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CDS Crypto News Chinese Stock Market Explores Blockchain Integration with State Backing

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Chinese Stock Market Explores Blockchain Integration with State Backing

Wu Qichao, Deputy Director of the Market II Department at the China Securities Regulatory Commission, highlighted the remarkable strides achieved in blockchain implementation within regional equity markets, according to a report by Shanghai Securities News.

sevval09/08/20231 Mins read700

During the Digital Empowerment Regional Equity Market Innovation and Development Seminar, as well as the recent “Yiqirong” launch event held on August 8th, Wu Qichao underscored the remarkable achievements of blockchain technology in fortifying supervision, standardization, resource consolidation, and groundbreaking applications.

Chinese Stock Market Explores Blockchain Integration with State Backing

The China Securities Regulatory Commission remains resolute in propelling the digital evolution of regional equity markets.

Outlined within their strategies are the establishment of comprehensive digital profiles for enterprises, amplification of inventive on-chain applications, facilitation of business smart contract progression, and reinforcement of market interconnectedness.

In 2020, China set forth the inception of a blockchain-centered over-the-counter market registration mechanism and a transaction reporting library, which subsequently triggered a trial initiative for blockchain integration. Additionally, the unveiling of the “Yiqirong” unified data terminal for regional equity markets took place during this event.

A collaborative effort involving the Shenzhen Stock Exchange, industry associations, and 35 regional equity markets has culminated in the creation of “Yiqirong.” This platform aggregates corporate data, providing reliable data services to market participants and elevating investment efficiency.

With a forward-looking approach, “Yiqirong” aspires to broaden its reach across the nation, cultivate more robust partnerships with regional equity markets and third-party service providers, and further enhance its data-driven service ecosystem.

Sources:coincu

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sevval

Şevval has been actively writing since 2022 and is a third-year mathematics student at Ankara University. Her interest in writing is shaped particularly around innovative technologies such as Web3, artificial intelligence, and blockchain. She closely follows developments in these fields and aims to convey complex topics to readers in a clear and engaging manner. She enjoys combining her mathematical knowledge with technology to create content and strives to raise awareness about the digital world of the future.

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