- PBOC to introduce new standards for the financial industry in about 17 different areas of technologies which includes blockchain.
- They believe that the financial industry either lacks the standards or needs to update the existing standards.
The recent reports have emerged that the bank is set to create new standards for the financial industry in about 17 different areas of technologies which includes blockchain as well.
The deputy governor of the People’s Bank of China, was speaking at the conference of the National Financial Standardization Technical Committee. Indicating that the financial standards system continued to make advances across all fields, but stressing of the need to keep up with new trends in these sectors as well.
It was noted that the bank will be creating standards in fields that include artificial intelligence, cloud computing, big data among others.
He said:
“The financial industry either lacks the standards or needs to update the existing standards. The current regulations for financial services are not clear and strong enough to guide high-quality developments in the industry,”
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