January 28, 2023

China plans to use blockchain for Forex

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 Statecurrency control department of the People's Republic of China Lu Leia, 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 following the day after the Chinese parliament approvedThe law on the regulation of cryptocurrencies, which establishes the regulatory and legal framework for the commercial use of virtual currencies. Legislators argue that this will stimulate the development of the crypto industry in the country and provide a standardized system of market regulation.

Recall that the Celestial Empire intends to issue a digital analogue of the renminbi, which can be transmitted without the Internet, an account, and even without the knowledge of the bank, almost like cash.