On 27 June the Agricultural Bank of China (ABC) issued the first agricultural mortgage for $300,000 on a blockchain. ABC is one of China’s big four banks and is majority owned by the State.
According to local
media, the blockchain pilot system was initiated by the People’s Bank of China (PBC) which is China’s Central Bank. One of the main goals it to prevent land being used as loan collateral multiple times.
In addition to ABC and PBC several other government agences host nodes on the blockchain. They include the Land and Resources Bureau and the Agriculture and Animal Husbandry Bureau.
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