Blockchain-a platform for interbank settlements, developed by the Bank of China, was introduced in a test phase preceding its official launch.

According to their information, the Calculated so-called the blockchain-a platform Region of the Gulf has already started in the southeastern city of Shenzhen and is the final test.

The Gulf region in the Southeast of China called the economic development zone, which includes the largest city located along the pearl river, and the special administrative regions Hong Kong and Macau.

The project is a blockchain platform developed by joint efforts of Laboratory of digital currencies with the people’s Bank of China branch of the Central Bank in Shenzhen. It also involved large commercial banks, including Bank of China, Bank of Communications, China Merchants Bank, Ping’an Bank and Standard Chartered.

The platform is aimed at improving the efficiency of interbank transactions and the provision of small and medium-sized business access to a wider range of financial instruments such as asset-backed securities, thanks to the smooth distribution of data among participants in a distributed network.

In addition, it is expected that a higher level of transparency for transactions and the dissemination of information in the blockchain will allow local regulators to effectively manage risk and prevent fraud.

Previously to the development of a similar system individually began Management of monetary circulation of Hong Kong, in fact, performing the function of the Central Bank of the special administrative region that enjoys a significant degree of autonomy. In its development also involved a number of financial institutions who intend to proceed to the production stage this September.

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