The Chinese Ministry of Industry and Information Technology (MIIT), as well as the China Banking and Insurance Regulatory Commission (CBIRC), has revealed plans to put blockchain to a more practical application. Both plan to install measures and introduce systems through a paper, respectively, to clear up misconceptions about the crypto-currency connected blockchain.
The MIIT's measures were alleged to create a "healthy and orderly" dissemination, as well as development, of the industry's best practices and uses. Blockchain information is still needed and the tech ecosystem can be said to be in the beta stage-already ready for application, but not yet in its final stages. However, to complete the study, blockchain needs to be used more in actual situations.
These actual situations the MIIT is pushing for is in the financial sector, among other industries. These "other industries," Coin Telegraph notes, belong to the online banking sector, supply chain management services, and devices and companies that rely heavily on the Internet of Things (IoT).
In the CBIRC's case, they are adopting blockchain to become part of the loan network in the country. Topics that cover the development and regulation of financial technologies centered on using blockchain are in the paper, released last January 19. The paper exudes confidence that blockchain should and will become an integral part of China's banking future.
This paper, Coin Desk reveals, is part of a research that included lessons learned during a visit to European countries UK and France. These European countries already have systems in place which accommodates the facilitation of the modern practices that include blockchain. They are also looking into how these banks issue ledger platforms and apply that to their own systems.
While they are supportive of more financial activities that include blockchain, they are apprehensive about the use of Bitcoins in the meantime. It can be remembered that in September of last year, the CBIRC was the very same regulatory board who issued caution and bans on coin-related banking activities.
With the growth in the blockchain sector seen as "encouraging," MIIT deputy director Xin Guobin said that China should promote blockchain a little more. Industrial-scale transactions and other processes of its magnitude should become widespread, he says, if the country wants to take its financial and banking processes into China's favored digital age.
