China is studying the possibility of using the blockchain and artificial intelligence in the field of cross-border funding, primarily for risk management.
According to the Deputy head of the State administration of exchange control of China, Lu Lei, the regulator pays particular attention to the rapid development of digital assets and financial technologies, but due to the lack of a clear understanding of the direction this new form of business, the emphasis on macro-prudential management.
This statement was made the following day after China’s Parliament adopted the law on the regulation of cryptocurrencies, which sets the regulatory and legal framework for commercial use of virtual currencies. Lawmakers argue that this will encourage the development of kryptonyte in the country and will provide a standardized system of market regulation.
Recall that China intends to produce the digital equivalent of yuan that can be sent without Internet, accounts, and even without the knowledge of the Bank, almost like cash.
text: Ivan Malichenko, photo: static