People’s Bank of China Processes $4.36 Billion via Blockchain Solution

Asia Blockchain Review
July 21, 2019

China’s central bank, the People’s Bank of China (PBOC), has processed 30 billion yen (US$4.36 billion) in foreign exchange transactions using its blockchain trade finance solution.

As reported by Cointelegraph, the platform is supported at 483 branches of 28 banks in the city of Shenzhen, and is currently operating as normal. Nevertheless, business volume is reported to still be relatively small, owing to allegedly uneven adoption of financial technology.

Blockchain Makes Banking Simpler and More Secure

According to central bank representatives, blockchain technology avoids the hassle of slow paper trails that are typical of trade finance conducted in traditional banking systems.

On July 4, 2019, the PBOC’s Shenzhen Municipal Central Bank Branch signed a strategic cooperation agreement with the Shenzhen Taxation Bureau of the State Administration. The agreement was aimed at realizing automatic tax filing in the central bank’s trade finance blockchain platform.

In September 2018, the PBOC officially launched the testing phase of the platform, known as  the “Bay Area Trade Finance Blockchain Platform”. The intention was to facilitate trade and financing activities, including accounts receivable. It would also provide a regulatory system for trade finance to allow for real-time monitoring of financial activities.

More Enterprises are Prioritizing Blockchain Technology

The Shenzhen Fintech Research Institute, which was jointly organized by the PBOC in collaboration with local government bureaus, posted openings in May for several blockchain-related positions.

More recently, a report by Big Four audit and consulting firm Deloitte claimed at the end of June that as much as 73% of Chinese enterprises consider blockchain to be among their top strategic priorities.

Source:  https://cointelegraph.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Dubai Economy Moves to Unified Business Registry on the Blockchain Platform
Dubai Economy has revealed it is moving to a Unified Business Registry Platform hosted on the Blockc...

October 20, 2019

Singapore Offers Courses for Mothers Re-entering Workforce
Singapore’s Ngee Ann Polytechnic and social enterprise [email protected] are working together to develop cou...

October 20, 2019

Binance CEO Signals High Hopes for Blockchain 
Binance CEO Changpeng Zhao believes that blockchain technology can contribute to the development of ...

October 20, 2019

Terra Announces New Partnerships at Korea Blockchain Week
Alternative finance platform Terra has announced that CHAI, its payment DApp, will partner with majo...

October 19, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us