The People’s Bank of China will be certifying 11 FinTech products through its verification system known as the Certification of Fintech Products (CFP). According to reports released on the bank’s website, those products can be used for the purpose of digital payment services.
This could mean big news for China, the country is already making huge advancements in regards to blockchain and cryptocurrency. From its interest in releasing a local, governement-approved digital currency (Read More) and pursuing more research in regards to the utility of blockchain technology in cross-border financing (Read More) to having major companies such as Bitmain and Canaan aiming to list on the US securities market (Read More), China seems to be leading the pack when it comes to governmental blockchain developments.
With improvements in financial infrastructure and research in launching a digital currency, coupled with approval from the Chinese president Xi Jinping regarding those efforts, the fact that stock prices in the blockchain industry witnessed a rise was an inevitable outcome (Click Here).
With all of the above and the CFP verifying applications if they pass the prototype examination and on-site control checks, China could be looking at a future instilled with blockchain techonology. The certificates granted will be renewed every three years, according to the bank if they pass control tests.
Legal bodies are set to conduct random inspections at any step of the production line to ensure compliance. Institutions will be allowed to stamp the certification on their logo; however, they are not allowed to use it for promotional purposes.