# Chinese authorities move forward with plans to introduce blockchain standardization By Shampa Mani Canonical URL: https://www.tokenpost.com/news/regulation/4246 Published: 2019-11-21T12:29:17.000Z Updated: 2019-11-21T12:29:17.000Z Section: Regulation > The People’s Bank of China (PBoC) is reportedly seeking to set industry standards across the financial sector to guide the application of new and cutting-edge technologies. The People’s Bank of China (PBoC) is reportedly seeking to set industry standards across the financial sector to guide the application of new and cutting-edge technologies. According to a report from [Xinhua News Agency](), PBoC vice president Yifei Fan recent revealed the technologies that are currently on the central bank’s radar for standardization, including artificial intelligence, blockchain, big data, and cloud computing. In all, there are 17 categories of financial technologies that will be regulated under the new standardization regime, the report said. “The financial industry either lacks the standards or needs to update the existing standards,” he said (as quoted by [CoinDesk]()). “The current regulations for financial services are not clear and strong enough to guide high-quality developments in the industry.” Fan further said that standards have already been set for mobile financial payment platforms, voice and image recognition technologies in a previous round. National Standards Committee for blockchain Going by the media reports, the government has been working for [more than a year]() to introduce [blockchain standards](). On Wednesday, Nov. 20, the Standardization Administration of China (SAC), a standards organization authorized by the State Council of China, [announced]() the setting up of a national standards committee for blockchain and distributed ledger technology, alongside a number of other technical committees. “Currently, it is progressing in an orderly manner,” the SAC said, adding that it will guide the technical committees to formulate forward-looking, high-quality standards to “help high-tech innovation, promote high levels of openness, and lead high quality development.” Detect languageAfrikaansAlbanianAmharicArabicArmenianAzerbaijaniBasqueBelarusianBengaliBosnianBulgarianCatalanCebuanoChichewaChinese (Simplified)Chinese (Traditional)CorsicanCroatianCzechDanishDutchEnglishEsperantoEstonianFilipinoFinnishFrenchFrisianGalicianGeorgianGermanGreekGujaratiHaitian CreoleHausaHawaiianHebrewHindiHmongHungarianIcelandicIgboIndonesianIrishItalianJapaneseJavaneseKannadaKazakhKhmerKoreanKurdishKyrgyzLaoLatinLatvianLithuanianLuxembourgishMacedonianMalagasyMalayMalayalamMalteseMaoriMarathiMongolianMyanmar (Burmese)NepaliNorwegianPashtoPersianPolishPortuguesePunjabiRomanianRussianSamoanScots GaelicSerbianSesothoShonaSindhiSinhalaSlovakSlovenianSomaliSpanishSundaneseSwahiliSwedishTajikTamilTeluguThaiTurkishUkrainianUrduUzbekVietnameseWelshXhosaYiddishYorubaZulu AfrikaansAlbanianAmharicArabicArmenianAzerbaijaniBasqueBelarusianBengaliBosnianBulgarianCatalanCebuanoChichewaChinese (Simplified)Chinese (Traditional)CorsicanCroatianCzechDanishDutchEnglishEsperantoEstonianFilipinoFinnishFrenchFrisianGalicianGeorgianGermanGreekGujaratiHaitian CreoleHausaHawaiianHebrewHindiHmongHungarianIcelandicIgboIndonesianIrishItalianJapaneseJavaneseKannadaKazakhKhmerKoreanKurdishKyrgyzLaoLatinLatvianLithuanianLuxembourgishMacedonianMalagasyMalayMalayalamMalteseMaoriMarathiMongolianMyanmar (Burmese)NepaliNorwegianPashtoPersianPolishPortuguesePunjabiRomanianRussianSamoanScots GaelicSerbianSesothoShonaSindhiSinhalaSlovakSlovenianSomaliSpanishSundaneseSwahiliSwedishTajikTamilTeluguThaiTurkishUkrainianUrduUzbekVietnameseWelshXhosaYiddishYorubaZulu Text-to-speech function is limited to 200 characters Options : History : Feedback : [Donate]() Close [TokenPost]() | info@tokenpost.com ## Links in this article - [Xinhua News Agency](http://www.xinhuanet.com/fortune/2019-11/20/c_1125255427.htm) - [CoinDesk](https://www.coindesk.com/china-central-bank-to-set-standards-for-17-fintech-categories-including-blockchain) - [more than a year](https://www.econotimes.com/China-could-set-up-blockchain-standards-committee-this-year-says-official-1335534) - [blockchain standards](https://www.tokenpost.com/China-seeks-to-release-three-blockchain-standards-in-2018-518) - [announced](http://www.sac.gov.cn/xw/bzhdt/201911/t20191120_343876.htmhttp:/www.sac.gov.cn/xw/bzhdt/201911/t20191120_343876.htm) - [Donate](https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=GD9D8CPW8HFA2) - [TokenPost](https://www.tokenpost.com)