Chinese Authorities Continue “Blockchain, Not Bitcoin” Approach

China may have cracked down on cryptocurrency trading in 2017, but state-run institutions in the sprawling Asian powerhouse have been increasingly turning to crypto’s underlying tech, blockchain.

The latest example of that dynamic comes via the State Administration of Foreign Exchange (SAFE), the nation’s top foreign currency exchange watchdog and the administrator of China’s foreign currency reserves, which as of 2016 equaled more than $3 trillion USD. Per Chinese media outlet CNStock, SAFE has created a blockchain platform designed to optimize domestic trading activities.

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