Chinese FX Regulator Eying to Bring Blockchain in Cross-Border Financing

China’s interest in capturing cross-border financing markets surfaced as the country is evaluating the uses of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term and artificial intelligence (AI) in the area, Reuters reported on Sunday.

Revealed by Lu Lei, a deputy head of the State Administration of Foreign Exchange (SAFE), the agency is focusing on risk management and aiming to liberalize its capital market with the application of the decade-old technology. In addition, the regulator is also studying the use of blockchain in macro-prudential management.

“We need to pay special attention to the rapid development of digital finance and fintech,” Lei said. “When we are not entirely certain where a (new) form of business is heading, we must pay attention to risk management.”

Facebook vs. China

The push from China came amid Facebook’s constant attempt to capture the cross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term market by releasing its digital currency Libra. The company, however, is facing setbacks from regulators around the world, especially from the lawmakers of the United States.

Mark Zuckerberg, the CEO of Facebook, also warned Congress in his testimony that if Facebook fails to launch Libra, China will capture the market by introducing a central bank-backed digital currency.

Meanwhile, on Saturday, the Chinese parliament passed a cryptography law to tackle emerging regulatory and legal challenges in commercial cryptography applications. The law will come into effect on January 1 next year and will pave the pay for the launch of Digital yuan.

Chinese President Xi Jinping also hinted about the country’s plan to re-embrace cryptocurrencies on a speech delivered on Friday. This boosted the crypto traders’ confidence, which resulted in a massive surge in the value of Bitcoin.

BREAKING: Chinese President Xi Jinping just publicly supported China going all-in on blockchain technology across their economy.

This will be the space race of our generation. America has to embrace the technology, including Bitcoin, or we risk being left behind. — Pomp ? (@APompliano) October 25, 2019