China Announces New Regulatory Authority to Certify Digital Payments, Blockchain Products

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China’s central bank, the People’s Bank of China, will certify 11 types of financial technology hardware and software that are widely used for digital payment and block chain services with its new verification system called the Certification of Fin tech Products.The new regulatory system comes at a time when China is accelerating the development of new financial infrastructure, including a digital version of its currency and a push by President Xi Jinping to capitalize on blockchain technology.The central bank envisions the national digital currency boosting the digital payment industry, touting its own coin’s security features and off-line transaction ability as superior to commercial products offered by China’s Alipay and Buy Ethereum.With 11 fintech products currently on the central bank’s list, the certification system covers all the products that could be involved in digital payment technologies, including point-of-sale mobile terminals, embedded application software, user front-end software, and security carriers and chips. Read more 
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