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 ...
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