China Considering More Applications for Blockchain Technology in its Pilot

China Considering More Applications for Blockchain Technology in its Pilot

Posted Wednesday, December 25, 2019 by
Arslan Butt • 1 min read

China is considering expanding the scope of its blockchain pilot to explore more applications for the distributed ledger technology in cross-border financing and macro prudential management. This was confirmed by recent remarks from the deputy head, Lu Lei, at China’s forex regulator, State Administration of Foreign Exchange (SAFE).

According to Lu, “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.”

SAFE’s blockchain platform was launched in March and has since expanded to cover 19 provinces and cities across China. The platform, coupled with AI, will enable China to improve cross-border financing along with better risk management, as it attempts to open up its capital markets in the near future. Blockchain received backing from Chinese President Xi Jinping who urged firms to accelerate development of blockchain-based applications in the nation.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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