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China central bank official says commercial banks should step up blockchain application

FILE PHOTO: People walk past the China Bank headquarters building in central Beijing October 15, 2008. REUTERS/David Gray (CHINA)

SHANGHAI (Reuters) – Commercial banks should step up their application of blockchain technology to embrace digital finance, a Chinese central bank official said on Monday.

Li Wei, head of the People’s Bank of China’s technology department, made the comments at a forum in Shanghai. Last week, Chinese President Xi Jinping said the country’s development of blockchain technology should be sped up.

Reporting by Samuel Shen and Brenda Goh in Shanghai; Editing by Sonya Hepinstall

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