China’s Banking Regulator Says Policy Deficiencies Are Holding Back Blockchain Development

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A senior official from the China Banking and Insurance Regulatory Commission (CBIRC) says deficiencies in national policy are an impediment to the spread of blockchain applications.

Speaking at the 2019 Tsinghua Wudaokou Global Finance Forum Jiang Bo (姜波), chair of the intermediary regulation department of CBIRC, said that fintech had already reached a “3.0 phase” in terms of in-depth integration of finance and technology.

Financial institutions are using artificial intelligence, big data, cloud computing and the blockchain to change traditional business processes, greatly raise the efficiency of traditional finance, resolve the “sore points” of traditional finance, and make financial services more inclusive.

Jiang highlighted the ability of blockchain technology to resolve the security and trust problems of data exchanges between parties via the creation of distributed ledgers whose information is impervious to tampering.

The CBIRC official said that the widespread application of blockchain technology in China remains hampered, however, by comparatively deficient legal foundations and state policy.

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