China will accredit digital payments and blockchain products

The People’s Bank of China

The People’s Bank of China (Central bank) is going to certify eleven types of business technology hardware and software that are mostly used for blockchain and digital payment services with new Chinese accreditation system known as the Certification of Fintech Products.

The bank published the initial list of fintech products that can be implemented in both front-end and back-end development for digital payment services.

This new regulatory system is a result of China’s attempts for taking the leading position in the blockchain technologies industry and stimulating the development of new economic infrastructure.

Eleven products that have already been mentioned by the bank cover all the points required for a digital payment system, including front-end software, point-of-sale mobile terminals, chips and so on.

The People’s bank is going to give applicants a Certification of Fintech Product if their products pass the prototype testing and on-site examinations. As it was informed, the certificate will be reexamined and refreshed every three years.

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