The central bank's trade finance blockchain platform has exceeded 30 billion yuan in foreign exchange payments.

The central bank's trade finance blockchain platform has exceeded 30 billion yuan in foreign exchange payments.

According to the 21st Century Business Herald, on July 4th, Xing Yijing, Party Secretary and President of the Central Bank of Shenzhen Central Bank Branch, said that the central bank's trade finance blockchain platform has been connected to 28 banks in Shenzhen and 483 outlets to operate on the chain. The volume of foreign exchange business has exceeded 30 billion yuan. As a national team in the blockchain field, the central bank's trade finance blockchain platform has been launched on multiple application scenarios. At present, it includes: multi-level financing of supply chain accounts receivable, cross-border financing, international trade account supervision, and external payment tax filing form;

In addition, the micro-pass-through business will also be launched in the near future. In terms of blockchain supervision, the platform provides a regulatory system for trade finance to achieve dynamic and real-time monitoring of various financial activities on the platform. Next, the central bank's trade finance blockchain platform will accelerate ecological construction and nationwide promotion, and is ready to interface with similar platforms such as the Hong Kong Trade Linkage Platform to provide more convenient trade financing services. In the future, the platform will connect to more similar platforms of national and international organizations.

For the blockchain business, Xing Yujing said that in view of the real-time sharing characteristics of the unified ledger in the blockchain technology, the cross-border transaction information is entered at the source of the enterprise, and the information cannot be tampered with. The Bank and the People's Bank of China (the foreign exchange administration) can obtain information and trace it in real time. It eliminates problems such as manual verification, difficult trials, and false transactions.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


Telegram Trading Bots: Taking Crypto Trading to the Next Level 😎💰

A Telegram trading bot is a highly efficient and reliable program that automates crypto trading processes for better ...


🚀 Bitcoin ETFs Surpass Grayscale’s Trading Volume: BlackRock and ProShares Make Their Mark

GBTC has been the top performing bitcoin ETF in terms of trading volumes since its launch in January, with a majority...


Fantom Foundation Takes Legal Action to Recover Assets Lost in Multichain Exploit

The move is set to assist victims in partially reclaiming assets lost during the significant 2023 exploit, providing ...


DZ Bank to Launch Cryptocurrency Trading Pilot

In November, the bank launched a cutting-edge cryptocurrency custody platform, offering customers a secure and reliab...


Bitcoin Bullish: On Track to Reach New Heights

According to one market expert, the upcoming pre-halving rally presents an opportunity to profit in the short-term. T...


Cardano and Dogecoin The Dynamic Duo Leading the Crypto Price Rally, While Bitcoin Approaches $38K

The fashionably-trusted CoinDesk Market Index boasts an impressive 4% increase within the last 24 hours.