Chinese And US Officials Meet To Discuss Fintech And Cryptocurrency Issues

August 30, 2017 11:56 pm Published by

Chinese state representatives met with United States ledger technology businesses and regulatory agencies to discuss contemporary fintech and cryptocurrency issues and regulations, according to

Officials came from the People’s Bank of China, Shanghai New Financial Research Institute, and the Peking University Digital Finance Research Center to meet with a wide array of entities including Circle, Coinbase, Ripple, fintech start-ups Prosper and Sofi, financial institution Wells Fargo, and the San Francisco Federal Reserve.

 Soon the officials from the Peking University Digital Finance Research Center (IDF) and the Shanghai New Financial Research Institute will publish a report regarding “the status of US financial technology development, regulatory model” making recommendations for Chinese regulators.

The conversations covered a number of issues including fintech and cryptocurrency regulations, central bank issued digital currencies, and money laundering prevention.

Chinese media outlet Sohu reported that the trip was intended “to promote the exchange of financial and technological fields between China and the United States.”

Sohu reported that the delegation members reached a number of “effective and valuable” agreements about the “need to emphasize the relationship between innovation and stability” along with working to stabilize “established channels of communication [between] industry agencies… [and] regulatory bodies” from both China and the US.

The meetings showed insights into China’s regulatory considerations about cryptocurrency and IDF Director Huang Yiping apparently emphasized the importance of controlling but not stifling the power and opportunities, and attributed “the rapid development of China’s internet financial industry” to China’s “relatively loose regulatory attitude.”

The Chinese officials “stressed” the importance of “artificial intelligence technology” in “prevent[ing] systemic financial risk,” and they will “focus on the development of a macro-prudential management frameworks in regulatory technology, either by independent research and development by regulators or by outsourcing research and development.”, Maureen Foody

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