People’s Bank of China (PBoC) Launches Digital Payment Certification of Fintech Products System
In what has been China’s week for blockchain, The People’s bank of China (PBoC), launched a new certification program to regulate digital currency payments in the country.
The new laws will be set up and approved by the authority according to the official report released in a filing dated Oct. 26. The report states the “Certification of Fintech Products” will verify and certify 11 financial technology classes including digital payments.
Following President Xi Jinping’s remarks on the adoption of blockchain technology, setting up regulation on cryptocurrencies, CCP support on blockchain and the development of their sovereign digital asset, China is setting up to become the first country to go full crypto nationalization.
People's Bank of China jointly promotes the integration of financial technology products into the nationally accredited certification system. With such a huge population up for digital payments and other financial products, the central bank launched the certification system that covers all possible payment systems in China including point-of-sale mobile terminals, embedded application software, user front-end software, and security carriers and chips.
The certification will be reviewed online and random checks by ordinary officials done on the payment systems. The license lasts for 3 years.
Launch of the Trusted Execution Environment (TEE)
According to the report, one of the 11 classified financial technologies, the trusted execution environment (TEE) focuses on blockchain payments which could open up the industry to the public.
Furthermore, this can assist in the establishment of a “consortium blockchain network and verifying blockchain transactions in financial transactions use cases,” the report states.