THELOGICALINDIAN - Per an official column the Balance Association of China captivated a appointment to advance their balance industry via the appliance of blockchain technology and acute contracts
The Asian behemothic has apparent abhorrence appear the crypto industry, banning Bitcoin miners and shutting bottomward companies for crypto-related transactions, as Bitcoinist has reported. However, there is a altered anecdotal on blockchain and its potential.
The appointment was captivated in Beijing with accord from Jiang Dongxing, the Deputy Director-General of the Science and Technology Regulatory Bureau of the China Securities Regulatory Commission (CSRC), and Lu Hua, Secretary-General of the China Securities Industry Association.
Dongxing referred to blockchain as a “key technology and infrastructure” that could abutment the digital “transformation” of the balance industry. This technology is allotment of China’s “14th Five Year Plan”.
Thus, the civic government is committed to injecting a lot of assets to advance their efforts to access their abstruse capacities in blockchain, billow platforms, acceptance networks, big abstracts warehouses, and added fields admired as a priority.
In that sense, Dongxing said China will use blockchain to actualize the “trust mechanism” that will abutment their balance industry and its rules in a digitized future. There accept been some attempts to apparatus blockchain in the futures and balance sector.
For example, China congenital a axial alternation of administration for the CSRC, a banal barter chain, a balance accord blockchain, and others. Regulators are planning to body a new blockchain infrastructure, Dongxing said, based on a “two-tier structure”: a blockchain for custody, and business.
In that sense, China seems to accept the ambition of applying Bitcoin, Ethereum, and cryptocurrencies’ basal technology in a address that goes adverse to the appearance of the industry. This new blockchain basement will be centralized, “unified”, interconnected, and will aim to actualize a “common governance”.
China To Leverage Smart Contracts And Blockchain To “Enhance” Regulators
The Deputy Director-General of the Science and Technology Regulatory Bureau of the CSRC fatigued that authorities charge to advance use cases for this new blockchain in the business and clandestine sector. Also, he emphasized the charge to administer “off-site” acute arrangement applications.
In that way, authorities will advance their blank of the balance industry and attack to advance their “regulatory services”.
On the added hand, Lu Hua claimed that the Securities Industry Association has been exploring the above technologies. Thus, it launched the Securities Industry Alliance Chain and a new arrangement “draft administration system”.
In accomplishing so, China will accept new accoutrement and standards to annals businesses and supervised investments. This blockchain is still beneath development and regulators claimed that it will be acclimated and adapted to bazaar demand, abstruse standards, programs, and added works.
At the time of writing, Bitcoin trades at $47,379 with accessory losses in the circadian chart.
