CSRC: Effectively promote the innovative application of blockchain technology in the financial field

It is reported that the CSRC issued a letter on February 24 on the reply to the proposal No. 03009 (Finance, Taxation and Finance No. 199) of the fifth meeting of the 13th National Committee of the CPPCC. It is proposed that, according to the Notice on Printing and Distributing the National Blockchain Innovation and Application Pilot List issued by the Central Cyberspace Office, the People’s Bank of China and the Securities Regulatory Commission actively cooperate with the Central Cyberspace Office to carry out the national blockchain innovation and application pilot work, and take the lead in establishing the national “blockchain+equity market” and “blockchain+trade finance” pilot areas. At present, the application pilot work is being carried out in an orderly manner. In the next step, the People’s Bank of China and the CSRC will strengthen the organizational leadership, focus on coordinated promotion, further strengthen capacity building, and effectively promote the innovative application of blockchain technology in the financial field.

Interpretation of this information:

The China Securities Regulatory Commission (CSRC) has issued a letter in response to a proposal made during the fifth meeting of the 13th National Committee of the Chinese People’s Political Consultative Conference. The proposal calls for the CSRC and the People’s Bank of China to work with the Central Cyberspace Office to carry out national blockchain innovation and application pilot work, with a focus on establishing pilot areas for “blockchain+equity market” and “blockchain+trade finance.” The CSRC reports that the application pilot work is currently underway and that the next step will involve strengthening organizational leadership, promoting coordination, building capacity, and driving innovation in the financial field.