Shanghai authorities form a blockchain alliance to improve trade finance operations

Government authorities in the Chinese city of Shanghai, along with China’s central bank and other banks, have formed a blockchain alliance to improve trade finance operations.

The Shanghai Municipal Commission of Commerce, Shanghai Customs, the People's Bank of China and the Bank of Communications, among others, are all members of the alliance, Global Times reported Thursday.

"This is the first blockchain application project in customs,” said Ye Jian, a general administration official at Shanghai Customs. “China upholds multilateral trade and constantly improves its business environment by seeking technological innovation.”


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and