China’s Securities and Exchange Commission (SEC) is reportedly planning to establish a new regulatory bureau to integrate advanced technologies into the regulation of China’s capital markets.
Multiple sources familiar with the matter told Chinese local media outlet Caijing, that the new department dubbed ‘The Science and Technology Regulatory Bureau’ will be headed by the brain behind the nation’s soon-to-be-launched digital Yuan, Yao Qian.
According to the sources, Qian’s selection for the role was due to his immense contribution to the development of the People’s Bank of China (PBoC) CBDC, including his familiarity and participation in the country’s fintech industry.
The new bureau would be focused on supervising research conducted for fintech-based projects and would also integrate advanced technologies into the regulation of the nation’s capital markets.
Commenting on the development at an event, Zhang Ye, director of the Information arm of the Chinese SEC, noted that the country’s capital market has progressed over the years, thus requiring more supervision, which has led the nation to develop the Science and Technology Bureau.
“The construction of the Science and Technology Bureau by the China Securities Regulatory Commission is based on the actual situation of China’s capital market. Big data, Artificial Intelligence, among others provide comprehensive and accurate data for the SEC [hence the need for the bureau],” Ye added.
The world, especially crypto enthusiasts are still anticipating the launch of the PBoC’s CBDC as several attempts have been made by crypto enthusiasts stating that the bank would soon launch its digital Yuan.
However, the PBoC has reiterated that there is no specific date for the launch of its CBDC, but that the bank has made positive progress concerning the research and development of the digital currency.
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