Shanghai Gov’t Partners With 6 Banks on Blockchain Alliance for Trade
Marie Huillet's original article for cointelegraph.com reduced by 48%
The municipal Shanghai government has joined forces with financial institutions to create an alliance to foster the use of blockchain for global trade. The Global Times reported on Nov. 7 that during the China International Import Expo earlier today, the Shanghai Municipal Commission of Commerce, Shanghai Customs and representatives from six bank branches - including the People's Bank of China and Bank of Communications - signed a Blockchain Alliance proposal for the city's e-port area.
"Blockchain technology increases the reliability of information, thus improving the efficiency of customs clearance, reducing costs and promoting trade facilitation." An official from the General Administration of Customs of Shanghai, Ye Jian, emphasized that the blockchain alliance represents "The first blockchain application project in customs and the first service project for the CIIE.". As the Global Times notes, a pilot blockchain system was also trialed for cross-border financial services in Nanning, South China's Guangxi Zhuang Autonomous Region, this October. "We now use blockchain in sporadic financial products instead of the whole finance industry chain, and the public doesn't have a sound understanding of the technology when it comes to financing.
But I think the government's call for blockchain construction will help push the technology's application in a more comprehensive way." As reported, China's President Xi Jinping has recently stated that the adoption of integrated blockchain technologies is key to promoting tech innovation and industry transformation in the country.
Donate Bitcoin to this address
Scan the QR code or copy the address below into your wallet to send Bitcoin
Donate Ethereum to this address
Scan the QR code or copy the address below into your wallet to send Ethereum
Donate With MetaMask
Donate ETH With MetaMask
Alternatively, support us by using the following referral links:
CN [too long; didn’t read]
Summarised crypto news.