Bitcoin
$44,713+2.77%
Ethereum
$3,146.75+3.26%
XRP
$0.997064+1.24%
Cardano
$2.27+1.99%
Polkadot
$32.64+4.11%
Stellar
$0.300708+4.24%
Dogecoin
$0.223128+0.13%
Chainlink
$25.02+4.05%
Uniswap
$21.51+0.80%
Algorand
$2.01+8.68%
Polygon
$1.23+1.50%
Cosmos
$42.91+13.63%
Litecoin
$163.64+2.60%
Bitcoin Cash
$548.63+1.65%
Wrapped Bitcoin
$44,722.38+2.46%
Filecoin
$74.34+0.15%
The Graph
$0.734970+0.90%
Tron
$0.098698+1.37%
Ethereum Classic
$51.12+1.47%
Tezos
$6.52+22.09%
Aave
$307.06+2.60%
Monero
$249.27+4.77%
NEO
$43.61+2.47%
EOS
$4.35+2.88%
IOTA
$1.38+0.51%
BitTorrent
$0.003504+0.86%
Bitcoin SV
$146.16-0.18%
Maker
$2,553.17+1.39%
Waves
$24.79+0.96%
Dash
$183.12+5.85%
Decentraland
$0.738728+4.20%
Decred
$120.47+4.72%
ICON
$1.69+3.34%
NEM
$0.160910+2.94%
Zcash
$122.58+2.36%
OmiseGO
$9.70+3.63%
NuCypher
$0.298479+2.37%
Paxos Standard
$1.00+0.88%
Yearn Finance
$31,278.47+3.45%
Qtum
$10.78+2.91%
Basic Attention Token
$0.710059+5.73%
Bitcoin Gold
$55.93+1.91%
0x
$0.984074+4.83%
Fetch.ai
$0.825857+17.21%
Ren
$0.859121+5.83%
Bancor
$3.68+2.49%
Kava.io
$5.77+3.40%
Siacoin
$0.016446+3.39%
Band Protocol
$7.92+3.47%
Nano
$5.13+3.68%
Loopring
$0.412341+2.11%
Civic
$0.503351+19.21%
Storj
$1.18+3.94%
Numeraire
$42.99+2.36%
Lisk
$3.09+1.27%
Orchid
$0.348744+0.38%
PAX Gold
$1,757.83-1.47%
Enzyme
$147.19-6.42%
Augur
$22.23+5.62%
Aragon
$5.19+1.28%
district0x
$0.162186+4.19%
Kyber Network
$1.58+3.90%
SingularDTV
$0.001375+2.45%
Tether
$1.00-0.02%
USD Coin
$1.00-0.01%
Dai
$1.00+0.04%

Yunnan Companies Complete $580M in International Transfers Using Blockchain: Report

As of June, 208 companies had used the platform for 638 transactions.

Jul 30, 2021 at 10:32 a.m. UTC
Updated Sep 14, 2021 at 1:33 p.m. UTC

Local companies have transferred $580 million across international borders using a blockchain-based platform developed by authorities in the Chinese province of Yunnan, state-owned newspaper Spring City Evening News reported today.

  • As of June, 208 companies had used the platform for 638 transactions, the newspaper said.
  • The system, launched in December, helps export-oriented firms in Yunnan cut red tape, reducing the time needed for international money transfers to 15 minutes from as long as two days, the report said.
  • The project started in June 2020 and was developed by the local branch of the State Administration of Foreign Exchange.
  • In addition to being efficient for companies, the platform helps local authorities monitor transactions and implement regulations, the report said.
  • China's central government wants to boost blockchain innovation in the country, particularly with regards to applications that make government more efficient.

CORRECTION (JULY 30, 12:15 UTC): Corrects value of transfers to $580 million from $508 million.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Loading...