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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.”

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