PBOC Releases Safety Standards for Use of Distributed Ledger Technology by Finance Sector

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The Chinese central bank has just released a new set of standards for the use of distributed ledger technology by the finance sector.

On 5 February the People’s Bank of China (PBOC) officially released the “Financial Distributed Ledger Technology Safety Standards” (JR/T 0184—2020), which were drafted by its Digital Research Institute in cooperation with key members of the banking sector including ICBC, Bank of China, China Construction Bank and the China Development Bank.

The new standards cover safety systems for distributed ledger technology, including infrastructure hardware, infrastructure software, encryption algorithms, node communications, ledger data, consensus agreements, smart contracts, identity management, privacy protections, regulatory support, maintenance requirements and regulatory mechanisms.

The standards are applicable to all institutions in the Chinese finance sector who engage in the development of distributed ledger systems or are service operators.

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