As local news outlet Sohu reports this week, the visit to various San Francisco startups was part of a mission to understand US approaches to Blockchain regulation.
“The PBoC was one of the parties to travel, with representatives also coming from the Shanghai New Financial Research Institute and Peking University Digital Finance Research Center, among others.”
“Through this mutual communication, the delegation members reached a number of effective and valuable conclusions [on fintech regulatory approaches],” Sohu reports.
In addition to Coinbase and Ripple, Circle also participated in hosting the task force, along with startups such as Sofi and Prosper, all based in the Bay area.
Yao Qian, director of the PBoC’s digital and monetary research institute, “pointed out that the issuance of legal digital money is significant,” the publication continues in the context of Chinese authorities’ current efforts to issue a centralized digital form of the Renminbi.
China is currently exercising scrutiny over certain aspects of the Blockchain industry, specifically ICOs and the resulting tokens, which it said could face “suspension” if research exposes “large risks” to consumers.