Sign up for The Paypers newsletter Follow The Paypers on LinkedIn Follow The Paypers on Twitter Follow The Paypers on Facebook
The Paypers, paypers, Insight in payments, News, Reports, Events
 advertisement
Cryptocurrencies

Banking regulators want blockchain security rules in China

Friday 9 June 2017 | 02:01 PM CET

A new paper from the China Banking Regulatory Commission (CBRC) has stated that the China market needs blockchain security regulations.

The report, as quoted by Coindesk.com, states that Chinese regulators should learn from the US and the UK with regards to developing blockchain rules. The CBRC, which functions under China’s State Council, highlighted several areas in which blockchain technology could improve market securities, like initial public offerings (IPOs), security deposit and transaction, and overall savings cost. However, the agency also signalled several initial challenges due to the technology’s early stages of development.

Furthermore, the commission stated that the government should take the helm in setting up and supporting a blockchain industry standard.

The authors also note that major banks all over the world have started investing and experimenting with blockchain securities. So far, the Bank of England, Spain-based BBVA and Russia-based Sberbank have joined the Hyperledger project.

Finally, the report also proposes a "regulatory sandbox” to allow startups and companies to develop and test new financial products in a limited setting.

More: Link
 advertisement
 advertisement
 advertisement
 advertisement