People’s bank of China expanded its technology regulation to 6 cities

[vc_row][vc_column][vc_paragraph text=”People’s bank of China expands its rules in the area of financial technologies to six cities promoting blockchain.“][/vc_column][/vc_row][vc_row][vc_column][vc_heading title=”The researches of blockchain technology implementation continue in PRC” size=”medium”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The regulatory fintech project was launched in Beijing in December, 2019.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”At that time People’s bank of China announced that it aimed at developing the rules for fintech technologies, and, since Beijing is the capital of the Republic, this was a perfect place for start.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Now the supervisory bodies expand the regulatory project to six more cities. They are Chongqing, Shanghai, Shenzhen, Hangzhou and the new Xiongan district in Hebei and Suzhou.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The regulatory project will enable the financial and technological companies in these cities to “apply for innovation testings and study the possibility to use the modern financial technologies for financial benefit in compliance with legal rules and consumer protection”.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”This will help to eliminate the diffuculties associated with small and micro-industries. The regulator also hopes that expansion of the program will help people to overcome the difficulties caused by COVID-19 pandemic. Such measures will let them to resume work and “concentrate on improvement of services in real economy”.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”People’s Bank of China published its Fintech development plan (2019-2021) eight months ago where it posted the main goals for Fintech implementation for three years.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The plan reveals the major aims that are about strengthening the strategies in the sphere of technologies, standardization of the key common technologies and enhancing the potential in fending off financial risks.”][/vc_column][/vc_row]

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Russia proposes crypto ban

Russian Parliament offered amendments providing for ban of bitcoins and crypto currencies that would make their usage illegal with imprisonment ...