Chinese regulators, including the Securities Clan of China and the Cathay Securities Regulatory Commission (CSRC), held a meeting in Beijing to promote blockchain technology in the securities industry and talk over regulations.

In the symposium organized by Communist china Securities Industry Alliance Chain and Off-Site Alliance Concatenation, the deputy managing director-general of the Science and Applied science Regulatory Agency of CSRC, Jiang Dongxing, spoke nigh the consensus of Chinese businesses to digitally transform the securities and futures industry.

Citing the 14th Five-Year Plan, which details Red china'south intent to use blockchain technology, Dongxing mentioned that blockchain technology can build a trust machinery in the network environment, which will exist key to the digitization of the securities and futures industry.

The announcement too states that the Science and Technology Bureau volition base the construction of the said blockchain on a two-tier structure: a chain of custody (for tamper-resistant forensic evidence of asset control and transfers) and business (smart contracts and supply chain).

In addition, Dongxing has asked Chinese businesses to jointly explore and build a blockchain, smart contracts and related regulatory services.

Related: Chinese banks explore e-yuan for selling investment funds and insurance

Forth with the push button to develop new blockchain developments, China has likewise amped up efforts to explore new markets for the digital yuan.

On Tuesday, land-backed Chinese banks, including Banking concern of Communications (Bocom) and Prc Construction Bank (CCB), will reportedly let citizens to purchase investment funds and insurance products using the e-yuan, a digital form of the local currency.

While Bocom continues to explore e-yuan use cases around fund management and the insurance infinite, CCB has reportedly opened upward a total of viii.42 million e-yuan wallets for citizens and companies.