China Might Introduce Blockchain Standards for Financial Firms

Source: Adobe/aykutkarahan

China could possibly be on the verge of introducing nationwide blockchain requirements to control the nation’s monetary organizations, per a brand new report.

According to media outlet Caixin, an unnamed “authoritative” supply said that the central People’s Bank of China (PBoC) has issued a set of “blockchain standards,” which is may quickly go on to change into nationwide “industry standards.”

The supply said that the PBoC was nonetheless going via authorized processes, however added that the requirements “should be confirmed by the China Financial Standardization Technical Committee (CFSTC) in the near future.”

The CFSTC polices requirements inside the larger Standardization Administration of China. The latter governs standardization within the Middle Kingdom – in addition to representing China inside the International Organization for Standardization (ISO).

Standardization has been a scorching subject in Chinese blockchain coverage this 12 months, with numerous personal firms thought to have labored behind the scenes with the PBoC on intensive drives. The central financial institution believes that it’s crucial that requirements be put in place earlier than the door is opened to the widespread use of blockchain-powered instruments within the finance sector.

An official assertion on standardization from the CFSTC may thus open the floodgates to a slew of blockchain-powered fintech developments later this 12 months.

The identical media outlet reported that the brand new requirements will assist Beijing implement danger prevention and management mechanisms for blockchain technology-based purposes.

The authorities additionally plans to conduct common safety audits on blockchain-powered platforms, and promote the standardization for cross-chain expertise within the monetary sector.

Standardization may also enable the federal government to confirm monetary companies which can be utilizing blockchain technology-powered purposes in accordance with prescribed tips.

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