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Chinese authorities release “White Paper” on blockchain

Chinese authorities held a meeting, which discussed how to make financial transactions more efficient and safer using blockchain.

Ministry of Industry and Information Technology of China, with the participation of the National Committee for Standardization and a number of private companies such as Alibaba's Ant Finance, WeBank, Ping'an Insurance (member of the R3 consortium) has developed and published the “White Paper” on blockchain technology, which formally recognizes its potential benefits. According to Bitcoin.com, the document has been in the work since August.

In January, the Chinese government held a meeting, which was attended by Citibank and consulting firm Deloitte & Touche. It discussed how to make financial transactions more efficient and safer using blockchain.

The public and business interest in cryptocurrency in China continues to grow rapidly. In August, trading in the pair Bitcoin/Yuan accounted for 94% of the global trade volume. 32.4 million Bitcoins out of 34.6 million Bitcoins were traded in tandem with the Chinese national currency. For comparison: in August last year this figure was 60%, according to Bitcoinity data. Peak of trade in Bitcoin / Yuan pair happened in March of this year: at that time trading volume in RMB amounted to 98% of the global total, or 146 million Bitcoins.

In addition, China is following international trends and could not lose sight of the fact that the world's largest banks are experimenting with blockchain technology (according to the report of the World Economic Forum, 90 central banks of various countries are also exploring the opportunity to improve their work with the help of block chains. Other possible the application of the blockchain technologies, according to the "White Paper" is the registration of intellectual property rights, fraud protection, the creation of digital fiat currency.

In September, a consulting firm KPMG noted in their report that they see in China one of the fastest growing financial and technological markets in the world and a major center of financial technologies and services for the eastern region.

Source: coinfox.ru

  • November 2, 2016 3:12 PM MSK
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