5 scenarios of cross-border financial blockchain landing

According to news on November 3, data showed that as of the end of September this year, China’s Chongqing Foreign Exchange Administration had a total of US$22.3 billion in facilitating cross-border trade financing and settlement. Chongqing has become one of the provinces and cities with the most application scenarios in the country.

Cross-border financial blockchain service platform. The State Administration of Foreign Exchange is leading the construction. The first blockchain platform registered with the State Cyberspace Administration of China at the ministry level.

Introduction by the relevant person in charge of the International Revenue and Expenditure Office of the Chongqing Operation Management Department of the People’s Bank of China. There are currently 5 national application scenarios for the cross-border financial blockchain service platform.

They are respectively the application scenarios of export accounts receivable financing. Application scenarios for enterprise cross-border credit information authorization verification, application scenarios for facilitation of capital account income settlement and payment, application scenarios for electronic tax filing forms for service trade payments, and application scenarios for export credit insurance policy financing.

At present, five national application scenarios have been launched in Chongqing. Chongqing also has the only application scenario for financing settlement in the new western land-sea channel in the country, which is one of the provinces and cities with the most application scenarios in the country.

Read more about

Disclaimer

LockMeta endeavors to provide accurate and current information. However, due to the evolving nature of the crypto space and reliance on external sources, we cannot guarantee its complete accuracy. We advise users to conduct their own research and consult professionals before making decisions. LockMeta assumes no liability for actions based on our content.

Advertisement

More from this stream

Recomended

EU Considers WTO Legal Action Against U.S. Over Steel and Aluminum Trade Dispute

The EU might restart a lawsuit against the USA at the World Trade Organization (WTO) because of a metal trade fight left from when Trump was president.

U.S. Economy Faces Mixed Outlook as Stock Market Braces for 2024 Shifts

Michael Hartnett, a strategist at Bank of America, recently said that the continued rebound in U.S. Treasury prices suggests a slowdown in economic growth.

Norwegian Sovereign Wealth Fund Challenges Tesla on Labor Rights

Tesla and a group of Swedish auto mechanics are in a growing dispute.

U.S. Consumer Inflation Expectations Drop, Boosting Stock Market

The University of Michigan in America shared some fresh numbers. They tell us folks think prices won't rise as much as they thought before. This is making the stock market in America get better.