China Mulling Over Implementing Blockchain in Equity Trading Centers

The Securities Regulatory Commission of China permits local equity markets to run a trial of blockchain technology in the equity trading industry.

The China Securities Regulatory Commission lately issued a letter permitting 5 local equity markets. They comprise equity centers in Shanghai, Beijing, Shenzhen, Jiangsu, and Zhejiang. These and other regions received authorization to commence trialing with a blockchain test in early July.

As per Beijing Local Financial Supervision and Administration, the ensuing phase for the China Securities Regulatory Commission is to guide Beijing Equity Trading Center to implement the blockchain trial. The administration mentions that Beijing’s trading center has purportedly constructed a comparatively faultless set-up for transaction transfer, equity registration, and custody. The administration further mentions that they have taken the lead in online equity registration custody and related transactions of Chinese enterprises.

According to earlier media reports, the Internet Finance Association of China mentioned that the nation’s use of blockchain tech has flourished in the recent years. Chinese doyens also held a session to study the application of blockchain in the new “social credit system” of the nation.