For a central bank that has cracked down relentlessly on digital tokens and bitcoin mining, the People’s Bank of China seems remarkably enthusiastic about fintech.
By many accounts, the institution is becoming one of the world’s most sophisticated central banks when it comes to cryptocurrencies and other digital assets. The reason for the fintech buzz at the PBoC could be its desire to get ahead of the curve — or at least be able to adequately supervise the country’s obsession with fintech, blockchain and digital lending.
“Regulators using new technologies to supervise fintechs and the financial industry — called Suptech, short for supervisory technology — is another area where China is generally thought of as a world leader,” said one adviser who works closely with large Chinese fintech companies.