Report: China’s Banks are Turning to Blockchain Technology

As the Chinese government is turning toward researching and exploring possible applications of blockchain technology, the country’s big banks are increasingly hiring experts and developers to keep up with digitization and a technology-driven landscape.

Having included blockchain development in its latest 5-year plan, the Chinese government’s efforts to embrace FinTech also sees the country’s central bank, the People’s Bank of China (PBOC), explore and research the possibility of introducing its own digital currency.

The agenda is contrary to the usual notion of central banks being late to embrace change, particularly when it comes to core banking processes. Now, it’s the country’s biggest and wealthiest banks that are playing catch up as much of the world’s financial services industry turns toward FinTech and, particularly, blockchain technology.

A report by Reuters has revealed that banks are looking to use blockchain to ‘leapfrog a generation of technology’ citing bankers and blockchain experts.

The Chinese banking system is still heavily reliant on paper and dated communication like faxes, despite housing four of the world’s five largest banks by

Read more ... source: CryptoCoinsNews

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