The Bank of China wants to adopt blockchain faster

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Officials from the Bank of China are pushing for an accelerated adoption of the Blockchain Technology.

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Blockchain adoption plan

This week the first meeting of the People's Bank of China, or PBoC, was held. During this meeting, the deputy governor of the central bank, Fan Yifei, insisted on accelerating the country's strategy of adopting blockchain technology.

According to a report issued on 13th May, Fan Yifei met not only the PBoC officials but also the heads of the associated financial companies. During the talks Fan stressed the importance of blockchain and fintech, ensuring that the country's adoption plan would be successfully implemented by 2021.

Digitalization of Chinese economy

The Deputy President stressed the need to "accelerate the digitisation" of the Chinese economy.

The meeting included a review of research that is testing the introduction of new strategies to support the development plan.

Officials said it was necessary to examine the fintech development index system, closely follow the dynamics and make a comprehensive assessment to guide financial institutions towards a faster digital transition.

One of the conclusions of the meeting was that

It's necessary to strengthen the application of regulatory science and technology, actively use big data, artificial intelligence, cloud computing, blockchain, and other technologies to strengthen the construction of digital supervision capabilities.

China is becoming increasingly interested in blockchain

The Fintech Development Plan for China focuses on the standardisation of cross-market fintech activities, which was revealed in August 2019.

Interest in blockchain and cryptovlaut technology in China is still growing.  In the Chinese province of Hunan, in the city of Loudi, the first provincial blockchain zone was established.