The Central Bank of China, the Central Bank of China, will certify 11 types of hardware and financial technology software widely used for digital payment and blockchain services with its new auditing system called Certification of Fintech Products.

The central bank has released the first list of Fintech products that can be used for both upstream and downstream development of the bank for digital payment services, according to documents dated Oct. 26.

The new regulatory system is one of the latest developments in China's national saga with regard to the launch of the Chinese coin, with the installation of all necessary infrastructure.

The central bank is considering a national digital currency to boost the digital payment industry, touting the best security features of this coin and its off-line transaction capability that would be superior to the commercial products offered by Alipay and WeChat Pay in China.

With 11 fintech products currently on the central bank's list, the certification system covers all products that may be involved in digital payment technologies, including point-of-sale mobile devices, embedded application software, software front-end user, security media, etc. chips.

The central bank grants candidates a Fintech Product Certification (CFP) if their products pass the prototype examination and on-site checks. The certificate will be reviewed and renewed every three years, according to the bank.

The relevant authorities would conduct random inspections at any stage of the production process to ensure compliance as long as the certificate is valid. Institutions will be allowed to affix the certificate on their logo; However, certification can not be used to directly promote a product or to advertise.

One of the very specific elements of the list of 11 products is the Trusted Execution Environment (TEE), a technology that can help set up a "network of blockchains of the consortium and audit blockchain transactions in cases of use of financial transactions ", according to the ranking. .

The US Internet giant Microsoft filed two patents in August 2018 to use a similar type of technology to improve the security and capacity of its blockchain service offerings.

Image via Shutterstcok

Join the Binance global trading platform

Leave a Reply

Your email address will not be published. Required fields are marked *