The People's Bank of China (PBoC) wants to speed up the adoption of the cryptos’ underlying technology in the country by implementing its Fintech Development Plan.
The deputy governor of the central bank, Fan Yifei, has urged the bank's Financial Technology Committee at its first meeting of the year to speed up the implementation of the plan, which was unveiled back in August 2019 and which is focused on the standardization of cross-market fintech operations in China.
Local media Sina reported yesterday that the bank's deputy governor has stressed during the meeting with PBoC officials and heads of its affiliated financial companies the importance of blockchain and fintech technology. In addition, he called for the adoption plan to be implemented within the planned deadline (2021), as "accelerating the digitalization" of the Chinese economy is a necessity.
In spite of the fact that China has taken a very tough stance towards cryptos, the Chinese president Xi Jinping surprised everyone in October last year when he called for the Asian giant to become a leader in the development and adoption of blockchain tech.
iHodl Spain reported last month that most of China's largest banks are already using blockchain technology. Chinese banks reportedly plan to use blockchain in areas such as trade finance, supply chain management, settlement, digital invoicing and other applications.
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