PBoC to rein in fintech firms after President Xi praises blockchain

Central bank will verify blockchain-compatible products

pboc building
The People’s Bank of China

Chinese regulators, including the People’s Bank of China (PBoC), have released a framework to certify financial technology products after President Xi Jinping’s endorsement of blockchain technology sparked speculation on related stocks.

The Chinese central bank published a list of 11 fintech software and hardware categories within the system dubbed “Certification of FinTech Products”.

The framework could help improve the quality of Chinese fintech and encourage financial innovation, while

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