{"id":244972,"date":"2019-12-24T08:28:37","date_gmt":"2019-12-24T13:28:37","guid":{"rendered":"http:\/\/insidebitcoins.com\/?p=244972"},"modified":"2024-05-31T15:16:49","modified_gmt":"2024-05-31T15:16:49","slug":"china-due-to-expand-blockchain-pilot-platform","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/china-due-to-expand-blockchain-pilot-platform","title":{"rendered":"China Due To Expand Blockchain Pilot Platform"},"content":{"rendered":"

China has made its plans clear<\/a> to expand the scope of its current pilot program. This program makes use of a blockchain-based network to facilitate cross-border financing. The issue was addressed via a senior official within the country\u2019s regulator of foreign exchange, having done this on Tuesday.<\/p>\n

Gradually Expanding the Project\u2019s Scope<\/strong><\/h2>\n

The news came by way of Lu Lei, the deputy head of SAFE, or State Administration of Foreign Exchange. Here, Lu Lei told a forum that happened in Beijing that the regulator will start to consolidate fintech and foreign exchange market consolidation. This will be done while maintaining a short leash on technology development in terms of supervision.<\/p>\n

Lu explained that SAFE would \u201cgradually expand the scope of the pilot and the application scenarios of blockchain technology<\/a>.\u201d In particular, this development will focus on \u201ccross-border financing and macro-prudential management,\u201d said Lu.<\/p>\n

Further Development In Fintech Planned<\/strong><\/h2>\n

While SAFE is doing this, Lu states that China\u2019s government will start a prospective study on the foreign exchange industry. Through doing so, China plans on implementing reforms that will adequately deal with cryptocurrency. Along with that, the country plans on exploring the construction of its own foreign exchange regulation and development of technology systems that will be operational in these new situations.\"\"<\/a>The only cross-border financial platform that is registered with the Cyberspace Administration of China is SAFE\u2019s own platform, Lu says. What he means by this is unclear, but a state regulator acting within the satisfaction of another central state agency is hardly noteworthy.<\/p>\n

The platform initially started out with nine provinces in March but has recently expanded to incorporate 19 separate provinces and cities, according to the Global Times. An important fact to remember is that the Global Times is a newspaper published by the People\u2019s Daily, a Chinese media<\/a> group.<\/p>\n

China\u2019s President Urges Blockchain Acceptance<\/strong><\/h2>\n

The entire blockchain industry has gained much of China\u2019s interest these past few months. The highlight of this year\u2019s interest is undoubtedly the time when the Chinese president, Xi Jinping, urged<\/a> the People\u2019s Republic of China to embrace the blockchain industry. Blockchain technology is a fundamental aspect of most forms of cryptocurrency, using a decentralized ledger to keep track of the information within the network accurately.<\/p>\n

Xi Jinping\u2019s words sparked an outright bullrush in the shares of firms that are either engaged in, or suspected to be involved in, blockchain technology. This includes cryptocurrencies, whom China has had little tolerance for. It seems that China wants to keep Chinese funding out of the crypto industry until they\u2019re good and ready for it with their own crypto.<\/p>\n","protected":false},"excerpt":{"rendered":"

