In order to reach a certain standard, China has published new rules for financial practices. These rules were shared by the People’s Bank of China.
China sets standard for financial applications
With digitalization, applications and products of different features and qualities come from different developers. However, this difference also raises a certain standard deficit.
With the new regulation made by the People’s Bank of China, a new standard will be established in this regard. According to the news published by Caixin, 3 standards are expected to be provided. These 3 standard financial institutions will consist of 3 stages: technical, performance and security.
This set of rules, which includes blockchain-based financial applications, will enable financial institutions to develop solutions and technologies to certain standards. In addition to parameters such as hardware and privacy protection, parameters such as smart contracts, software and hardware will be evaluated collectively. It will also provide a high level of design and efficiency.
Currently, there are more than 70 local financial service companies offering blockchain-based financial application services operating in China. The new rules to be implemented are expected to cover these companies. Shentu Qingchun, CEO of China-based blockchain company BankLedger, said that the new rules will play an important role in discovering the potential in this area. In addition, with the new rules, the spread of blockchain-based financial applications will become easier.