China to apply blockchain technology in cross-border financing

China is researching the application of blockchain and aritificial intelligence (AI) in cross-border financing.

According to Reuters; Lu Lei, a deputy head of the State Administration of Foreign Exchange (SAFE), claimed: “We need to pay special attention to the rapid development of digital finance and fintech [...] When we are not entirely certain where a (new) form of business is heading, we must pay attention to risk management.”

As the world remains suspicious of Facebook's cryptocurrency, Libra, and the threat it holds against monetary systems, privacy and money laundering, China passes a new cryptography law as the country readies itself to launch its own digital currency.