{"id":333264,"date":"2021-09-01T14:16:47","date_gmt":"2021-09-01T11:16:47","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/chinas-new-blockchain-infrastructure-to-digitize-securities-and-futures\/"},"modified":"2021-09-01T14:16:47","modified_gmt":"2021-09-01T11:16:47","slug":"chinas-new-blockchain-infrastructure-to-digitize-securities-and-futures","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/chinas-new-blockchain-infrastructure-to-digitize-securities-and-futures\/","title":{"rendered":"# China\u2019s new blockchain infrastructure to digitize securities and futures"},"content":{"rendered":"

“# China\u2019s new blockchain infrastructure to digitize securities and futures <\/strong>”
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Chinese regulators including the Securities Association of China (SAC) and the China Securities Regulatory Commission (CSRC) held a meeting in Beijing to promote blockchain in the securities industry and discuss regulations.<\/p>\n

In the symposium organized<\/a> by China Securities Industry Alliance Chain and Off-site Alliance Chain, the deputy director-general<\/a> of the Science<\/a> and Technology<\/a> Regulatory Bureau of CSRC, Jiang Dongxing, spoke about the consensus of Chinese businesses to digitally transform the securities and futures industry. <\/p>\n

Citing the 14th Five-Year Plan, which details China\u2019s intent to use blockchain technology, Dongxing mentioned that blockchain technology can build a trust mechanism in the network environment, which will be key to the digitization of the securities and futures industry.<\/p>\n

The announcement also states that the Science and Technology Bureau will base the construction of the said blockchain on a two-tier structure \u2014 chain of custody (for tamper-resistant forensic evidence of asset control and transfers) and business (smart contracts and supply chain). <\/p>\n

In addition, Dongxing has asked Chinese businesses to jointly explore and build blockchain, smart contract and related regulatory services.<\/p>\n

Related: Chinese banks explore e-yuan for selling investment funds and insurance<\/em><\/strong><\/p>\n

Along with the push to develop new blockchain developments, China has also amped up efforts to explore new markets for the digital yuan. <\/p>\n

On Aug. 31, state-backed Chinese banks, including Bank of Communications (Bocom) and China Construction Bank (CCB), will reportedly allow citizens to buy investment funds and insurance products using e-yuan, a digital form of the local currency.<\/p>\n

While Bocom continues to explore e-yuan use cases around fund management and the insurance space, CCB has reportedly opened up a total of 8.42 million e-yuan wallets for citizens and companies. <\/p>\n