China Launches New Regulatory Authority for Digital Payments

China Launches New Regulatory Authority for Digital Payments

As we know, China always adds a new dimension to technology. Along with the adoption of worldwide crypto, China didn’t keep sitting rather they stood up with strong hand and started arising their innovation in the field.

Keeping pace with the world, People’s Bank of China, the central bank of China having a reserve of 3.21 trillion USD, is going to introduce 11 types of financial technology hardware and software. This is addition of new dimension to verification of digital payment and blockchain services. The system is known as Certification of Fintech Products might be used in both front-end and bank-end development for digital payment services.

Xi Jinping, a Chinese politician serving as General Secretary of the Communist Party of China, wants to corroborate blockchain technology with capitalization. The certification system veils all the products, which incorporate point-of-sale mobile terminals, embedded application software, user front-end software and security carriers and chips, could be embroiled in digital payment technologies.

A Certification of Fintech, which will be further renewed and reviewed, Product will be offered to applicants by the central bank on the off chance their products pass the prototype examination and on-site checks. The validity of the product will be checked out and institutions can stamp the certifica on their logo. So it can be said that in the case of directly promoting a product or for advertising, the certification might not be used. Establishment of a Consortium blockchain network and verification of blockchain transactions in financial transactions use cases are possible because on the list of 11 products the issue to TEE, Trusted Execution Environment, has been mentioned indeed. Microsoft is also willing to use similar types of technologies with an eye to improving the security and capacity of its blockchain service offering.

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