China is studying blockchain and AI for cross-border finance

On October 27, Reuters reported that China was studying blockchain applications and artificial intelligence (AI) for cross-border finance.

Lu Lei, deputy director of China’s Foreign Exchange Administration (SAFE), said he is planning to apply blockchain and AI to cross-border finance. In particular, he stressed the need to pay attention to risk management applications.

Mr. Lei also revealed that SAFE is promoting the application of Fintech and AI in international macro finance management.

His push for innovation is in line with the view of President Xi Jinping, who recently called on the country to accelerate the adoption of blockchain technology as the core of the innovation. Mr. Lei also emphasized the importance of risk management:

“We need to pay special attention to the rapid development of digital finance and Fintech. When we are not entirely sure where the new business is headed, we must keep an eye on risk management. ”

A more open financial background

According to Lei, financial infrastructure can serve as a platform for risk management. He also expects to open up China’s capital markets, including bonds as well as strengthen investment channels for foreign investors.

According to Cointelegraph yesterday, during the 13th National People’s Congress in China, the Standing Committee adopted a new law on cryptocurrencies on October 26. It is known that this law will take effect from January 1, 2020.