China plans to use blockchain for Forex

China is exploring the possibility of using blockchain and artificial intelligence in cross-border financing, primarily for risk management.

According to the Deputy Head of the StateOffice of Foreign Exchange Control of the People's Republic of China Lu Lei, the regulator pays special attention to the rapid development of digital assets and financial technologies, but due to the lack of a clear understanding of the direction of further movement of this new form of business, the emphasis is on macroprudential management.

This statement was made on the followingthe day after parliamentChina has approved a cryptocurrency regulation law that establishes the regulatory and legal framework for the commercial use of virtual currencies. Lawmakers argue that this will stimulate the development of the crypto industry in the country and provide a standardized system of market regulation.

Let us recall that the Celestial Empire intends to release a digital analogue of the yuan, which can be transferred without the Internet, an account, and even without the knowledge of the bank, almost like cash.

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