Blockchain platform of the People’s Bank of China has processed payments for $ 4 billion

In September last year, the People’s Bank of China (PBoC) launched a settlement platform for international trade operations on the blockchain, and currently it has processed payments in the amount of $ 4.36 billion.

According to
Sina Finance, a local financial news agency, with 483 branches of 28 banks connected to the platform. Despite the seemingly solid amount of $ 4.36 billion, this is a small amount compared with more traditional calculations. This is due to the weak adoption of new financial technologies in various banks.

As representatives of PBoC emphasized, thanks to the blockchain technology, it is possible to avoid slow and routine paperwork and transfer of papers between different departments, as is customary in the traditional banking system.

It is also reported that on July 4, an agreement was signed between the Central Bank of China in Shenzhen and the city tax authorities, according to which tax returns will be filled out automatically using the PBoC blockchain platform.

At the end of last year, PBoC, which is also the country’s central bank, published
the article “What the Blockchain Can and Cannot Do,” in which technology gives a negative assessment.