Blockchain development as mentioned previously in China’s 14th Five Year Plan was subject to a meeting in Beijing, with a newfound incentive for promotion.
A conference was held in the capital of China with an aim of advancing blockchain technology, cooperation between regulators from China composed of the CSRC (China Securities Regulatory Commission) and SAC ( Securities Association of China). This project’s objective, first mentioned in China’s 14th Five-Year Plan, is to expand the technology of blockchain in the futures and securities sector.
Jiang Dongxing, head of the tech department at CSRC, mentioned at the conference that he hopes to create a reliant relationship between the network environment and blockchain technology, an important factor in digitizing the securities and futures industry. Dongxing appealed to various businesses in China to simultaneously create smart contracts, services that are regulated and construct a blockchain.
A two-fold layout will be used as a framework for the project consisting of businesses that will deal with the supply chain and smart contracts, and last but not least the chain of custody. The chain of custody ought to deal with an anti-tamper safeguard monitoring transfers and asset control.
Bocom (Bank of Communication) and the CCB (China Construction Bank) will make it possible for Chinese citizens to purchase insurance products and investment funds through the digitized local yuan, as an attempt to widen into upcoming markets.
The CCB has made over 8 million wallets available for the Chinese residents and various companies, whereas Bocom has its focus on insurance spaces and fund management.
Also read: Gensler, SEC Chair Notes the Regulations of Crypto to the European Parliament