As is always the case… We discuss that the government prints unsecured “wrappers” instead of money, corporations manipulate the markets, in Fort Knox there is no gold for a long time…At this time, news comes from China that are encouraging. I’ve always wondered why most of the mobile apps are in Chinese! Wallets of many projects do not have an interface in English, and if they have, then as an addition (I’m talking about a number of projects for EOS). After reading this news a lot fell into place.
Last Thursday on Сoindesk published an interesting article https://www.coindesk.com/chinese-banking-giant-issues-1-3-billion-in-securities-on-a-blockchain/ According to the fifth largest commercial Bank of China, the Bank of communications used the blockchain to issue mortgage-backed securities (RMBS). China International Capital Corporation became the leading underwriter of securities issue. It was also attended by two of the country’s largest commercial banks — Commercial Bank of China and China Merchants Bank. According to the Bank of Communications representatives, the data on mortgage loans placed in the blockchain will allow the participants of the RMBS issue to assess investment risks through the due diligence procedure and process transactions in a peer-to-peer manner.
Also in August, a private commercial Bank in Zhejiang Moose settled blockchain-based transactions to offer security based on a corporate account receivable of $ 66 million.
A month earlier the Agricultural Bank of China, another state-owned institution, offered a loan worth $300,000 using a blockchain system in the country’s Guizhou province.
In General, while many countries are discussing the introduction of blockchain into their financial structure in China,this process is already in full swing and has support at the level of the government and financial institutions of the country, they are already introducing the benefits of blockchain into the real sector.
friends, I wish you all good luck, love and patience.