Beijing City Regulator Calls For Blockchain Standards

A government official with Beijing's municipal government called for a "standard" approach to blockchain development in a speech last week.

Mar 27, 2017 at 3:41 p.m. UTC
Updated Sep 11, 2021 at 1:11 p.m. UTC

An official with Beijing's municipal government is calling for the country to adopt a "standard" approach to blockchain development.

According to a speech published by Sina Finance, Huo Xuewen, secretary of Beijing's Municipal Bureau of Finance (a group that sets the city's economic strategy), invoked the need for "healthy" progress in the blockchain industry during a fintech event last week.

In his speech, Xuewen outlined popular use cases for blockchain (including payments, credit and trading), and called for blockchain standardization as a means to make development easier. This, he says, can solve problems and stymie any potential illegal financial activities.

While Xuewen's remarks focused on the tech more broadly, he did identify risk areas including P2P loans denominated in digital currency and pyramid schemes.

The comments come months after China's central bank, the People's Bank of China, asserted itself more directly in the supervision of the domestic bitcoin exchange space. Those efforts led to a shift in policy at China's "Big Three" bitcoin exchanges, sparking a withdrawal freeze amid regulator-mandated updates to anti-money laundering processes.

And though Xuewen didn't address the PBoC's bitcoin activities, he did highlight its work on a digital currency system, utilizing a distributed ledger. Initial trials, which occurred last year, are said to have involved Chinese financial institutions including WeBank and the Industrial and Commercial Bank of China.

Image via Shutterstock

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Sequoia's Guide to Surviving the 2022 Bear Market

Venture capitalists have gotten increasingly frantic over the last few months.

Venture capitalists have gotten increasingly frantic over the last few months.

CoinDesk - Unknown
2
CoinDesk - Unknown
NFT Art Museums Are a Good Idea

The metaverse turns galleries global, and helps fund the arts. This article is part of “Metaverse Week."

The metaverse turns galleries global, and helps fund the arts. This article is part of “Metaverse Week."

CoinDesk - Unknown
3
CoinDesk - Unknown
How the US Can Establish Itself as a Crypto Leader

Regulators have an opportunity to map out thoughtful, strategic policy on stablecoins and beyond.

Regulators have an opportunity to map out thoughtful, strategic policy on stablecoins and beyond.

CoinDesk - Unknown
4
CoinDesk - Unknown
No, the UK Is Not Going to Make USDC and USDT Legal Tender

For “legalize” read “regulate.”

For “legalize” read “regulate.”

CoinDesk - Unknown