According to a new announcement, Chinese government departments plan to carry out a reform of government departments. It mainly includes the introduction of a new national financial regulatory body.

On Tuesday, March 7, the government announced that the current banking and insurance regulatory agency, the Bank of China Insurance Regulatory Commission, would be abolished.

The responsibilities of the federation will be transferred to a new government department, as will the special responsibilities of both the central bank and the securities regulator. The legal body will vote on the institutional reform plan on Friday, March 10.

Under the plan, a new financial regulatory body will "enhance institutional regulation, individual behavior regulation and accountability regulation" when it is in place.

At this stage, China's financial industry is regulated by the people's Bank of China, the China Banking Regulatory Commission and the China Securities Regulatory Commission.

This proof will be released after Chinese President Xi Jinping called for the reform of China's party and state institutions. This reform will also include a Bureau for the Integration, sharing and Development of data and Information Resources, which will replace the responsibilities of the Office of the Intermediate Network Environment Federation at this stage.

Although the Chinese government announced a new plan for the financial markets department, it did not explicitly mention the reform of the login password industry. But in February, a former consultant at the people's Bank of China called on Beijing regulators to seriously consider its strict restrictions on data encryption.

In 2021, China basically banned the sale of all login passwords. Even so, government departments have been spending millions of dollars developing their own central bank digital currency (CBDC), or digital currency.

One of the latest launches of the digital currency project is the inclusion of a new blockchain smart contract role and new test cases, including the purchase of securities and code-scanning payments.

On February 8, China announced the establishment of a new national application institution, the National blockchain Application Industry Innovation Center, to accelerate China's industrial development planning according to blockchain applications.