PBOC continues being bullish on its praise for blockchain technology

According to them, blockchain solves information asymmetry in trade finance and proof-of-trade authenticity.
China is on the verge of releasing its national digital currency.

Rajarshi Mitra Independent Analyst

As per Reuters, the Chinese central bank, the People’s Bank of China (PBOC), released some statements regarding their stance on blockchain technology. Firstly, they stated that the blockchain solves information asymmetry in trade finance, proof of trade authenticity. After that, they also pointed out that it effectively reduces financing risks for financial institutions, lowers financing costs for importers and exporters.

The PBOC has been extremely bullish on the blockchain technology after they revealed their intention of releasing a nationwide digital currency. This Wednesday, a PBOC official laid down the law for this proposed currency, which you can read here. FXStreet has also covered the statements the official made regarding Yuan-denominated assets. You can read that story here.

China has started to heavily endorse the blockchain technology following president Xi Jinping’s rally cry for accelerated adoption. Back in October, Jinping said:

We must take blockchain as an important breakthrough for independent innovation of core technologies, clarify the main directions, increase investment, focus on a number of key technologies, and accelerate the development of blockchain and industrial innovation.

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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