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People’s Bank of China's Blockchain Processed Over 4 Billion USD in Foreign Exchange
Summary: On July 8, 2019, it was reported that the People’s Bank of China’s (PBoC) blockchain trade program processed more than 30 billion Yuan equaling to around 4.36 billion USD in foreign exchange. The program is currently working in 28 banks across the city of Shenzhen. The aim of the blockchain program is to speed up the ...
On July 8, 2019, it was reported that the People’s Bank of China’s (PBoC) blockchain trade program processed more than 30 billion Yuan equaling to around 4.36 billion USD in foreign exchange. The program is currently working in 28 banks across the city of Shenzhen. The aim of the blockchain program is to speed up the process between finance departments. The abilities of the program include management of international trade and cross-border financing. Due to the fact that many foreign banks have not taken on such financial technology, the growth of the blockchain trade program has been slow.
Author: Sofia Cabrera
Tags: Blockchain,China,financial technology,foreign exchange,PBoC,Shenzhen,Trade Finance
Link: People’s Bank of China's Blockchain Processed Over 4 Billion USD in Foreign Exchange [Copy]
