The Deputy Head of SAFE Speaks Up About Expanding Its BlockChain Cross-Border Financing Pilot Platform

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

The Deputy Head of SAFE Speaks Up About Expanding Its BlockChain Cross-Border Financing Pilot Platform

  • The report had been given the nod by a senior official of the country’s foreign exchange regulator on this Tuesday.
  • The present director of SAFE is Pan Gongsheng. Recent, the deputy head of SAFE, Lu Lei came forward and gave his remarks at a forum held in Beijing.
  • Blockchain emerged out as the talk of the town recently, from the last few months when the Chinese President Xi Jinping came forward.

According to news, China is ready to expand its blockchain cross-border financing pilot platform. The report had been given the nod by a senior official of the country’s foreign exchange regulator on this Tuesday.

This platform dispenses companies involved in cross border payments with accounts receivable financing services for exports and information verification services. It initially started in 9 provinces and cities. However, with its increasing popularity, it now has spread to 19 areas and towns.

The State Administration of Foreign Exchange (SAFE) is an administrative agency in China whose primary work is to look after drafting ordinance and regulations which facilitate foreign exchange market activities and state foreign exchange reserves.

The present director of SAFE is Pan Gongsheng. Recent, the deputy head of SAFE, Lu Lei came forward and gave his remarks at a forum held in Beijing. He said that the regulator was beneficial in many ways. It would strengthen not only the integration of fintech and the foreign exchange market but also maintain a grip on supervising technology development.

reuters
Source: finance.yahoo.com

 

Simultaneously, he also stated that the government would accelerate the prospective study on foreign exchange reforms to deal with cryptocurrency and traverse the fabrication of the foreign exchange regulation and technology system under new situations.

The platform’s foundation laid in March covering nine provinces and cities, but as the platform kept gaining popularity, it later on expanded in November to 19 regions and states. The figures have stated by the Global Times, a newspaper which is published by the official People’s Daily.

A study regarding the application of blockchain and artificial intelligence also conducted to gain a full perspective of the platform, and particular focus laid on specific criteria like risk management and further liberalisation of its capital markets.

Blockchain emerged out as the talk of the town recently, from the last few months when the Chinese President Xi Jinping came forward and put out his opinion that China should hasten the development of blockchain technology.

It considered being a digital ledger that forms the pivot of many cryptocurrencies such as bitcoin. His remarks sparked a rush into the shares of firms engaged in blockchain or digital currency-related businesses.

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