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Chinese central bank has issued regulations to banks and other financial institutions including securities brokerage firms, insurance companies and fund management firms, in an effort to shape a common standard for the industry.Â
The People’s Bank of China (PBOC) issued regulations on the use of blockchain to banks and other financial institutions, according to one banking industry insiders and reported by local news outlets including the National Business Daily.
Documentation about the new rules which runs hundreds of pages stipulates specific implementation requirement for financial applications using blockchain including criteria for assessing product design . . .
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