China remains a very mysterious nation in many different ways. The country is keen on blockchain technology, and the People’s Bank of China is taking things one step further.
Earlier this week, the PBoC began issuing financial bonds over the blockchain to small businesses.
China’s Blockchain Venture Continues
These bonds will serve as SMB loans, adding up to roughly $2.75bn in total.
These bonds are not issued on a public blockchain, but rather infrastructure developed by the PBoC itself.
It appears this infrastructure will also be used as the primary blockchain-oriented record keeping service across China.
This news comes a crucial time as far as China’s blockchain-oriented focus is concerned.
The Eastern powerhouse is fully committing to exploring this technology and how it can be implemented in everyday life.
With these bonds being issued at this stage, one has to wonder what comes next for the PBoC.
It would appear the institution will experiment with issuing digital letters of credit, albeit that has not been…