China to Extend Blockchain Pilot, Research Forex Reforms for Cryptocurrency: Regulator – The New York Situations

SHANGHAI — China will broaden the scope of its blockchain cross-border financing pilot platform, a senior official at the country’s international trade regulator said on Tuesday.

Lu Lei, deputy head of the Point out Administration of International Exchange (Harmless) make his remarks at a discussion board in Beijing, where by he said the regulator will strengthen the integration of fintech and the international trade market place, while maintaining a grip on supervising technologies development.

“We will steadily broaden the scope of the pilot and the application eventualities of blockchain technologies in cross-border financing and macro prudential administration,” Lu said.

“At the exact same time, (the governing administration) will drive forward a potential research on international trade reforms to offer with cryptocurrency and discover the development of the international trade regulation and technologies program below the new problem.”

Lu included that the SAFE’s cross-border financing blockchain platform is at the moment the only one registered by a central state company at the Cyberspace Administration of China (CAC).

The platform, 1st launched in March, has expanded to 19 provinces and metropolitan areas in November from nine, according to International Situations, a newspaper published by the official People’s Day by day.

China has analyzed the application of blockchain and synthetic intelligence in cross-border financing with a aim on threat administration, and will further liberalise its cash markets.

Blockchain has attracted a ton of focus in the earlier handful of months right after Chinese President Xi Jinping said China must speed up the development of blockchain technologies, a electronic ledger that sorts the backbone of numerous cryptocurrencies these types of as bitcoin.

His remarks sparked a rush into the shares of corporations engaged in, or considered to be engaged in blockchain or electronic currency-related businesses.

(Reporting by Winni Zhou and Brenda Goh Modifying by Jacqueline Wong)

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