China is considering applying blockchain technology and artificial intelligence to cross-border financing, reported Reuters.
Lu Lei, deputy head of the State Administration of Foreign Exchange (SAFE), said SAFE is promoting the utilization of financial technology and artificial intelligence (AI) in cross-border trade finance. He said it will also be used in macro prudential management.
Lu said we need to pay more attention to the rapid development of digital finance and fintech.
The announcement of Facebook’s Libra is causing alarm among central banks and regulators around the world. They are concerned that Libra may pose a threat to the global monetary system and its implications to data privacy, money laundering and terrorism financing.