Blockchain in China has been steadily growing and receiving alot of attention whether from the People’s Bank of China or the Chinese government itself. Most recently the Peopls’s bank of China has proposed a plan to set up a finance trade platform to be powered by Blockchain in Guandong, HongKong, Macao Greater Bay Area.
China wants to extend blockchain not only within the country but also internationally. China has trading partners in the Middle East region, GCC countries as well as Asia.
Thus, the PBoC and monetary watchdogs revealed a comprehensive strategy to improve international monetary services, transactions and investments within the GBA into one of the universe’s giant economic hubs and a paradigm of high-grade improvement. The PBoC jointly suggested the development of a blockchain-based financial trade platform in the GBA region, along with the PBoC Supervisory Commission, China Securities Supervisory Commission and China Foreign Exchange.
GBA, a megalopolis, aka the Pearl River Delta, that combines 9 cities in Guangdong Province, Hong Kong and Macau into one large metropolitan area in South China, aims to create the largest single economy in Asia, comparable to the US’ Silicon Valley. The authorities insisted that the GBA should develop an effective DLT trade financial information service platform while improving and introducing fintech. Through this, the participating banking institutions will be able to safely share international transaction info via stable sources.
The proposed idea stipulates that the blockchain financial trade system would provide better financial technology, giving the participating banks a secure stage to share information relating to cross-border traders through a steadfast source. Moreover, the project features artificial intelligence and big data concepts in crucial business aspects including risk management, financial supervision, and marketing.