The People’s Bank of China’s Financial Technology Committee (PBoC) held its first meeting of the year this week. During the meeting, the deputy governor of the central bank, Fan Yifei urged to accelerate the country’s blockchain adoption strategy.
According to a report published by Sina on May 13, the bank’s deputy governor met with representatives of the PBoC and the heads of affiliated financial companies. During the talks, Fan highlighted the importance of the blockchain and fintech industries. openly ensure that the country’s adoption plan is implemented successful within the 2021 deadline.
The digitization of the economy
Fan stressed the need to accelerate the digitalization of the Chinese economy.
The meeting included an overview of scientific studies demonstrating the introduction of new strategies to promote the development plan.
Officials explained that It is necessary to study the fintech development index system, carefully monitor the dynamics and make a thorough assessment Guide for financial institutions to accelerate digital transformation.
One of the conclusions of the meeting was:
“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 development of digital surveillance functions.”
China’s interest in blockchain technology continues to grow
The fintech development plan focuses on the standardization of fintech operations on the Chinese cross market, unveiled in August 2019.
China’s interest in blockchain technology continues to grow. Cointelegraph reported on March 4 that the Chinese province Hunan set up its first blockchain zone in the city of Loudi.
Another Chinese province Hainan joined the blockchain ecosystem with the announcement of a cross-border financial services platform May 9.