💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

People’s Bank of China Pilots Trade Finance Blockchain Platform

Published 09/05/2018, 11:28 AM
Updated 09/05/2018, 12:41 PM
 People’s Bank of China Pilots Trade Finance Blockchain Platform
STAN
-

The People’s Bank of China is pushing for the integration of blockchain technology in the domestic financial system as it pilot-tests a blockchain trade finance platform, reports 21st Century Business Herald.

The Bay Area Trade Finance Blockchain Platform was officially rolled out on Tuesday in Shenzhen’s financial institutions for trial and testing. The testing phase of the blockchain trade finance platform will run until the desired results are met, the report added.

“After nearly two months of closed development, Ping An Bank, Standard Chartered (LON:STAN) Bank, and BYD successfully reached the first phase of the Bay Area Trade Finance Blockchain Platform Project. The first phase of the project has been deployed online and entered the trial operation phase,” the report said.

It added the platform is a joint project between the PBoC’s Digital Currency ...


This article appeared first on Cryptovest

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.