This article is by: Decrypt.com
Read more about it here: China's banks are racing to adopt blockchain
An excerpt from Decrypt.com
"The People’s Bank of China (PBOC) will soon test its blockchain-based digital currency payments system in the cities of Shenzhen and Suzhou, according to a report Chinese financial news outlet Caijing this Monday.
Seven state-owned companies—four commercial banks and three telecom firms—will help PBOC to conduct the test. The central bank has even initiated a kind of “horse race” between banks to encourage the submission of new implementation strategies, according to an anonymous source who is close to the project.
The pilot program will focus on such areas as education, transportation, medical care and commerce. Some of the banks will reportedly cooperate with telecom companies to develop SIM cards with built-in digital wallets, while others are developing their own wallet apps."
Your On-the-Ground People in China.
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