China will use blockchain for international financing

Chinese authorities plan to explore the possibilities of using blockchain and artificial intelligence (AI) for international financing.

Deputy Head of the State Administration on Foreign Currencies of the People’s Republic of China Lu Lei (Lu Lei) said that the authorities plan to use the blockchain to regulate the financial sector and the foreign exchange market, as well as to manage risks.

He added that the organization is making all the necessary efforts to ensure that the latest technology and AI reach the macroeconomic level.

“Given the rapid development of financial technology, special attention should be paid to risk management. It is important to correctly evaluate management decisions in order to prevent possible losses and ensure maximum results, ”said Lei.

The representative of the financial regulator of China also said that the blockchain will be able to combine various investment channels for foreign partners.

Recall that earlier the head of the PRC called for accelerating the development of the latest technologies in China. In addition, last week the Standing Committee of the All-China Assembly of People’s Representatives (NPC) approved the Cryptography Law, which will come into force in 2020.

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