its development plan. The plan aims to develop a financial system that will contribute to and improve the current legacy systems making them more “adaptable, competitive and inclusive.”

In preparation for the digitization of the current modern financial systems, the officials are accelerating efforts in studying the fintech development index system, carefully monitoring dynamism and comprehensive evaluation, guiding financial institutions to accelerate the digital transformation, and continuing to enhance technology applications.

In conclusion, the officials called for an accelerated push to adopting these technologies to enhance better risk prevention measures and provide a level field ensuring regulation and “penetration of supervision” is upheld. The officials concluded,

“It is 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 PBoC has been on the frontline in the implementation of blockchain technologies in a bid to increase the efficiency of regulation within the bank and state. Since announcing its digital currency and electronic payment system back in 2018 the government has come on strongly supporting it led by President Xi.

Recently, the bank announced they will start testing the DC/EP this month by paying state employees using the digital currency.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,467FansLike
2,795FollowersFollow
4,193FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bolt Labs to Bring zkChannels, Private Payment Channels, to Tezos Blockchain

Bolt labs will collaborate with the Tezos dev team, Nomadic labs, and Metastate in a bid to integrate their private payment channel zkChannels...

Ethereum Layer 2 Solution, SKALE Network, Launches Its Mainnet Phase One; Staking & Bounties Start in Early Q3

SKALE - an open-source scaling solution backed by Gemini exchange founders Winklevoss brothers for scaling the Ethereum network - has started to roll out...

Pundi X Integrates PayPal into Point-of-Sale Device, XPOS; Users Can Buy & Sell Crypto Seamlessly

Pundi X, a blockchain firm based in Singapore, has integrated its point-of-solution (PoS) device, XPOS, with PayPal, according to a medium post on June...

Crypto Mining GPU Manufacturer, NVidia Petitions Court to Toss Out $1 Billion Class Action

NVidia has petitioned the California court to dismiss the class action suit made by its investors. The lawsuit against the firm’s top brass alleges that...

Hacker Extort 116.4 Bitcoin from University of California San Francisco (UCSF)

The University of California San Francisco (UCSF) paid a ransom of $1.14 million in Bitcoin after a ransomware attack earlier this month, reported BBC...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today