A Chinese official is promoting blockchain after Xi Jinping called for its adoption

Chinese official advertises blockchain after Chinese president Xi Jinping praises the new technology for development.

A senior Chinese foreign-exchange regulatory official called for “special attention” to be paid to blockchain as the nation looks to gain advantages from digital finance.

China is considering blockchain and artificial intelligence (AI) for cross-border trade finance and macro-prudential regulation. Lu Lei, deputy head of the State Administration of Foreign Exchange (SAFE), reportedly said that there are plans to use blockchain and AI in cross-border financing, focusing on risk management applications.

Lei noted that SAFE promotes the use of fintech and AI for international finance and macro-prudential management. His commitment to innovation is in line with President Xi Jinping, who recently urged the country to accelerate the adoption of blockchain technologies as the nucleus for innovation. Lei also spoke about Facebook’s Libra.

“Facebook has triggered deep interest from all parties in the future of monetary policy, in financial stability and in global monetary system. We need to pay special attention to the rapid development of digital finance.”

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