The Central Bank of China Is Taking A Step Forward To Regulate Blockchain

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China’s national bank, the People’s Bank of China is set to make industry standards over the financial technologies sector, including blockchain.

According to a report from the Xinhua News Agency, the PBoC Vice President, Yifei Fan said that the central bank is expecting to direct new technologies in the financial related sector more broadly. He included that blockchain is one of the 17 categories in the financial technologies industry, others including cloud administrations and artificial intelligence.

He stated:

“The financial industry either comes up short on the standards or needs to refresh the existing standards. The present regulations for financial services are not clear and strong enough to guide high-quality developments in the business.”

After a prolonged period of uncertainty regarding the status of blockchain and cryptocurrencies in China, the country has taken a step forward to set new regulations to turn into a leader in the industry.

Despite the attempt at the new regulations, Binance’s Shanghai office has been accounted to have been attacked by the police and has been allegedly closed down. In response to these allegations, it has been discredited as Changpeng Zhao, CEO of Binance reacted in a tweet that office and headquarters are outdated concepts and “time is moving on.”

The future of Blockchain is bright and playing an important role in everyday life. … Path in Blockchain, is, obviously, new as well as innovative however it’s a bright future for sure.

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