China has recently announced a new blockchain platform which will connect Guangdong, Hong Kong, and Macau financially.
The Shenzhen Central sub-branch of People’s Bank of China has announced the testing phase of Bay Area Trade Finance Blockchain Platform Project. This new project is aimed to incorporate blockchain technology to help conduct the various financial activities like trade financing and funds transfer while providing a real-time monitoring system. This will be an open system to financially link China Construction Bank, China Merchants Bank, Ping An Bank, Standard Chartered Bank, and BYD Co. in the areas of Hong Kong, Guangdong and Macau Bay Area.
The system is predicted to be used to solve financial difficulties of SME and help bank conduct business authenticity audits while help supervising authorities enhance the regulatory tools. Also, apart from the blockchain regulatory system, the People’s Bank of China is also putting its efforts into developing fintech and blockchain’s real-life applications.
China has been quite secretive about its development in digital currencies but has been known to promote blockchain application in real life scenarios. The Central bank has registered more than 40 patents related to crypto-currency, becoming a global leader in that area. However, China’s action mostly shows that it tends to take the financial freedom from its people. China wants to apply the blockchain technology to all aspects of its economy but wants to keep that fruit away from the population.
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