China Banking Regulators want Blockchain in Credit Market
Blockchain

China Should Adopt Blockchain For Loan Market, Says Chinese Banking Regulators

CBRC was among the one commision to ban Cryptocurrency related agency in the country

https://dk2dyle8k4h9a.cloudfront.net/China Should Adopt Blockchain For Loan Market, Says Chinese Banking Regulators

Maybe the Bitcoins have initiated the revolutionary change in the financial sector, but it's the technology that everyone is talking about. The Chinese government is the latest to the list of considering blockchain technology as the best way to enhance the banking sector. The China Banking Regulatory Commission (CBRC) has submitted a report, including the advice about the blockchain to the Chinese government. The state body has said that the blockchain technology should be taken as the future plan strategy to boost up the china’s secondary loan market.

On Jan 19, China's financial regulating body drafted a report suggesting the possible change and advancement that will speed up the country’s economic and financial growth. In the paper, the CBRC has covered a number of areas including, local business, foreign investment, potential markets and others. Within the report, the regulating body has given its strong opinion for the integration of the blockchain technology to the Chinese credit market. According to the CBRC, the blockchain technology adoption should be accelerated by the double time in the banking processes.

"As the time goes on, blockchain technology will enhance the efficiency of sharing critical data such as balance sheets and foster a more liquid secondary loan market. Integrating this technology into our financial service platforms should be part of the future strategy." the commission wrote in the research. The paper with the development suggestions comes after the commission’s deep research and recent visit to the UK and France. Most of the European countries have already started the use of the blockchain technology in their credit or loan market. According to the CBRC, the decentralized storage technology will help the banks to access and maintain the data more easily.

In the report, the commission also asked the Chinese government to seriously look forward for using cryptocurrency and blockchain with different possible ways. In other parts of the research paper, the CBRC shared that China is lagging behind in using the available internet technologies to improve the different sectors including the banking and finance. As a result, the regulators are asking the government to use the blockchain technology in the credit market to issue syndicate loans.

However, it is interesting to point out that the CBRC is among the seven government bodies that combinedly banned the cryptocurrency related actions in the country back in September 2017.

Akash Singh Chauhan
Written By
Akash Singh Chauhan

Akash Singh Chauhan is a senior writer at MobileAppDaily and he mainly covers all the latest happenings and tweaks in mobile app technology. Being an Engineering graduate he is always compelled to the technology and tries to discover new trends in the tech world. Along with any tech news he also never misses a single episode of ‘Dragon Ball’.

Top Companies

InMobi
Singapore
Dot Com Infoway
New York, USA
M&C Saatchi Mobile
New York City, USA
Techmagnate
New Delhi, India
Fetch
London, UK
View full report

Latest Articles

Join our global community 135K Followers
Blockchain

Blockchain Market Estimated To Cross $28 Billion By 2025

Vikram Khajuria 4 min read  

With many types of technologies like ‘Artificial Intelligence’ and ‘Machine Learning’ pouring in with time, Blockchain technology is right in the center of the horizon of silicon valley. According to a report compiled by Meticulous Research on the projected growth of the curr

Blockchain

Starbucks Is Not Entertaining Bitcoin Yet

Vikram Khajuria 4 min read  

Due to its wide application and future scope, Bitcoin is already riding high in the marketplace, and due to same, many top companies has also started dealing in it. But Starbucks doesn’t seem to be very pleased with the Bitcoin services. The American coffeehouse chain has clearly conv

Blockchain

EOS vs Ethereum Battle: Can We Predict The Winner?

Vikram Khajuria 4 min read  

Cryptocurrencies have a history of their own. They follow a decentralized transaction and eliminate the intermediaries that very often becomes a part of any financial transaction. Well, I am not here to brag about what cryptocurrencies do but to hold your attention on an even more interesting topic,

Blockchain

Top Bitcoins Facts That You Should Know

Meenal Vashistha 4 min read  

The Concept: Bitcoin is the building block for an entirely new economy, one built for the digital realm. It’s a decentralized, open source, electronic cash system that uses peer to peer networking (P2P), marked with digital signatures in cryptographic to generate currency. Anyone in this P2P n