China has made its plans clear to expand the scope of its current pilot program. This program makes use of a blockchain-based network to facilitate […]<\/a><\/div>","protected":false},"author":1717,"featured_media":243931,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[5357,946,7598,7893],"acf":[],"yoast_head":"\nChina Due To Expand Blockchain Pilot Platform<\/title>\n<meta name=\"description\" content=\"It seems that China wants to keep Chinese funding out of the crypto industry until they\u2019re good and ready for it with their own crypto.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/244972\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China Due To Expand Blockchain Pilot Platform\" \/>\n<meta property=\"og:description\" content=\"It seems that China wants to keep Chinese funding out of the crypto industry until they\u2019re good and ready for it with their own crypto.\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-24T13:28:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-31T15:16:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/12\/images-33.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"690\" \/>\n\t<meta property=\"og:image:height\" content=\"445\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ali Raza\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ali_r1272\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ali Raza\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/244972#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/244972\"},\"author\":{\"name\":\"Ali Raza\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/542f9bb7fcd1a45cdfd54e377a73fb2d\"},\"headline\":\"China Due To Expand Blockchain Pilot Platform\",\"datePublished\":\"2019-12-24T13:28:37+00:00\",\"dateModified\":\"2024-05-31T15:16:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/244972\"},\"wordCount\":450,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"keywords\":[\"blockchain\",\"China\",\"Crypto\",\"Trading\"],\"articleSection\":[\"Breaking Crypto News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/244972#respond\"]}],\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/244972#primaryimage\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/244972\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/244972\",\"name\":\"China Due To Expand Blockchain Pilot Platform\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/#website\"},\"datePublished\":\"2019-12-24T13:28:37+00:00\",\"dateModified\":\"2024-05-31T15:16:49+00:00\",\"description\":\"It seems that China wants to keep Chinese funding out of the crypto industry until they\u2019re good and ready for it with their own crypto.\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/244972\"]}],\"primaryImageOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/244972#primaryimage\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/244972#primaryimage\"}},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/insidebitcoins.com\/#website\",\"url\":\"https:\/\/insidebitcoins.com\/\",\"name\":\"InsideBitcoins.com\",\"description\":\"Search & Compare Brokers within Crypto, Forex & Stocks\",\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/insidebitcoins.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/insidebitcoins.com\/#organization\",\"name\":\"InsideBitcoins\",\"url\":\"https:\/\/insidebitcoins.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/07\/insidebitcoins.svg\",\"contentUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/07\/insidebitcoins.svg\",\"width\":195,\"height\":32,\"caption\":\"InsideBitcoins\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/542f9bb7fcd1a45cdfd54e377a73fb2d\",\"name\":\"Ali Raza\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/04\/avatar_user_1717_1714353205-96x96.jpeg\",\"contentUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/04\/avatar_user_1717_1714353205-96x96.jpeg\",\"caption\":\"Ali Raza\"},\"description\":\"Ali is a professional journalist with experience in Web3 journalism and marketing. Ali holds a Master's degree in Finance and enjoys writing about cryptocurrencies and fintech. Ali\u2019s work has been published on a number of leading cryptocurrency publications including Capital.com, CryptoSlate, Securities.io, Business2Community, BeinCrypto, and more.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/alirazak\/\",\"https:\/\/twitter.com\/ali_r1272\"],\"knowsAbout\":[\"Cryptocurrency\",\"Fintech\",\"Finance\"],\"jobTitle\":\"Editor\",\"url\":\"https:\/\/insidebitcoins.com\/author\/aliraza\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"China Due To Expand Blockchain Pilot Platform","description":"It seems that China wants to keep Chinese funding out of the crypto industry until they\u2019re good and ready for it with their own crypto.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/244972","og_locale":"en_US","og_type":"article","og_title":"China Due To Expand Blockchain Pilot Platform","og_description":"It seems that China wants to keep Chinese funding out of the crypto industry until they\u2019re good and ready for it with their own crypto.","og_site_name":"InsideBitcoins.com","article_published_time":"2019-12-24T13:28:37+00:00","article_modified_time":"2024-05-31T15:16:49+00:00","og_image":[{"width":690,"height":445,"url":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/12\/images-33.jpg","type":"image\/jpeg"}],"author":"Ali Raza","twitter_card":"summary_large_image","twitter_creator":"@ali_r1272","twitter_misc":{"Written by":"Ali Raza","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/244972#article","isPartOf":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/244972"},"author":{"name":"Ali Raza","@id":"https:\/\/insidebitcoins.com\/#\/schema\/person\/542f9bb7fcd1a45cdfd54e377a73fb2d"},"headline":"China Due To Expand Blockchain Pilot Platform","datePublished":"2019-12-24T13:28:37+00:00","dateModified":"2024-05-31T15:16:49+00:00","mainEntityOfPage":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/244972"},"wordCount":450,"commentCount":0,"publisher":{"@id":"https:\/\/insidebitcoins.com\/#organization"},"keywords":["blockchain","China","Crypto","Trading"],"articleSection":["Breaking Crypto News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/244972#respond"]}],"copyrightYear":"2019","copyrightHolder":{"@id":"https:\/\/insidebitcoins.com\/#organization"},"image":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/244972#primaryimage"}},{"@type":"WebPage","@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/244972","url":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/244972","name":"China Due To Expand Blockchain Pilot Platform","isPartOf":{"@id":"https:\/\/insidebitcoins.com\/#website"},"datePublished":"2019-12-24T13:28:37+00:00","dateModified":"2024-05-31T15:16:49+00:00","description":"It seems that China wants to keep Chinese funding out of the crypto industry until they\u2019re good and ready for it with their own crypto.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/244972"]}],"primaryImageOfPage":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/244972#primaryimage"},"image":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/244972#primaryimage"}},{"@type":"WebSite","@id":"https:\/\/insidebitcoins.com\/#website","url":"https:\/\/insidebitcoins.com\/","name":"InsideBitcoins.com","description":"Search & Compare Brokers within Crypto, Forex & Stocks","publisher":{"@id":"https:\/\/insidebitcoins.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/insidebitcoins.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/insidebitcoins.com\/#organization","name":"InsideBitcoins","url":"https:\/\/insidebitcoins.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/insidebitcoins.com\/#\/schema\/logo\/image\/","url":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/07\/insidebitcoins.svg","contentUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/07\/insidebitcoins.svg","width":195,"height":32,"caption":"InsideBitcoins"},"image":{"@id":"https:\/\/insidebitcoins.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/insidebitcoins.com\/#\/schema\/person\/542f9bb7fcd1a45cdfd54e377a73fb2d","name":"Ali Raza","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/insidebitcoins.com\/#\/schema\/person\/image\/","url":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/04\/avatar_user_1717_1714353205-96x96.jpeg","contentUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/04\/avatar_user_1717_1714353205-96x96.jpeg","caption":"Ali Raza"},"description":"Ali is a professional journalist with experience in Web3 journalism and marketing. Ali holds a Master's degree in Finance and enjoys writing about cryptocurrencies and fintech. Ali\u2019s work has been published on a number of leading cryptocurrency publications including Capital.com, CryptoSlate, Securities.io, Business2Community, BeinCrypto, and more.","sameAs":["https:\/\/www.linkedin.com\/in\/alirazak\/","https:\/\/twitter.com\/ali_r1272"],"knowsAbout":["Cryptocurrency","Fintech","Finance"],"jobTitle":"Editor","url":"https:\/\/insidebitcoins.com\/author\/aliraza"}]}},"_links":{"self":[{"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/244972"}],"collection":[{"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/users\/1717"}],"replies":[{"embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/comments?post=244972"}],"version-history":[{"count":1,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/244972\/revisions"}],"predecessor-version":[{"id":529293,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/244972\/revisions\/529293"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/media\/243931"}],"wp:attachment":[{"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/media?parent=244972"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/categories?post=244972"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/tags?post=244972"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}