China Announces New Regulatory Authority to Certify Digital Payments, Blockchain Products
China’s central bank, the People’s Bank of China, will certify 11 types of financial technology hardware and software that are widely used for digital payment and blockchain services with its new verification system called the Certification of Fintech Products.
The central bank released the first list of fintech products that could be used in both front-end and bank-end development for digital payment services, according to filings dated Oct. 26 from the bank.
The new regulatory system comes at a time when China is accelerating the development of new financial infrastructure, including a digital version of its currency and a push by President Xi Jinping to capitalize on blockchain technology.