{"id":243930,"date":"2019-12-11T03:53:31","date_gmt":"2019-12-11T08:53:31","guid":{"rendered":"http:\/\/insidebitcoins.com\/?p=243930"},"modified":"2024-06-04T09:00:31","modified_gmt":"2024-06-04T09:00:31","slug":"chinese-bank-to-issue-2-8-billion-in-blockchain-based-bonds","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/chinese-bank-to-issue-2-8-billion-in-blockchain-based-bonds","title":{"rendered":"Chinese Bank to Issue $2.8 Billion in Blockchain-Based Bonds\u00a0\u00a0"},"content":{"rendered":"

It\u2019s full speed ahead as far as China and blockchain technology is concerned, as the intersection between the innovative technology and the country\u2019s financial space continues to grow.\u00a0<\/span><\/p>\n

Earlier this month, local news source Sina Finance\u00a0<\/span>reported<\/span><\/a>\u00a0that the Bank of China has issued up to 20 billion yuan ($2.8 billion) in blockchain-based bonds for both micro and small enterprises across the country. The funds will be used to issue loans to these companies, thus helping them to expand their operation and scale.\u00a0\u00a0<\/span><\/p>\n

Applying Blockchain as the Government Wants It\u00a0<\/span><\/h2>\n

The development is in direct obedience to a directive by Chinese President Xi Jinping. In October, the president sent a massive bombshell across the crypto space, when he came out to support blockchain technology and spurred entities- whether public or private- to adopt the technology as well.\u00a0<\/span><\/p>\n

As President Xi put it at the time, blockchain will be able to help the Chinese economy to grow, thus keeping the country on pace to achieve both technological and economic advancement. While a lot of agencies have answered the call and are adopting blockchain en masse, this is truly one of the adoption techniques that will see the vision of the president come to life.\u00a0<\/span><\/p>\n