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.


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
    Covid-19 is A Wake Up Call: Infinity Blockchain Labs Taiwan Explains
    Get more insights on the bandwagon of adapting towards the future technology of transparency to trac...

    May 29, 2020

    Transparency and Traceability of the Future Technology
    ABR recently had a chat with Steve Nam, the Managing Director of WOWTRACE on authenticity and transp...

    May 29, 2020

    C-LOG Is Charting Its Own Course Ahead
    We recently sat down with Kristina Lynge, CEO & Founder, C-LOG for a conversation on things so far. ...

    May 28, 2020

    MAHSA University on Blockchain: Exclusive Interview with Dr Saad Musbah
    ABR recently spoke to the Head of Student Central and Senior Lecturer at MAHSA University, Dr. Saad ...

    May 27, 2020

    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