The People’s Bank of China, otherwise known as the country’s Central Bank, is going in on blockchain to some degree, we’ve learned from documents from the country. Essentially, the regulatory body there is looking to certify all sorts of products that take advantage of the technology among other emerging FinTech. This certification will be aptly named the “Certification of Fintech Products.”
This news comes to us shortly after China has praised blockchain and cryptocurrencies as a whole, with the President Xi Jinping going into its use cases and noting that it can and will be a big part of any upcoming technical revolutions. According to the South China Morning Post, and pulled from Yahoo Finance, Xi stated that:
“[Blockchain will play] an important role in the next round of technological innovation and industrial transformation. Greater effort should be made to strengthen basic research and boost innovation capacity to help China gain an edge in the theoretical, innovative, and industrial aspects of this emerging field.”
A regular regulatory check
Should any upcoming projects meet the required checks to pass the Central Bank’s certification policy, they will be given a “Certification of Fintech Product (CFP).” However, it should be noted that these certifications won’t remain forever, as the bank will check on any of them every three years to keep their regulations up to date.