China steps up blockchain adoption in the financial system

Deputy Governor of the People's Bank of China (PBoC), Fan Yifei , asked the agency's officials and the heads of central offices of bank-associated financial companies to step up blockchain adoptions in their operations . The meeting was in the framework of the first meeting of the year of the PBoC Financial Technology Committee .

The Chinese official assured that blockchain technology and the rest of the industry 4.0 technologies - big data, artificial intelligence and cloud computing - should be applied more quickly to " accelerate the digitization of the economy ." According to the Asian giant's government, it depends on the fulfillment of the goals of the Fintech Development Plan 2019-2021 .

Both Fan Yifei and the rest of the executives of the Chinese central bank remarked that the state financial sector as a whole needs to "actively use" cutting-edge technologies . In this way, they expect their capabilities to technically prevent “financial risks” to increase . Furthermore, blockchain provides more efficient , streamlined and uniform regulatory oversight for the financial technology sector.

On the other hand, the authorities of the People's Bank of China indicated that DLT technology would help in the short-term goal of “resuming work” after the coronavirus pandemic that temporarily suspended numerous job sources.