Official: China should focus on blockchain to develop fintech

Updated 2018-04-28 11:41:10

A technician checks mining equipment at a bitcoin mine in Sichuan province.

China must make great efforts to develop core technologies such as blockchain to better serve the real economy and promote healthy development of the overall blockchain market and ecosystem at the same time, said a central bank official on Thursday.

"Conducting deep research on blockchain is the right thing for China to do to develop financial technology, as blockchain is an emerging technology that may become the future financial infrastructure," said Yao Qian, director-general of the Institute of Digital Money at the People's Bank of China.

"At the current stage, a lot of improvements must be made at the technical level for blockchain technology to be used for real business," Yao said.

"Facing the constantly evolving blockchain technology, financial regulators have a tough job ahead, for we should consider making laws, rules and technical standards accordingly to step up regulation and prevent risks," he said at a forum on blockchain applications and investments held by the China Center for Financial Research at Tsinghua University School of Economics and Management.

At the forum on Thursday, Tsinghua SEM announced the launch of its blockchain financial research center.

He Ping, director of the China Center for Financial Research at Tsinghua SEM, said, "Promoting blockchain technology may have a huge impact on the financial system, international trade, payment systems and corporate business models. One of the missions of this forum is to study blockchain-related financial activities to provide insights for productivity improvement and provide information for policymakers and regulators."

In September 2017, China banned trading platforms from cryptocurrency trading and called for a halt to raising funds via initial coin offerings. At the same time, the People's Bank of China was actively preparing for digital fiat currencies – the digital forms of a sovereign currency that is backed by the central bank. Last year, Yao said the PBOC has successfully designed a prototype that can regulate the supply of its future digital fiat currency.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58October 20 2018 21:10:56

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16October 20 2018 21:10:56

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18October 20 2018 21:10:56

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords