China’s Central Bank Establishes FinTech Committee

The People’s Bank of China, the nation’s central bank, has announced the establishment of a FinTech committee.

The PBOC has set up its own committee for ‘strengthening the research, work, planning and coordination’ of financial technologies, an announcement posted on the central bank website revealed.

China’s central bank, which also acts as the country’s financial regulator, will also organize an ‘in-depth study’ on the impact of FinTech innovation in a number of areas including monetary policy, payment and settlement and financial stability.

The PBOC has already experimented with new financial technologies. CCN has prominently covered news of the PBOC’s foray to develop its own digital currency based on blockchain technology. Having announced its plan to issue its own digital currency “as soon as possible” in early 2016, the PBOC completed a trial run of transactions settled on a blockchain with its own digital currency by the end of the year.

China is widely seen as the world’s largest [PDF] commercial FinTech market, with 40% of its 1.38 billion people using new FinTech payment technologies like

Read more ... source: CryptoCoinsNews

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