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.

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Responses

  1. Adil Elias

    That’s very interesting. I heard a speech from Andreas Antonopoulous saying that the average internet user is an 18-30 year old Chinese female, and that China is the market to conquer for crypto mass adoption.

    I hope the Chinese people get on board in the coming months/years.

    Btw, thanks for sharing @ilia!

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    1. Ilia Post author

      Hi, Adil! If we talk about boarding… Landing has long been started and the Chinese have long bought tickets and went on Board and already there waiting for the rest to climb the ladder and the ship will be able to leave the port! It’s time for us to hurry up before the ship goes on a trip to the ocean of blockchain! Thank you for looking at my blog!

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  2. Workin2005

    Great information. China is interesting. They outlaw most cryptocurrencies, yet are implementing a very centralized approach to blockchain generally in their economy. The world needs to embrace crypto…hopefully sooner rather than later. Thanks for the post @murzik98.

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    1. Ilia Post author

      I have several times already in my articles paid attention to China and new projects from Chinese gurus of the crypto industry! ONECHAIN is my weakness, a project that won me over… And there’s NEO… I think that the Chinese government has Eastern wisdom and prohibitions is more an attempt to centralize the crypto industry than a direct ban!

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    1. Ilia Post author

      Thanks for the comment! In my opinion, the Chinese government is not against investing in cryptography. But at the same time, they really do not want capital to leave China. Their position is centralized cryptography or any form of interaction that will allow them to control the industry. Although it is worth a look and whether there is a complete ban and how it works in practice… Many Chinese people invest in cryptocurrency and find different loopholes for it. Look at the apps for EOS most of them are in Chinese!

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      1. sandwichbill

        Yeah, I remember telling people that the Chinese would find some way round the ban, just as the Iranians find a way around the social media bans, I was told that they wouldn’t dare, because of the consequences.

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