China Considering More Applications for Blockchain Technology in its Pilot

China is considering expanding the scope of its blockchain pilot to explore more applications for the distributed ledger technology in cross-border financing and macro prudential management. This was confirmed by recent remarks from the deputy head, Lu Lei, at China’s forex regulator, State Administration of Foreign Exchange (SAFE).

According to Lu, “At the same time, (the government) will push forward a prospective study on foreign exchange reforms to deal with cryptocurrency and explore the construction of the foreign exchange regulation and technology system under the new situation.”

SAFE’s blockchain platform was launched in March and has since expanded to cover 19 provinces and cities across China. The platform, coupled with AI, will enable China to improve cross-border financing along with better risk management, as it attempts to open up its capital markets in the near future. Blockchain received backing from Chinese President Xi Jinping who urged firms to accelerate development of blockchain-based applications in the nation.