Chinese Central Bank Officials & Research Groups Visit US to Learn More About Blockchain Technology

Officials from the Chinese central bank People’s Bank of China (PBoC) and several research organizations traveled to San Francisco, California in late August 2017 to learn more about Blockchain technology and related financial regulation in the US.

The visit was led by the central bank’s Digital Currency Research Institute director Yao Qian. A report by Chinese online media site Sohu claimed that the visit is part of the ongoing study on the technology that is led by the financial technology (fintech) research groups Peking University Digital Finance Research Center (IDF) and the Shanghai New Financial Research Institute (SFI).

The research project results will be included in the report about the status of fintech development and regulation in the US.

During the visit made earlier this week, the Chinese delegation has met with several startup companies including lending firm Prosper, digital currency exchange service provider Coinbase, distributed ledger technology (DLT) payments company Ripple, and Sofi, a project targeting student loans in the US.

A discussion focused on Blockchain and virtual currency regulations was also conducted during the visit. During the talks, Qian reportedly reiterated the importance of the issue of establishing a legal virtual currency for China.

He also talked about the need for stakeholders in the traditional financial system to establish a strategy for Blockchain technology.

The Chinese government, through the PBoC, has been trying to issue a national virtual currency that can be used for such purposes as buying basic necessities like noodles, sugar, and coffee, as well as purchasing a car.

Moreover, the PBoC has already conducted several pilot runs of a prototype national digital money in the past.