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