Head of the PBoC: The future of credit in Blockchain

On April 2, according to the Beijing Business Daily, the State Council Information Office held a press conference to introduce improvements to the social credit system. At the event, Ms. Ren Yongmei, director of the Credit Information Management Bureau of the People’s Bank of China, stated that in recent times, the bank has actively optimized the credit reporting market, robustly developed a multi-tier credit reporting system, and fully met the credit needs of the entire social.

In the next step, Ren Yongmei emphasized the need to enhance the utilization of data technology. She urged to urgently seize the development opportunities from new quality products and to widely apply new technologies such as big data, artificial intelligence, and blockchain in the field of credit reporting.

The goal is to fully unlock the value of data elements, aiming for high-quality development and high security for the credit reporting industry. This transfer takes the industry to a new level, combining technological innovation and data protection.

The information is for market reference purposes only and does not constitute investment advice.

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