CIRC: Regulators Should Closely Track The Impact of Blockchain Technology on Banks

Abstract : Regulators should closely track and study the impact of the development of fintech, such as blockchain and distributed accounts.

ChainDD
ChainDD

Sep 07

September 7 (ChainDD) The China Banking Regulatory Commission (CIRC) recently released the second working paper of 2020: "International Supervision of Virtual Assets and Its Enlightenment to The Establishment of A Long-term Mechanism to Prevent Risks In Internet Finance".

The paper mentioned, as the application of modern technology to financial services accelerates, regulators should closely track and study the impact of the development of fintech, such as blockchain and distributed accounts, on banking business model, risk characteristics and banking supervision.

Besides, regulators should strengthen the communication and policy guidance with fintech companies, improve professional resource allocation and work mechanism construction, and make regulatory preparations.

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