3 Chinese banks have launched a blockchain based settlement platform

29 Oct, 2018
by David Borman
News
3 Chinese banks have launched a blockchain based settlement platform

CryptoBriefing has reported that 3 banks in China have launched a platform for settlement that is based upon blockchain technology. The network has so far recorded six transactions and is reportedly ready to be operational.

The banks involved include the Bank of China, China CITIC Bank, and the China Minsheng Bank.  The aim is to deal with issues that arise from transferring assets between different institutions.

The platform, entitled "Ping'Tai" (which literally means "platform") will hopefully reduce waste, mistakes and energy use between these banks as they transact using blockchain for an immutable record of all funds. This could become a new standard for banks transacting assets, despite China's general negativity towards crypto.

It seems that although Beijing has been cold towards the new tech, banks have been very warm to blockchain. Will this lead to greater adoption in China or is this just a temporary experiment? Stay right here with Chepicap for all updates!

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