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China to broaden blockchain pilot, examine foreign exchange reforms for cryptocurrency: regulator By Reuters


China to broaden blockchain pilot, examine foreign exchange reforms for cryptocurrency: regulator

SHANGHAI (Reuters) – China will broaden the scope of its blockchain cross-border financing pilot platform, a senior official on the nation’s overseas alternate regulator mentioned on Tuesday.

Lu Lei, deputy head of the State Administration of International Change (SAFE) make his remarks at a discussion board in Beijing, the place he mentioned the regulator will strengthen the mixing of fintech and the overseas alternate market, whereas sustaining a grip on supervising expertise improvement.

“We’ll step by step broaden the scope of the pilot and the applying eventualities of blockchain expertise in cross-border financing and macro prudential administration,” Lu mentioned.

“On the identical time, (the federal government) will push ahead a potential examine on overseas alternate reforms to take care of cryptocurrency and discover the development of the overseas alternate regulation and expertise system underneath the brand new state of affairs.”

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

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

China has studied the applying 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 numerous consideration prior to now few months after Chinese language President Xi Jinping mentioned China ought to speed up the event of blockchain expertise, a digital ledger that varieties the spine of many cryptocurrencies comparable 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.

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