The technology of the blockchain should be adopted in the framework of the plan to encourage development of the secondary market for loans in China, says the document of the Commission on regulation of banking activity in China (CBRC).
The document, prepared by the special Committee, covers a variety of topics relating to the development and regulation of financial technology. In the section on future development of the credit market of China, proposed the introduction of the technology of the blockchain.
«Over time the technology of the blockchain will increase the effectiveness of sharing important data and stimulates the development of secondary market loans. Integration of this technology into our platform of financial services should be part of the future strategy,» the document says.
The CBRC’s position is based on the results of recent studies of the Committee’s visit to the United States and France last year. Several European banks are already involved in initiatives that use distributed registration platform for issuing syndicated loans.
The document also expresses concern that regulatory steps in China is still largely lagging behind the development of new Internet technologies, CBRC is considering a «smart contract» as a possible solution to automate compliance reports.