New Chinese blockchain infrastructure for digitizing securities and futures

Together with the Securities Association of China (SAC) and the Securities Regulatory Commission of China (CSRC), Chinese regulators held a gathering in Beijing to advertise blockchain within the securities business and focus on rules.

During the symposium organized by the China Securities Industry Alliance Chain and the Off-Premises Alliance Chain, Deputy Director-General of the Science and Technology Regulatory Bureau of the CSRC, Jiang Dongxing, spoke about the consensus of the CSRC; of the securities and futures business…

Citing the 14th Five-Year Plan, which outlines China’s intention to deploy blockchain expertise, Dongxing said blockchain expertise could construct a belief mechanism within the community setting that would be the key to digitizing the securities business and the long term run.

The announcement additionally states that the Office of Science and Technology will construct the above blockchain on a two-tier construction – Chain of Custody (for tamper-proof forensic proof for asset management and switch). ) and Business (good.). Contracts and provide chains).

In addition, Dongxing has requested Chinese firms to collectively analyze and construct blockchains, good contracts, and associated regulatory companies.

Related: Chinese banks try out the digital yuan to promote mutual funds and insurance coverage

In addition to selling new blockchain developments, China has additionally stepped up its efforts to open up new markets for the digital yuan.

On August 31, state-backed Chinese banks, together with the Bank of Communications (Bocom) and China Construction Bank (CCB), will enable residents to buy mutual funds and insurance coverage merchandise utilizing the digital yuan, a digital type of native forex.

As Bocom continues to research fund administration and insurance coverage e-yuan use instances, CCB has reportedly opened a complete of 8.42 million e-yuan wallets for residents and the corporate.