The China Construction Bank (CCB) updates the second version of its blockchain trading platform while reaching ‘360 billion yuan ($50 billion) in cumulative transaction volume.’
Xinhua news agency reported on Oct 9. that the bank announced the release of “BCTrade 2.0,”.
Digitization of Financial Services
The blockchain trading platform will digitize the financial services between ‘a reported 54 domestic and overseas CCB branches and 40 external organizations, including a number of state-owned and foreign banks.’
The blockchain trading platform will conduct various trade and finance activities like while aiming to provide a regulatory system for real-time monitoring of financial activities.
Active Promotion of Blockchain by CCB
The deputy governor of the bank Ji Zhihong says the active promotion of the blockchain platform will be done by the bank while inviting more industry players to join in.
‘In March 2019 the CCB released its 2018 report showing that the blockchain trade finance platform by the end of 2018 had already transacted 200 billion yuan ($30 billion).’
China’s Central Bank has no official launch date
China’s central bank or PBoC recently commented that it has no specific date for the launch of its digital currency.
Governor Yi Gang quoted that PBoC “needs to research, test, evaluate and prevent risks”.