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A meeting of Chinese regulators was organised in Beijing to support blockchain development, which was first referenced in China’s 14th Five-Year Plan.
Chinese authorities, including the Securities Association of China and the China Securities Regulatory Commission (CSRC), met in Beijing to promote blockchain technology and address regulations in the securities business.
In the symposium organized by China Securities Industry Alliance Chain and Off-Site Alliance Chain, the deputy director-general of the Science and Technology Regulatory Bureau of CSRC, Jiang Dongxing, spoke about the consensus of Chinese businesses to digitally transform the securities and futures industry.
Dongxing stated that blockchain technology can develop a trust mechanism in the network environment, which will be critical to the digitisation of the securities and futures business, citing the 14th Five-Year Plan, which specifies China’s desire to embrace blockchain technology.
According to the release, the Science and Technology Bureau would build the blockchain on a two-tier structure: a chain of custody (for tamper-resistant forensic evidence of asset control and transfers) and a commercial layer (smart contracts and supply chain).
Furthermore, Dongxing has requested Chinese companies to collaborate on the development of a blockchain, smart contracts, and related regulatory services.
Along with the push to develop new blockchain technologies, China has increased attempts to explore new markets for the digital yuan.
On Tuesday, state-owned Chinese banks such as Bank of Communications (Bocom) and China Construction Bank (CCB) would reportedly allow citizens to purchase investment funds and insurance goods using e-yuan, a digital equivalent of the local currency.
While Bocom continues to investigate e-yuan use cases in money management and insurance, CCB has reportedly opened 8.42 million e-yuan wallets for residents and businesses.