Chinese officials demand for blockchain standards

Huo Xuewen, secretary of Beijing’s Municipal Bureau of Finance (a group that sets the city’s economic strategy), invoked the need for healthy progress in the blockchain industry during a fintech event, according to Sina Finance.

The official outlined in his speech popular use cases for blockchain (including payments, credit and trading, a digital currency system, utilizing a distributed ledger), and called for blockchain standardization as a means to make development easier. Furthermore, he also identified risk areas including P2P loans denominated in digital currency and pyramid schemes.

The comments come months after the Peoples Bank of China, asserted itself more directly in the supervision of the domestic Bitcoin exchange space.