China's Biggest Bank Expands Fintech Regulation in 6 New Cities including Shanghai
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Bank of China, the largest Chinese bank, has announced the expansion of its pilot testing of fintech innovation supervision in 6 new cities (districts).

According to an official announcement, the bank in cooperation with the People’s Bank of China (PBOC) will examine the new fintech regulation in Shanghai, Chongqing, Shenzhen, Hebei Xiong'an New District, Hangzhou and Suzhou.

China's Local Government Employees to Receive National Digital Currency in May

The banks will reportedly guide licensed financial institutions and technology companies to apply for innovation tests, and explore the use of modern information technology.

"We will help to prevent and control the epidemic situation and resume work and production by focusing on improving the level of financial services in the real economy," the bank wrote.

Previously the PBOC announced that the digital yuan will be ready for use in the 2022 Winter Olympics.

iHodl also reported that China's Blockchain-based Service Network (BSN) will be compatible with public network nodes.

The new platform will allow anyone to build its own Blockchain-as-a-Service (BaaS) product, as the BSN will provide environment services for developers around the world.

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