The People's Bank of China (PBoC), the country's central bank, has received a $4.7M investment from the country's central government for its blockchain trade finance platform.
The funds will reportedly be used for the research and development of projects.
The platform, which was unveiled in September 2018, aims to facilitate transfers and create an inviolable ledger for secure information sharing between businesses and government departments.
In mid-January it was reported that the platform, which became operational back in 2018 in the city of Shenzhen, had processed transactions valued at $12.4B for 38 banks and nearly 1,900 companies.
According to local newspaper Xinhua, the platform has succeeded in facilitating transactions, as it has reduced the average time needed to complete a transaction from 10 days to just 20 minutes. In addition, costs have also been reduced by around 6%.
The Asian giant is constantly working on crypto-related projects. Thus, earlier this year it was known China intends to launch its blockchain network Blockchain-based Service Network (BSN) in April.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.