China continues its strides in the blockchain world as Central Bank official stays bullish

China has become a force to be reckoned with in the blockchain space and that has been evidenced by the umpteen developments in the space. In the latest series of events, a Chinese Central bank official advised commercial banks to step up their application of blockchain technology.

The head of the People’s Bank of China’s technology, Li Wei, made the comments in Shanghai on the back of President Xi Jinping’s sentiments. The Chinese premier had announced that the country has to invest more in digital assets and blockchain so that the economy jumps leaps and bounds.

A recent report had also revealed that China has within its system, over 500 enterprise projects that range from banking behemoths to tech giants. The Cyberspace Administration of China has identified 506 projects which had to register with the body for further scrutiny and quality and legal checks. The CAC had stated in the initial release of the guidelines that:

“In order to regulate blockchain information service activities, safeguard national security and social public interests, protect the legitimate rights and interests of citizens, legal persons and other organizations, and promote the healthy development of blockchain technology and related services, according to the “Network Security of the People’s Republic of China” The Law “Internet Information Service Management Measures” and “Notice of the State Council on Authorizing the National Internet Information Office to be responsible for the management of Internet information content” shall be formulated.”

China has also told its companies that the state internet information office will be responsible for the supervision and management of the national blockchain information service in accordance with its duties. The document added:

“The Internet Information Offices of provinces, autonomous regions and municipalities directly under the Central Government shall be responsible for the supervision and management of the blockchain information services within their respective administrative areas.”

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