China intends to expand the scope of its blockchain cross-border financing program platform, a senior official on the nation’s overseas exchange regulator, stated Tuesday.
State Administration of Foreign Exchange (SAFE) Deputy chief, Lu Lei, makes his remarks at a discussion board in Beijing, the place he stated the regulator would strengthen the integration of fintech and the foreign trade market while sustaining a grip on supervising technology development.
He further said that the SAFE’s cross-border financing blockchain program is currently the only registered by a central state company at the Cyberspace Administration of China (CAC).
The platform started in March, has expanded to 19 provinces and cities in November from 9,
China has reviewed the application of blockchain and artificial intelligence in cross-border financing with a focus on risk management, and can also liberalize its capital markets.
Blockchain has attracted a lot of consideration in the past few months after Chinese President Xi Jinping stated China ought to speed up the development of blockchain technology, a digital ledger that varieties the backbone of many cryptocurrencies like bitcoin.
His remarks triggered a rush into the shares of firms engaged in or believed to be involved in blockchain or digital currency-associated businesses.