Copy link
Increase text size
Decrease text size
Link copied

Chinese authorities move forward with plans to introduce blockchain standardization

Thu, 21 Nov 2019, 12:29 pm UTC

The People’s Bank of China (PBoC) is reportedly seeking to set industry standards across the financial sector to guide the application of new and cutting-edge technologies.

According to a report from Xinhua News Agency, PBoC vice president Yifei Fan recent revealed the technologies that are currently on the central bank’s radar for standardization, including artificial intelligence, blockchain, big data, and cloud computing.

In all, there are 17 categories of financial technologies that will be regulated under the new standardization regime, the report said.

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

Fan further said that standards have already been set for mobile financial payment platforms, voice and image recognition technologies in a previous round.

National Standards Committee for blockchain

Going by the media reports, the government has been working for more than a year to introduce blockchain standards.

On Wednesday, Nov. 20, the Standardization Administration of China (SAC), a standards organization authorized by the State Council of China, announced the setting up of a national standards committee for blockchain and distributed ledger technology, alongside a number of other technical committees.

“Currently, it is progressing in an orderly manner,” the SAC said, adding that it will guide the technical committees to formulate forward-looking, high-quality standards to “help high-tech innovation, promote high levels of openness, and lead high quality development.”

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,898.40 (+1.15%)
  • Ethereum (ETH) $358.44 (+0.13%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $229.45 (+3.19%)
  • Chainlink (LINK) $10.97 (+5.84%)
  • Bitcoin (BTC) $10,898.40 (+1.15%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft