China intends to use blockchain technology to modernise its securities business. Representatives from the country’s main stock exchanges and regulatory bodies met to discuss the securities industry’s future and the role of blockchain technology. The event was organised by the China Securities Association (SAC) and brought together securities regulators, including the China Securities Regulatory Commission (CSRC). For many years, China has promoted the adoption of blockchain technology.
China intends to automate its securities business by embracing blockchain technology. Representatives from the country’s largest stock exchanges and regulatory authorities met to discuss the future of the securities industry and the role of blockchain technology. The China Securities Association (SAC) arranged the event, which drew securities regulators from around the country, including the China Securities Regulatory Commission (CSRC). For many years, China has advocated for the deployment of blockchain technology.
The deputy director stated that the CSRC stated in its 14th Five Year Plan that it will increase its efforts to build. “ An industry cloud platform, certificate network, industry big data warehouse and industry blockchain public infrastructure.”
He informed the audience “The core function of the blockchain is to establish a trust mechanism in the network environment, and it will be a key information infrastructure for the co-governance of the securities and futures industry in the digital space after [it’s] fully digitized.”
The deputy director also urged the securities industry to join him in blockchain enterprises. This is the quickest and most efficient method of creating a “hierarchical, unified, interconnected, safe and reliable industry blockchain public infrastructure,” He continued.