BSV
$54.98
Vol 60.46m
-12.64%
BTC
$86929
Vol 138053.87m
-2.87%
BCH
$409.96
Vol 1060.81m
-10.91%
LTC
$72.89
Vol 1221.47m
-7.41%
DOGE
$0.36
Vol 41744.96m
-9.26%
Getting your Trinity Audio player ready...

China intends on leveraging blockchain technology to digitize its securities industry. Representatives from the country’s largest stock exchanges and regulatory bodies met recently to discuss the future of the securities industry, and they concurred on blockchain playing a central role.

The event was organized by the China Securities Association (SAC) and brought together securities regulators including the China Securities Regulatory Commission (CSRC). Two of the largest stock exchanges in Shanghai and Shenzhen were also in attendance, with all the attendees delving into how they were using blockchain technology to increase efficiency, reduce costs and increase transparency.

Jiang Dongxing, the deputy director of the Science and Technology Regulatory Bureau of CSRC, called on market participants to double down on their blockchain initiatives, citing benefits such as the building of a trust mechanism that could be the foundation upon which the future of China’s securities and futures industry is built.

Jiang mentioned that in its 14th Five Year Plan, the CSRC made it clear it would step up its efforts to build “an industry cloud platform, certificate network, industry big data warehouse and industry blockchain public infrastructure.”

He told the attendees, “The core function of the blockchain is to establish a trust mechanism in the network environment, and it will be a key information infrastructure for the co-governance of the securities and futures industry in the digital space after [it’s] fully digitized.”

Jiang further called on the securities industry to collaborate on the blockchain ventures. This is the best and fastest way to create a “hierarchical, unified, interconnected, safe and reliable industry blockchain public infrastructure,” he added.

Major players in the Chinese securities industry are in the advanced stages of their blockchain initiatives. Shanghai and Shenzhen stock exchanges, which together have a total market capitalization above $8 trillion, have been piloting blockchain initiatives, under the supervision of the CSRC, for listings, capital management, custody, and disclosures. The Hong Kong Exchange and Clearing have also been exploring smart contracts for post-trade settlements.

Watch: CoinGeek Zurich presentation, BSV Blockchain & China

Recommended for you

Nvidia reigns as most valuable firm after overtaking Apple anew
Nvidia and Apple have been locked in a race to become the world’s most valuable company, and in the latest...
November 13, 2024
FTX sues Binance, CZ to reclaim $1.76B in fraudulent transfers
The FTX suit seeks to claw back $1.76B in fraudulent transfers to be determined at trial; former Binance execs Xiao...
November 12, 2024
Advertisement
Advertisement
Advertisement