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People's Bank of China Signs Memorandum of Understanding With Hong Kong Monetary Authority
Summary: Blockchain continues to gain tranction in China, as the de facto central bank of Hong Kong signs a development pact. In a news post on Wednesday it was confirmed that the Hong Kong Monetary Authority (HKMA) had signed a Memorandum of Understanding (MoU) with a subsidiary of the People’s Bank of China (PBoC). The deals ...
Blockchain continues to gain tranction in China, as the de facto central bank of Hong Kong signs a development pact.
In a news post on Wednesday it was confirmed that the Hong Kong Monetary Authority (HKMA) had signed a Memorandum of Understanding (MoU) with a subsidiary of the People’s Bank of China (PBoC).
The deals goal is to create a Proof-of-Concept for a trade finance platform. The project is going to link HKMA’s eTradeConnect and the PBoC’s Trade Finance Platform.
Blockchain has rode a huge wave of support since Chinese President Xi Jinping. Governments and various other entities have supported blockchain with $5.7 billion in funds, according financial media outlet China Money Network.
By Ramsey Baker
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Link: People's Bank of China Signs Memorandum of Understanding With Hong Kong Monetary Authority [Copy]
