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China to use blockchain for international financing

China to use blockchain for international financing

The Chinese authorities plan to investigate the possibility of using the blockchain and artificial intelligence (AI) to the field of international Finance.

Lu Lei, Deputy head Of the state administration for foreign currencies of the people’s Republic of China, said that the authorities plan to use 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 necessary efforts to ensure that the latest technologies and AI reach the macroeconomic level.

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

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

Earlier, the Chinese President called for accelerating the development of new technologies in China. In addition, last week, the standing Committee of the national people’s Congress (NPC) approved the law on cryptography, which will come into force in 2020.