Published
5 years ago on
September 27, 2018
“The Bank of Communications first rolled out the Jucai Chain blockchain platform in June, specifically for asset-backed securities, in an effort to speed up the issuance process. After the initial launch, the bank started moving mortgage data of the securities batch onto the blockchain in July, the news source said. Other commercial banks in China have also recently announced various asset-backed security issuances via distributed networks. For instance, the Agricultural Bank of China, another state-owned institution, offered a loan worth $300,000 using a blockchain system in the country's Guizhou province in July.â€With many banks in China exploring the technology, it’s clear that this isn’t the first or last time huge transactions will be made between Chinese banks on the blockchain. Overall, this is a huge contrast against the way banks and authorities in China are seeing cryptocurrency. With an all out ban expected to be implemented soon, it’s surprising that the authorities are still keen to adapt for and work with the blockchain. It is a good thing overall and at the very least, we can use this to confirm that there is still a future for the blockchain in China, even if crypto becomes a thing of the past. References Coindesk
