Blockchain to be regulated by China's central bank

The People's Bank of China wants to create a better standard for regulating new technologies in the financial industry.

According to Xinhua News Agency, the regulations will apply to 17 different categories in the fintech industry, including blockchain, AI, and cloud services.

After months of uncertainty regarding the status of blockchain and cryptocurrencies in China, the country seems to have set its sights on becoming a leader in the industry.

According to a report from the state-run Xinhua News Agency, this effort is spearheaded by the People's Bank of China.

Blockchain to be regulated by the Chinese central bank.

The new proposed set of regulations will be applied to all subcategories of the country's burgeoning fintech industries.

According to Xinhua, the bank has divided the industry into 17 different categories, which include the likes of cloud services and artificial intelligence.

Blockchain is also one of the 17 categories set by the PBoC, Fei said but failed to elaborate on the other categories the regulations will be applied to.

Mobile financial payments, alongside voice and image recognition technologies both have a clear set of rules set, as industry-wide standards have been implemented recently.

Rumors of a bank run in China have also led many to believe that the country was set to see a crypto resurgence.