skip to Main Content
bitcoin
Bitcoin (BTC) $ 98,715.45 1.20%
ethereum
Ethereum (ETH) $ 3,385.34 7.66%
tether
Tether (USDT) $ 1.00 0.16%
solana
Solana (SOL) $ 260.60 8.19%
bnb
BNB (BNB) $ 634.42 3.46%
xrp
XRP (XRP) $ 1.39 23.45%
dogecoin
Dogecoin (DOGE) $ 0.396037 1.57%
usd-coin
USDC (USDC) $ 0.999238 0.17%
staked-ether
Lido Staked Ether (STETH) $ 3,384.80 7.75%
cardano
Cardano (ADA) $ 0.885571 11.17%

Tech Like Blockchain Will Transform Chinese Economy, Bank Chair Says

Digital transformation is a national priority for China, and it’s being integrated into both enterprise and banks and other services industries.

According to a Feb. 4 report from Economic Information Daily, chairman of Minsheng Bank Hong Qi said:

“The full adoption of digital technologies such as blockchain is expected to accelerate the digital transformation and upgrade its agriculture, manufacturing, finance and other services in the next 10 years.”  

China Minsheng Bank is the first national commercial bank owned principally by non-government enterprises. It is famous for making loans to small and medium-sized enterprises. It is also one of the earliest adopters of blockchain technology in the Chinese banking sector. It has already applied blockchain technology to the two key areas of traditional finance — for­feit­ure and letters of credit. 

Bankers in China believe that blockchain will change the core standards of the financial system. It will also have an over­whelm­ing im­pact upon the foun­da­tional sys­tems of the ex­ist­ing bank­ing sys­tem and re­la­tion­ships be­tween par­tic­i­pants. 

In December, news broke that the Bank of China had issued 20 billion yuan ($2.8 billion) in bonds to small and medium-sized enterprises using blockchain technology. 

Several months ago, Cointelegraph reported that a new, independently-developed blockchain-based smart city identification system was jointly launched by three institutes based in the city of Shijiazhuang in North China’s Hebei Province. Over 10 million blockchain-based invoices were successfully issued in China’s tech capital Shenzhen.

Loading data ...
Comparison
View chart compare
View table compare
Back To Top