FinTech Is Our Future, Says China`s Central Bank Chief

FinTech Is Our Future, Says China`s Central Bank Chief

China`s central bank chief and other officials of People`s Bank of China (PBOC) held a press conference on March 10 to discuss a range of economic and

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China`s central bank chief and other officials of People`s Bank of China (PBOC) held a press conference on March 10 to discuss a range of economic and financial issues, as South China Morning Post (scmp.com) reported.

“As the Chinese economy stabilises and becomes healthier, and the nation makes achievements in supply-side reforms and global investors become more confident in China’s economy, the yuan’s exchange rate will naturally be on a trend to stabilize.”, said Zhou Xiaochuan, China`s central bank chief.

He added that the bank encouraged the development of financial technology and was willing to cooperate with industry players.

“New technologies, such as digital currency and block-chain technology, will generate far-reaching impacts that may not be foreseen or predicted currently.”, Zhou said.

According to him, third-party payment services are to be affected by the Blockchain technology, as South China Morning Post reported.

However, the PBOC stance towards cryptocurrencies is not entirely supportive. PBOC has announced its renewed anti-money laundering guidelines and regulatory policies and forced the industry into making a handful of notable changes, as reported by cryptocoinnews.com.

“[The regulators] shall adopt a forgiving attitude, not prohibit (the exchanges) for the time being, and set an observation period.”, said Zhou Xuedong, director at the PBOC’s business management department, in quotes reported on social media.

Despite the yuan and their stance against bitcoin exchanges, China remains a country, where financial technology is expected to prosper.

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