Chinese regulatory agencies such as the China Securities Industry Association (SAC) and China Securities Regulatory Commission (CSRC) held meetings in Beijing to promote blockchain in the securities industry and discuss regulation.
At the symposium Organized From the China Securities Industry Alliance Chain and the Remote Alliance Chain, Jiang Dongxing, deputy director of the Science and Technology Regulatory Bureau of the China Securities Regulatory Commission, talked about the consensus of Chinese companies on the digital transformation of the securities and futures industry.
Quote Fourteenth Five-Year PlanIntroduced in detail China’s intention to use blockchain technology. Dongxing mentioned that blockchain technology can establish a trust mechanism in the network environment, which will be the key to the digitalization of the securities and futures industry.
The announcement also pointed out that the Science and Technology Bureau will build the above-mentioned blockchain based on a two-tier structure-the chain of custody (tamper-proof forensics for asset control and transfer) and business (smart contracts and supply chain).
In addition, Dongxing has asked Chinese companies to jointly explore and build blockchain, smart contracts and related regulatory services.
With the promotion of the development of new blockchains, China has also stepped up its efforts to open up new markets for the digital renminbi.
According to reports, on August 31, state-owned Chinese banks including Bank of Communications (Bocom) and China Construction Bank (CCB) will allow citizens to use electronic yuan (a digital form of local currency) to purchase investment funds and insurance products.
While Bank of Communications continues to explore e-yuan use cases in the areas of fund management and insurance, according to reports, CCB has opened a total of 8.42 million electronic wallets for citizens and businesses.