As per Reuters, the People’s Bank of China, released statements in regards to their stand on blockchain technology. They said that the blockchain solves information asymmetry in trade finance, proof of trade authenticity. They also added that it effectively reduces financing risks for financial institutions, lowers financing costs for importers and exporters.

The PBOC has been extremely hopeful on the blockchain technology after they revealed their intention of letting out a nationwide digital currency. This Wednesday, the law for this proposed currency was laid out by a PBOC official.

“We must take blockchain as an important breakthrough for independent innovation of core technologies, clarify the main directions, increase investment, focus on a number of key technologies, and accelerate the development of blockchain and industrial innovation.” President Xi Jinping of China has said back in October which started the country’s endorsement for Blockchain technology.

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