• Latest
China Announces New Regulatory Authority to Certify Digital Payments, Blockchain Products

China Announces New Regulatory Authority to Certify Digital Payments, Blockchain Products

October 29, 2019
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Business

China Announces New Regulatory Authority to Certify Digital Payments, Blockchain Products

coinnewsdaily by coinnewsdaily
October 29, 2019
in Business
0
China Announces New Regulatory Authority to Certify Digital Payments, Blockchain Products
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022

China’s central bank, the People’s Bank of China, will certify 11 types of financial technology hardware and software that are widely used for digital payment and blockchain services with its new verification system called the Certification of Fintech Products.

The central bank released the first list of fintech products that could be used in both front-end and bank-end development for digital payment services, according to filings dated Oct. 26 from the bank.

The new regulatory system comes at a time when China is accelerating the development of new financial infrastructure, including a digital version of its currency and a push by President Xi Jinping to capitalize on blockchain technology.

The central bank envisions the national digital currency boosting the digital payment industry, touting its own coin’s security features and off-line transaction ability as superior to commercial products offered by China’s Alipay and WeChat Pay.

With 11 fintech products currently on the central bank’s list, the certification system covers all the products that could be involved in digital payment technologies, including point-of-sale mobile terminals, embedded application software, user front-end software, and security carriers and chips.

The central bank will grant applicants a Certification of Fintech Product (CFP) if their products pass the prototype examination and on-site checks. The certificate will be reviewed and renewed every three years, according to the bank.

Related authorities would conduct random inspections on any step of the production process to ensure compliance while the certificate is valid. Institutions will be allowed to stamp the certifica on their logo; however, the certification cannot be used to directly promote a products or for advertising.

One of the very specific items included on the list of 11 products is trusted execution environment (TEE), a technology that can assist in the establishment of a “consortium blockchain network and verifying blockchain transactions in financial transactions use cases,” according to the filing.

The U.S. internet giant Microsoft filed for two patents in August 2018 to use similar type of technologies to improve the security and capacity of its blockchain services offerings.

Image via Shutterstcok

Credit: Source link

Tags: BusinessCryptoCrypto Business
Share76Tweet48
Previous Post

‘Clicks and Bricks’ Strategy to Drive Korean Users to Terra’s Blockchain

Next Post

Ripple Hires Bank of America’s Ex-Official as Head of Regulatory Affairs

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin
Alt Coin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
what are wrapped tokens?
Bitcoin

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?
Alt Coin

What is the future of Ethereum (ETH)?

April 22, 2022
Load More
Next Post
Ripple Hires Bank of America’s Ex-Official as Head of Regulatory Affairs

Ripple Hires Bank of America’s Ex-Official as Head of Regulatory Affairs

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$29,369.00-4.00%
  • ethereumEthereum(ETH)$1,978.23-5.08%
  • tetherTether(USDT)$1.00-0.25%
  • binancecoinBNB(BNB)$324.41-2.52%
  • rippleXRP(XRP)$0.407676-4.51%
  • cardanoCardano(ADA)$0.52-6.36%
  • SolanaSolana(SOL)$49.79-8.71%
  • dogecoinDogecoin(DOGE)$0.083885-4.63%
  • polkadotPolkadot(DOT)$9.91-5.17%
  • tronTRON(TRX)$0.0817965.34%
  • Shiba InuShiba Inu(SHIB)$0.000012-5.93%
  • daiDai(DAI)$1.00-0.11%
  • litecoinLitecoin(LTC)$70.02-5.83%
  • CronosCronos(CRO)$0.187120-6.82%
  • leo-tokenLEO Token(LEO)$4.86-0.71%
  • matic-networkPolygon(MATIC)$0.64-7.68%
  • FTX TokenFTX Token(FTT)$29.70-4.31%
  • bitcoin-cashBitcoin Cash(BCH)$193.07-5.77%
  • moneroMonero(XMR)$192.98-1.39%
  • OKBOKB(OKB)$12.78-1.86%
  • chainlinkChainlink(LINK)$7.06-6.93%
  • cosmosCosmos Hub(ATOM)$11.06-8.92%
  • stellarStellar(XLM)$0.129805-6.02%
  • ethereum-classicEthereum Classic(ETC)$21.89-2.88%
  • algorandAlgorand(ALGO)$0.412533-8.25%
  • vechainVeChain(VET)$0.031434-6.67%
  • ElrondElrond(EGLD)$91.06-3.07%
  • tezosTezos(XTZ)$2.125.56%
  • Internet ComputerInternet Computer(ICP)$7.77-8.48%
  • filecoinFilecoin(FIL)$8.45-1.45%
  • AaveAave(AAVE)$98.46-5.18%
  • eosEOS(EOS)$1.33-5.49%
  • theta-tokenTheta Network(THETA)$1.25-7.96%
  • zcashZcash(ZEC)$98.50-10.05%
  • makerMaker(MKR)$1,308.66-9.49%
  • huobi-tokenHuobi Token(HT)$6.96-1.17%
  • bitcoin-cash-svBitcoin SV(BSV)$50.86-6.15%
  • paxos-standardPax Dollar(USDP)$1.00-0.04%
  • iotaIOTA(MIOTA)$0.336299-6.41%
  • PancakeSwapPancakeSwap(CAKE)$4.84-5.26%
  • neoNEO(NEO)$11.18-9.45%
  • zilliqaZilliqa(ZIL)$0.052318-9.63%
  • KusamaKusama(KSM)$81.64-4.24%
  • dashDash(DASH)$61.39-4.38%
  • basic-attention-tokenBasic Attention Token(BAT)$0.392179-5.68%
  • havvenSynthetix Network Token(SNX)$2.64-7.50%
  • wavesWaves(WAVES)$5.68-6.32%
  • nemNEM(XEM)$0.054560-7.10%
  • CompoundCompound(COMP)$69.29-6.69%
  • qtumQtum(QTUM)$4.04-8.56%
  • bitcoin-goldBitcoin Gold(BTG)$24.30-7.63%
  • omisegoOMG Network(OMG)$2.55-5.70%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • yearn-financeyearn.finance(YFI)$9,177.41-4.47%
  • ethlendAave [OLD](LEND)$4.103.48%
  • SushiSushi(SUSHI)$1.65-0.22%
  • golemGolem(GLM)$0.254522-7.84%
  • ontologyOntology(ONT)$0.286054-7.19%
  • umaUMA(UMA)$3.52-3.17%
  • digibyteDigiByte(DGB)$0.012346-7.23%
  • UniswapUniswap(UNI)$2.4438.80%
Posting....