China’s central bank, the People’s Bank of China is set to create industry standards across 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 aiming to regulate new technologies in the financial sector more extensively. He added that blockchain is one of the 17 categories in the financial technologies industry, others including cloud services and artificial intelligence.
He stated: “The financial industry either lacks the standards or needs to update the existing standards. The current regulations for financial services are not clear and strong enough to guide high-quality developments in the industry.”
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 become a leader in the industry.
Despite the attempt at the new regulations, Binance’s Shanghai office has been reported to have been raided by the police and has been allegedly closed down. In response to these allegations, it has been refuted as Changpeng Zhao, CEO of Binance responded in a tweet that office and headquarters are outdated concepts and “time is moving on.”
Image via Shutterstock Written by By Sarah Tran