China Aims To Expand Blockchain Cross-border Financing Pilot
The country’s officials in a forum recently stated that China is developing its blockchain cross-border financing pilot.
Reuters have stated that Lu Lei, the country’s deputy head of the State Administration of Foreign Exchange (SAFE), chatted during a forum in Beijing, where he told the institution would encourage the integration among fintech and the foreign exchange market.
At the same time, the institution will also supervise the development of new technologies.
“We will gradually extend the scope of the pilot and the application scenarios of blockchain technology in cross-border financing and macro-prudential management,” Lu said.
“At the same time, (the government) will push forward a proposed study on foreign exchange reforms to deal with cryptocurrency and explore the construction of the foreign exchange regulation and technology system under the new situation.”
According to LU, SAFE’s cross-border financing blockchain platform is solely registered by a central state agency at the ‘Cyberspace Administration of China‘ (CAC).
The tool was launched in nine cities and provinces in March this year. Since then, it increased to 19 different locations.
China has had a somewhat love-hate relationship with blockchain, the technology following the globally popular Bitcoin and other cryptocurrencies. It forbade trading cryptos a few times but ultimately gave in. President Xi Jinping lately said China should expedite the growth of blockchain technology.
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