China's central bank issues rules for blockchain-based financial applications

The People's Bank of China, the country's central bank, has issued evaluation rules for blockchain-based financial applications.

Caixin reported the news on Wednesday, saying that the rules require financial institutions building blockchain applications to comply with three standards — technical, performance, and security.

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These standards would collectively evaluate applications on parameters such as smart contracts, throughput, software, hardware, and privacy protection, among others. This initiative is to help financial institutions build top-level design of their applications, per the report.

The rules apply to banks, brokers, asset management companies, and payment firms, among other financial services domains. There are currently