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Regulator: China to expand blockchain pilot, study FX reforms for cryptocurrency

SHANGHAI: China will broaden the scope of its blockchain cross-border financing pilot platform, a senior official on the nation’s international change regulator mentioned on Dec 24.

Lu Lei, deputy head of the State Administration of Overseas Alternate (SAFE) make his remarks at a discussion board in Beijing, the place he mentioned the regulator will strengthen the mixing of fintech and the international change market, whereas sustaining a grip on supervising know-how improvement.

“We’ll regularly broaden the scope of the pilot and the appliance situations of blockchain know-how in cross-border financing and macro prudential administration,” Lu mentioned.

“On the identical time, (the federal government) will push ahead a potential examine on international change reforms to take care of cryptocurrency and discover the development of the international change regulation and know-how system below the brand new state of affairs.”

Lu added that the SAFE’s cross-border financing blockchain platform is presently the one one registered by a central state company on the Our on-line world Administration of China (CAC).

The platform, first launched in March, has expanded to 19 provinces and cities in November from 9, in response to International Occasions, a newspaper revealed by the official Individuals’s Every day.

China has studied the appliance of blockchain and synthetic intelligence in cross-border financing with a concentrate on threat administration, and can additional liberalise its capital markets.

Blockchain has attracted a variety of consideration previously few months after Chinese language President Xi Jinping mentioned China ought to speed up the event of blockchain know-how, a digital ledger that varieties the spine of many cryptocurrencies similar to bitcoin.

His remarks sparked a rush into the shares of companies engaged in, or believed to be engaged in blockchain or digital currency-related companies. – Reuters

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