PBoC Officer: Cryptocurrency May be Incorporated into China’s Civil Law
The Fourth Annual Blockchain Finance & Fintech China 2018 was successfully held from March 15-16 in Shanghai. Over 600 experts, scholars and corporate executives from all over the world attended this conference. They are from different professions includes banking, insurance, payment, internet finance, blockchain, big data, risk control, information services, and law firms.
Li De, counsellor of the People’s Bank of China (PBoC), also the former deputy director of the central bank’s research bureau, demonstrated his point of view of fintech, blockchian and cryptocurrency in the forum.
Li De said that: “At present, China’s economic performance has shown good momentum, which also flourishing development of the entire consumer economy, consumer finance, as well as fintech.”
He further pointed out that, China’s robust economic growth along with the relevant revolution would boost the development of fintech. As Internet technology integration into the financial industry, mobile payment, big data, cloud computing, and blockchain occupy important place in Internet finance.
Recently, many Internet enterprises have begun to transform to fintech enterprises. Due to intense market competition, many industries, including banking institutions, non-banking financial institutions and internet finance companies, intend to integrate with fintech.
However, it also comes with risk and scams. Therefore, PBoC and other financial regulatory sectors will further standardize the development of internet finance. The central bank, as well as China Banking Regulatory Commission (CBRC), has emphasized numerous times that all the institutions involve in financial businesses must be licensed and regulate their behaviors in operation and competition. Li De stated that, China’s regulatory authorities will further strength regulation in Internet finance to promote a standardized development.
Li De also emphasized: “It was reported that digital currency and virtual assets would be incorporated into the civil law in the near future, thus we (PBoC) may further standardization of Fintech and Internet finance in the future.”