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Shanghai aims to lead blockchain research and regulation

SHANGHAI will make efforts on research and rules-making of blockchain, a key technology powering virtual currency bitcoin, and try to be a leader in the sector, head of the Shanghai financial regulator said yesterday, underlying the city’s growing attention on financial technology innovation.

"For blockchain innovation, we call for legal regulations as the first step to facilitate the growth of the sector," said Zheng Yang, director of the Shanghai Municipal Financial Service Office. "The local regulator would like to tie up with the financial industry and legal communities to see whether Shanghai could lead in the introduction of regulatory framework for the industry."

Zheng made the comment in a launch ceremony of blockchain research center held in Shanghai on Sunday. Wei Yinning, former vice chairman of China Insurance Regulatory Commission, also attended the ceremony.

Blockchain, often refers to a database of unalterable transaction data, is expected to simplify the current clearing and settlement and trading operations, analysts said.

Shanghai's move came after central bank's attempt to develop national official digital currency together with its year-end recruitment on blockchain experts.

Shanghai Daily reported earlier that the People's Bank of China is seeking six developers who hold degrees in computer science, information security and cryptography to work on the design and development of China's official digital currency.


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