China's central bank, the People's Bank of China, will use a new system to certify 11 types of fintech hardware and software products relating to digital payments.
On Oct. 29, the PBoC alongside China's market regulator, the State Administration for Market Regulation, jointly released a set of documents for the new nationwide Certification of Fintech Products system.
The documents include definitions of fintech products that require certification as well as rules for its proceedings.
The listed products include embedded application software, cloud computing platforms, user front-end software, security carriers and chips, as well as point of sale terminals and ATMs.In the document titled "Fintech Product Certification Rules," the PBoC and SAMR stated that, in order to obtain a CFP certificate from the central bank, applicants will have to pass a prototype examination as well as on-site inspections.
The certificate is valid for 3 years and requires a renewal after the expiration date, the authorities noted.
During the validity period, CFP bearers will have to pass random inspections at any stage of the production process, the document says.
CFP carriers will be prohibited from using certification for advertising purposes, while incorporation of the certificate to their logo is authorized.
The new announcement of China's central bank comes just a month after the bank publicly denied reports that its central bank digital currency, a digital renminbi, was about to launch.
On Oct. 28, China recorded a sharp growth of interest in blockchain technology after President Xi Jinping called for faster adoption of blockchain tech.
Earlier today, Cointelegraph reported that the Guangzhou government formed a new $140 million subsidy fund in order to encourage the development of blockchain initiatives.
China's Central Bank Introduces Certification System for Fintech Products
gepubliceerd op Oct 30, 2019
by Cointele | gepubliceerd op Coinage
Coinage
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.