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The Chinese central bank is proposing a blockchain-based trading and financing platform

May 14, 2020

A number of government agencies in China have recently met issue an official document proposing the development of a blockchain-based corporate finance platform.

Taxpayers included the People’s Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the Foreign Exchange Bureau.

In the document, the four organizations presented their views on how best to finance the construction of the Guangdong-Hong Kong-Macau Bay region, with a focus on global trade and finance.

Innovative in the way cross-border business information is exchanged

The Chinese central bank is proposing a blockchain-based trading and financing platformThe Chinese central bank is proposing a blockchain-based trading and financing platform

In an attempt to develop and implement better financial technology in the region, the proposal states that the country must do so Establishment of a blockchain-funded platform for business information services “subject to compliance with laws and corporate volunteering”.

They said so The platform would help participating banks securely exchange information about cross-border traders through a trusted source.

Decentralized blockchain infrastructure makes intervention by third parties unnecessary when commercial information is shared among members. This forms a very secure basis for an information platform on trade finance.

They also proposed the use of artificial intelligence and big data in marketing, risk prevention and financial supervision.

China is becoming local and global in blockchain

China is leading blockchain innovations and doing it faster than most other countries. Both their local and central governments are constantly experimenting to cause disruption in different industrial sectors.

A April Cointelegraph report quoted that the government launched its first blockchain platform to provide government services in the eastern Chinese province of Anhui. The platform should provide electronic licenses and certificates.

China has also started recently A blockchain-based service network that enables companies around the world to develop and run blockchain applications.

During a meeting yesterday with the Financial Technology Committee, the deputy governor of the People’s Bank of China, Fan Yifei, asked China to speed up its blockchain adoption strategy.

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