China’s forex regulator announced its plans for blockchain in 2020

Forex Distribution

This Tuesday, a senior official talked about what’s next for China in the New Year, at the country’s foreign exchange regulator, revealing that one of the biggest aims is expanding the scope of the blockchain-based cross-border financing pilot platform.

Deputy head of the State Administration of Foreign Exchange, Lui Lei, talked about China is looking forward to achieving next year, but also strengthening the integration of fintech and forex.

The government is ready to explore blockchain more

“We will gradually expand the scope of the pilot and the application scenarios of blockchain technology in cross-border financing and macro-prudential management,” Lu claimed.

“At the same time, the government will push forward a prospective 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.”

As a side note, cryptocurrency has been one of the hottest topics in China last year, when Bitcoin, as well as other digital assets, were still incredibly popular. Still, due to multiple factors, they were all banned due to a governmental decision.

Right now, China’s cross-border financing blockchain platform remains the only crypto-related platform registered by the country’s central state agency at the Cyberspace Administration.

Launched in March, it managed to expand to 19 provinces and cities, as China has been intensely studying blockchain and artificial intelligence and how it can improve cross-border financing while focusing on risk management.

The president, a big fan of the disruptive technology

Even more, blockchain has started to regain its popularity through the last few months, as President Xi Jinping said that the country should keep improving this disruptive technology, considered a digital ledger behind many cryptocurrencies, such as Bitcoin.

As expected, the president’s statements sparked a while rush into the shares of companies involved in blockchain projects, as they are looking forward to seeing this technology adopted nation-wide.

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