The China Banking Association (CBA) has launched an interbank blockchain platform, with China Merchants Bank and the Industrial and Commercial Bank of China completing the first domestic letter of credit chain. CBA said 10 banks had finished the platform's network test by 29 December. It aims to use the technology to prevent and control financial risks, as well as accelerate financial reform in the country. In a statement, CBA said: "The CBA's Blockchain Platform is designed for commercial banks, industrial enterprises and other institutions that wish to conduct cross-border payments using digital currencies.
The China Banking Association (CBA) has launched an interbank blockchain platform, with China Merchants Bank and the Industrial and Commercial Bank of China completing the first domestic letter of credit chain. CBA said 10 banks had finished the platform's network test by 29 December. It aims to use the technology to prevent and control financial risks, as well as accelerate financial reform in the country. It wants most small and medium-sized banks to join the platform this year.