Bitcoin Daily: People’s Bank Of China To Certify Digital Payment Products; Korean Security Agency Supports Blockchain Projects With $9M Fund

The People’s Bank of China announced that it will certify 11 types of financial technology hardware and software used for digital payment and blockchain services.

Recent filings show that China’s central bank will use its new verification system — the Certification of FinTech Products — on all of the products that could be used in digital payment technologies, including point-of-sale mobile terminals, embedded application software, user front-end software and security carriers and chips.

When Chinese President Xi Jinping said last week that China should accelerate the development of blockchain technology, it was the first time Beijing had publicly supported digital currency. His comments even caused a price boost of bitcoin and blockchain stocks to the point that the Chinese state media advised people to stay levelheaded.

“Blockchain’s future is here, but we must remain rational,” he said, according to state-run news outlet the People’s Daily. “The rise of blockchain technology was accompanied by that of cryptocurrencies, but innovation in blockchain technology does not mean we should speculate in virtual currencies.”

In other news, the Korea Internet & Security Agency (KISA) announced that it plans to support blockchain-related projects in 2020 with 10.5 billion won (about $9 million US) in funding.

However, the agency pointed out that it will not invest in crypto projects or exchanges. Instead, it will choose 10 blockchain projects to receive funding for next year, while one or two will receive money over a number of years. Each project will receive a maximum of $1.2 million.

This year, KISA funded 12 initiatives with a total of $11 million of funding, with projects including a donation platform, Hyundai Autoever’s used car service platform, the Initial blockchain ID platform, a records-management system for the National Archives, a network for the sharing of medical information, a system for food safety, an electric vehicle battery record system and a carbon-emissions record system.