Yesterday, Reuters
reported that China’s State Administration of Foreign Exchange (SAFE) is looking at blockchain and artificial intelligence (AI) for cross-border financing and risk analysis. SAFE’s Lu Lei revealed the news at a forum over the weekend, along with plans to further open the nation’s capital markets to foreign investors.
“We need to pay special attention to the rapid development of digital finance and fintech. When we are not entirely certain where a (new) form of business is heading, we must pay attention to risk management,” said Lu, according to Reuters.
China has multiple blockchain trade finance projects in use. For instance, the central bank’s platform has processed over
$4.5 billion in trade, and two weeks ago China Construction Bank
updated its own system.
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