People's Bank of China will develop new standards for the blockchain industry

Yifei, Vice President of the People's Bank of China, speaking before the National Technical CommitteeFan said the agency plans to improve regulatory mechanisms for the financial system.

To achieve this goal, the Central Bank intends todevelop standards for innovative technologies in 17 categories, in particular, we are talking about cloud storage, artificial intelligence and blockchain. Fan stated the following:

The existing measures governing the provision of financial services are not clear enough and therefore cannot ensure the rapid development of the industry.

According to Ifei, first of all, Halyk Bankwill create a new set of rules for mobile payment platforms and voice and image recognition technologies. The government has already implemented two standardization modes: the first - on the need to register all blockchain startups, and the second - for 11 financial and technological products that fall into the category of digital payment systems.

In October 2019, President Xi Jinpingstated that China should occupy a leading position in the field of technology of distributed databases. To implement the plan of the country's leader, the authorities adopted a law on the regulation of cryptography, and the head of the Central Bank, Li Wei, urged commercial banks to begin developing blockchain applications for financial institutions.

Halyk Bank studies cryptocurrencies and blockchain with2014th. In 2017, the organization’s press service published a five-year technology development strategy. In November of this year, information appeared that the project to create the Chinese national virtual currency, Chinese Central Bank Digital Currency (CBDC), was in its final stages. The value of the digital asset will be tied to the RMB, so CBDC will become a classic stablecoin and will function in a private blockchain.