Could Blockchain and Artificial Intelligence Enhance Cross Border Financing?

Blockchain technology is one of the greatest innovations to come out of the cryptocurrency industry, as more and more people find use cases for it. In China, the president is supportive of the way that this fintech could change the world, and a new study is investigating that exactly.

  • The head of SAFE aims to examine the use of blockchain and AI tech in cross-border financing.
  • A new law is being implemented in China for cryptocurrency.

The world of technology is constantly growing, and the advancements of blockchain and artificial intelligence have created many new opportunities. However, their full extent and the way it can be used has yet to be reached, leading China to decide to perform research as well. According to Reuters, the country is seeking to understand how these two technologies could help with cross-border financing.

The head of the State Administration of Foreign Exchange (SAFE) in China, Lu Lei, remarked that the country will pay the most attention to risk management applications while researching the technologies. These goals of innovating fall along the same goals of President Xi Jinping in China, who recently urged for blockchain technology to be adopted in China.

Lei spoke how important it is to manage the risk, stating,

“We need to pay special attention to the rapid development of digital finance and fintech. […] When we are not entirely certain where a (new) form of business is heading, we must pay attention to risk management.”

As Lei sees it, the basis of risk management is found within capable financial infrastructure. He aims to open the Chinese capital market, which will include bonds, while consolidating the many investment channels available to foreign investors.

Yesterday, the Standing Committee of the 13th Congress in China reportedly established new law on cryptocurrency. This law is set to go into effect on January 1st, 2020.

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Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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