- BOCHK has successfully run cryptocurrency transactions across the border via blockchain.
- The action was a collaboration between the Bank of China Hong Kong and the Bank of China via its segments Shenzhen and Guandong.
- The transfer was in line with the birth of eTradeConnect as well as the Trade Finance Blockchain Platform in China.
BOCHK crosses crypto over the border for the first time
BOCHK has successfully run cryptocurrency transactions across the border via blockchain. The action was a collaboration between the Bank of China Hong Kong and the Bank of China via its segments Shenzhen and Guandong.
The transfer was in line with the birth of eTradeConnect as well as the Trade Finance Blockchain Platform in China. TLC technologies, a Chinese multinational electronics company, was one of the initial companies to try out the banks overseas ability.
The move was inspired by the bank’s ambition to digitalize trade processes and claim the benefits of the online world. BOCHK believes what they are doing improves overseas trade services as a whole and corporate trade.
The difference the bank has lodged is the cost-effectivity of blockchain. BOCHK’s across the border transaction ability has increased trade exchanged between Hong Kong and China.
The innovation coincides with China’s growth within the crypto-sphere which has sped past most nations. China’s recent five-year plan so, that the nation experiences social and economic progress details the need to further study in digital currency.
China goes crypto
China has become a Bitcoin hub with evidence pointing to the fact that most miners are from that country. The Digital Currency Electronic Payment ( DCEP), is seen as a force to be reckoned with and was created by China.
The DCEP is a digital version of China’s yuan.
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