{"id":137458,"date":"2021-09-01T13:02:10","date_gmt":"2021-09-01T13:02:10","guid":{"rendered":"https:\/\/precoinnews.com\/?p=137458"},"modified":"2021-09-01T13:02:10","modified_gmt":"2021-09-01T13:02:10","slug":"chinas-new-blockchain-infrastructure-to-digitize-securities-and-futures","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/chinas-new-blockchain-infrastructure-to-digitize-securities-and-futures\/","title":{"rendered":"China\u2019s new blockchain infrastructure to digitize securities and futures"},"content":{"rendered":"<p>Chinese regulators, including the Securities Association of China and the China Securities Regulatory Commission (CSRC), held a meeting in Beijing to promote blockchain technology in the securities industry and discuss regulations.<\/p>\n<p>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. <\/p>\n<p>Citing the 14th Five-Year Plan, which details China\u2019s intent to use blockchain technology, Dongxing mentioned that blockchain technology can build a trust mechanism in the network environment, which will be key to the digitization of the securities and futures industry.<\/p>\n<p>The announcement also states that the Science and Technology Bureau will base the construction of the said blockchain on a two-tier structure: a chain of custody (for tamper-resistant forensic evidence of asset control and transfers) and business (smart contracts and supply chain). <\/p>\n<p>In addition, Dongxing has asked Chinese businesses to jointly explore and build a blockchain, smart contracts and related regulatory services.<\/p>\n<p><strong><em>Related:<\/em> <em>Chinese banks explore e-yuan for selling investment funds and insurance<\/em><\/strong><\/p>\n<p>Along with the push to develop new blockchain developments, China has also amped up efforts to explore new markets for the digital yuan. <\/p>\n<p>On Tuesday, state-backed Chinese banks, including Bank of Communications (Bocom) and China Construction Bank (CCB), will reportedly allow citizens to buy investment funds and insurance products using the e-yuan, a digital form of the local currency.<\/p>\n<p>While Bocom continues to explore e-yuan use cases around fund management and the insurance space, CCB has reportedly opened up a total of 8.42 million e-yuan wallets for citizens and companies. <\/p>\n<p>Source: <a href=\"https:\/\/cointelegraph.com\/news\/china-s-new-blockchain-infrastructure-to-digitize-securities-and-futures\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chinese regulators, including the Securities Association of<\/p>\n","protected":false},"author":3,"featured_media":137457,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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