First Blockchain Specification Document Issued by Authoritative Department was Released in China

Abstract : The People's Bank of China recently issued the "Notice on Promoting the Application of Blockchain Technology Specifications" and the "Regulations for the Financial Application of Blockchain Technology ".

ChainDD
ChainDD

Jul 22

The People's Bank of China recently issued the "Notice on Promoting the Application of Blockchain Technology Specifications" and the "Regulations for the Financial Application of Blockchain Technology ", which were blockchain-related specification documents issued by the highest authority in China for the first time.

The document shows that the central bank requires financial institutions to establish and improve the risk prevention mechanism for the application of blockchain technology, regularly carry out external security assessments, promote the standardized application of blockchain technology in the financial field, and carry out the filing of blockchain technology applications.

At the same time, industry associations are required to strengthen the self-discipline management of the blockchain technology financial application industry, establish and improve mechanisms for self-discipline inspection and information sharing. 

The document specifically involves various banks, securities stock companies, fund companies, futures companies, private equity, insurance and payment industries, including financial business systems and technology products involving blockchain technology.

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