China’s CSRC Urges Blockchain Innovation and Application Pilot Work for Equity Market and Trade Finance

02/25/2023 03:55 • Blockchain Briefs • 81 views

It is reported that the CSRC issued a letter on February 24 on the reply to the proposal No. 03009 (Finance, Taxation and Finance No. 199) of the fifth meeting of the 13th National Committee of the CPPCC. It is proposed that, according to the Notice on Printing and Distributing the National Blockchain Innovation and Application Pilot List issued by the Central Cyberspace Office, the People’s Bank of China and the Securities Regulatory Commission actively cooperate with the Central Cyberspace Office to carry out the national blockchain innovation and application pilot work, and take the lead in establishing the national “blockchain+equity market” and “blockchain+trade finance” pilot areas. At present, the application pilot work is being carried out in an orderly manner. In the next step, the People’s Bank of China and the CSRC will strengthen the organizational leadership, focus on coordinated promotion, further strengthen capacity building, and effectively promote the innovative application of blockchain technology in the financial field.

CSRC: Effectively promote the innovative application of blockchain technology in the financial field

Analysis based on this information:

The China Securities Regulatory Commission (CSRC) recently issued a letter in response to the proposal No. 03009, which urges active cooperation with the Central Cyberspace Office to carry out the national blockchain innovation and application pilot work, and to take the lead in establishing the national “blockchain+equity market” and “blockchain+trade finance” pilot areas. This move will contribute to the development of innovative applications of blockchain technology in the financial sector.

It is noteworthy that the application pilot work is already underway in an orderly manner. Going forward, the People’s Bank of China and the CSRC will collaborate to provide leadership that focuses on coordinated promotion, capacity building, and innovative application of blockchain in the financial field.

The purpose of the proposal is to leverage blockchain technology to minimize fraudulent activities, streamline transaction processes, and provide secure transaction procedures for the equity market and trade finance. As such, the Chinese government, through the People’s Bank of China and the CSRC, is determined to maintain relevance in the emerging digital economy.

The establishment of the national “blockchain+equity market” and “blockchain+trade finance” pilot areas will revolutionize financial services in China. With the potential reduction of fraudulent activities, investor confidence will improve, which will stimulate investments in the financial sector, thus, spurring economic growth in China. This move will fortify the country’s position as a leader in technological advancements in the financial industry.

In conclusion, the CSRC’s move underscores the adoption of blockchain technology to enhance operational transparency, minimize fraudulent activities, and reduce the risks associated with the equity market and trade finance. It is an essential step in securing a more vibrant and technology-driven financial sector.

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