Recently, the Bank of China (BoC) completed the issuance of 20 billion yuan ($2.8 billion) worth of bonds using its proprietary blockchain system, reported
Sina Finance. The bank will use the proceeds to provide finance to small and micro-enterprises.
State-owned Bank of China is the fourth-largest commercial bank in the country. The blockchain system developed by BoC includes functions such as bond creation, bookkeeping, underwriting, network management, bond purchase, order summary, pricing and placement.
The bond issuance is part of an initiative to boost the Chinese economy by supporting micro and small businesses (MSEs). A few months ago, Chinese policymakers eased the monetary policy to help small businesses. China’s total outstanding loans for small enterprises surged to the highest level in Asia in May, at 10.3 trillion yuan ($1.5 trillion), a 21% increase from a year earlier, reported
China Daily.
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