China introduces a new body responsible for digital payment regulation
|- The PBOC has introduced a regulatory unit that will be responsible for regulating digital payments, blockchain products and fintech services.
- A system that has been put in place to certify around 11 different categories of financial products.
China is introducing a new body that is going to be responsible for the regulation of digital payments, blockchain products and fintech services.
The People’s Bank of China has introduced a regulatory unit which will be under the watch of the central bank to; regulate digital payments, blockchain products and fintech services that centre around decentralized finance within the country.
Under this new system, it is indicated that the body will certify around 11 different categories of financial products which are both hard and soft. This covers the gamut of a broad range of fintech products.
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