China Securities Regulatory Commission (CSRC) allows regional equity markets to experiment with blockchain in the equity trading industry. They will include equity centers in Beijing, Shanghai, Jiangsu, Zhejiang, and Shenzhen, as these and other regions received authorization to begin experimenting with a blockchain pilot in early July.
It has been reported by Beijing Local Financial Supervision and Administration that the next step for the CSRC is to guide Beijing Equity Trading Center to carry out the blockchain pilot. The trading center in Beijing has allegedly built a “relatively perfect infrastructure” for equity registration, custody, and transaction transfer.
However, the administration notes that they have taken the lead in online equity registration custody and equity change of enterprises in China.
China is exploring using Blockchain technology in their equity markets https://t.co/kndcoLeNxg — Cointelegraph (@Cointelegraph) July 21, 2020
It has been analyzed that as of June 30, 2020, Beijing’s Equity Trading Center has served more than 1000 unlisted joint-stock companies in the city, as they have been entrusted with equity for 9 commercial banks, including 1 rural commercial bank, 1 private bank, 1 direct selling bank, and 6 rural banks. Their total share capital is more than 21 billion yuan, or roughly $3 million.
Likewise, Beijing Equity Trading Center, together with Shenzhen Stock Exchange and other regional equity market operators, reportedly launched a regional equity market intermediary credit reference blockchain in late 2017.
Thus, Chinese experts also held a seminar to explore implementing blockchain in China’s new “social credit system.”
Source: Cointelegraph | Image: Pixabay
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