China to Certify 11 Fintech Products Used in Blockchain and Online Payment Services

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China’s central bank, the People’s Bank of China (PBoC), has said that it will certify 11 different types of financial technology (Fintech) hardware and software that are regularly being used for online payment and blockchain-related services with its new verification system, the Certification of Fintech Products. The PBoC introduced the initial list of Fintech products that may be used during front-end and bank-end application development for online payment platforms, according to filings submitted on October 26 by the bank. The new regulatory system has been introduced at a time when China, the world’s second largest economy by GDP, is focused on the development of improved financial infrastructure, which includes the creation of a national digital currency and a push by the nation’s president Xi Jinping to seize opportunities in blockchain technology. The PBoC believes that China’s sovereign digital currency will enhance the efficiency of the country’s digital payments sector. The…

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