Chinese Central Bank Calls For Greater Blockchain Adoption

The Chinese central bank and its technology leads have called for greater blockchain adoption in the own operations and the bank and the wider ones too, which is the government-owned financial sector.

According to reports from Sina in the cryptonews, the People’s Bank of China (PBoC) and its Financial Technology Committee held its first meeting of the year this week. In it, Fan Yifei (who is the PBoC Deputy Governor) addressed an audience made up of PBoC officials along with the heads of central banks and affiliated financial companies.

The key takeaway is simple – the Chinese central bank calls for greater adoption of the distributed ledger technology to both domestic and international providers. The government has also prepared its development plan (2019-2021) in which blockchain and other industry 4.0 technologies need to be applied faster – in order to “accelerate the digitalization” of the economy.

Fan and other executives stated that the Chinese central bank and its affiliates – as well as the wider, state-owned financial sector – needed to “intensify the applicaiton of” and “actively use” blockchain technology as well as big data, artificial intelligence (AI) and cloud technology.

By doing so, the executives noted that the PBoC and other financial institutions in the country can “boost their financial risk technical prevention capabilities” as well as provide improved, streamlined and uniform regulatory supervision for the fledgling fintech sector.

The PBoC chiefs added that the application of blockchain technology and the rest of the industry 4.0 set would help with efforts to “resume work” which is likely a reference to the country’s efforts to bring its post-coronavirus pandemic economy back where it needs to be.

The Chinese central bank is in the blockchain news for boosting its Fintech Development Plan, unveiled in August last year, which focuses heavily on introducing standardization and risk management in cross-market fintech operations.

Meanwhile, blockchain is seeing great use recently and many think that 2020 could be the year for a new advance in the field of distributed ledger technology. For more information, follow our blockchain news on DC Forecasts!