China’s central bank, the People’s Bank of China (PBOC), has revealed a list of approved hardware and software that can be used for blockchain services and digital transactions in a newly introduced Certification of Fintech Products system.
According to a CoinDesk report, the PBOC recently published an initial list of 11 products that can be used for digital payments and blockchain-related services, ranging from embedded application and front-end user software to point-of-sale terminals and security chips.
The central bank announced that it will only issue a Certification of Fintech Product (CFP) to applicants whose products have passed prototype examination as well as on-site checks. The CFP is subject to re-assessment and renewal every three years.
The PBOC added that once the CFP has been granted, government agencies will carry out inspections to ensure the products are manufactured in compliance with regulations.
Though financial institutions and banks are allowed to use the fintech product certification as part of their logo, the PBOC does not allow the certification to be used as a tool to advertise or promote a financial product.
One of the 11 products mentioned on the list is the trusted execution environment (TEE) — a technology that helps to ensure a system that is made up of a “consortium blockchain network and verifying blockchain transactions in financial transactions use cases,” according to the PBOC’s filing.
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