China plans to scale up testing of its pilot blockchain platform for cross-border financing, Lu Lei, deputy head of the State Administration for Foreign Exchange (SAFE), said at a forum in Beijing on Tuesday.
He noted that the regulator will strengthen the integration of the fintech sector and the foreign exchange market, while maintaining control over the course of technology development.
βWe will gradually expand the scope of the pilot and other scenarios for the application of blockchain technology in cross-border financing and macroprudential management,β Lu said. According to him, the government will promote advanced studies on reforming exchange rates, as well as building a system of foreign exchange regulation and technology in the new environment.
The official also noted that the SAFE cross-border financing blockchain platform is currently the only one registered by the state agency, the Cyberspace Administration of the People's Republic of China (CAC).
Launched in March in nine provinces in China, the blockchain platform currently covers 19 provinces in the country, according to the Global Times.
While continuing to explore the application of blockchain and artificial intelligence in cross-border finance with a focus on risk management, China intends to further liberalize its capital markets.
Source: 3dnews.ru