China Pushes for Blockchain Cooperation With New Research Report
The Chinese government has released some of its first research findings on blockchain technology. China’s Ministry of Industry and Information Technology has published a new white paper that explores various applications of the technology. Its release this week coincided with a forum on blockchain hosted by the Chinese government aimed at encouraging cooperation among industry stakeholders and members of the country's business community, according to a speech by Ministry Secretary Xie Shaofeng. The white paper provides a broad overview of the technology and its development both within and....
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France’s central bank has released a new report on financial stability in an era of digitization that multiple times touches on virtual currencies and blockchain technology. The report notes that the Banque de France is conducting its own research into the topic in cooperation with the Financial Stability Board (FSB), a body of central bank governors and government officials from the G-20 group of nations. The FSB highlighted its work in the area in February, and more recently, has been looking at the technology through the lens of financial innovation. According to a loose translation of....
New research has shown that Chinese mobile payments were around 50 times greater than those within the U.S. in 2016, thus illustrating that China’s FinTech market is a strong contender in the market. China Dominates the Mobile Payment Market. Research from iResearch in China has found that Chinese third-party mobile payments more than tripled in 2016 to $5.5 trillion. WeChat Pay and Alipay, operated by Ant Financial, dominated the market. Recent research found that Alipay received the biggest investment in 2016 at $4.5 billion as FinTech funding increased in China. Whereas, in the U.S.,....
OK Group will start working with Chinese authorities to combat money laundering using distributed ledger technology. OK Group, a blockchain technology firm formerly behind cryptocurrency exchange OKEx, will start working with Chinese authorities to combat money laundering using blockchain technology.The company’s settlement-focused subsidiary OKLink has reached a partnership with Nanjing Public Security Research Institute to collaborate on applying blockchain tech for Anti-Money Laundering purposes.The institute announced that the partnership will include in-depth cooperation with OKLink....
Apparently, the People’s Bank Of China is considering using blockchain technology to power the Digital Yuan CBDC. The coin, also known as Digital renminbi or digital RMB, has been in beta-testing for a while now. However, Di Gang, deputy director of the Digital Currency Institute of the People’s Bank of China, recently presented an extensive report on blockchain technology. It was at “the 18th annual global meeting of the International Finance Forum (IFF) on Dec. 5,” and Chinese journalist Colin Wu translated the main points for us to analyze. Related Reading | How Samsung Will....
The central securities depositories (CSDs) in Russia and China have signed a memorandum of understanding that sets the stage for the two institutions to begin partnering on post-trade blockchain applications. Announced today, the deal will see Russia’s National Settlement Depository (NSD) and China’s Securities Depository and Clearing Corporation Limited (CSDC) "exchange experience and information” on a range of issues, according to an announcement from NSD. The two institutions will also collaborate on experimenting with fintech, which will include trials involving blockchain.....