[X Duplicated Topic] China Studies The Usage of Blockchain Application And Artificial intelligence In Cross-border Financing

According to a report by Reuters on October 27,  China deputy head of the State Administration of Foreign Exchange (SAFE), Lu Lei, said on Sunday that the country is currently looking into the application of blockchain and Artificial Intelligence (AI) to cross-border financing, focusing on managing risk and liberalising its capital markets. Thks statement was made shortly after what the presidentof China said recentlybabout blockchain

In a likewise manner, China  plans to minimize red tape in an outbound investment plan known as  the Qualified Domestic Limited Partnership scheme

As a senior foreign exchange regulator, Lu's  aired this comments following the discussions about Facebook’s Libra. SAFE planned to propagate financial technology and artificial intelligence in cross-border financing and also in risk management which is meant to establish an effective infrastructure which would put forward the idea that China's financial hub should adopt digital technology, Lu claimed. He also stated that he would open China's capital markets, and bond markets, with the plan to  consolidate investment for foreigners. .

"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," Lu told a forum in Shanghai..

The report said that China's parliament passed a new law on cryptography with respect to the country looking up  to launching its own digital currency. This took place on Saturday.