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August 30, 2016

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National online finance safety body set up

A national committee to oversee Internet finance security and creditability has been created as China continues to enhance regulations on peer-to-peer investment and the digital money sector.

The National Committee of Experts for Internet Finance Security Techniques will monitor related websites and applications, establish professional technical industry alliances and offer advice to industry regulators.

The committee, founded by the state-level online security center, the National Computer Network Emergency Response Technical Team/Coordination Center of China, and the Internet Society of China, comprises industry executives and government officials from the Ministry of Industry and Information Technology, the People’s Bank of China and the Ministry of Public Security.

There are now more than 8,490 Internet finance websites which boast 618 million users nationwide. But more than 1,800 of these websites pose risky problems such as data leakage and online fraud while some of them may even be zombie websites, according to the CNCERT/CC.

The committee’s tenure lasts for three years, according to Cheng Xianfeng, chief technology officer of, a Bitcoin trading platform.


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