China to Use Blockchain to Replace Paper Checks

The project was created to prevent fraudulent transactions with checks in the Chinese market
06 June 2018   2279

The Central Bank of China has developed a blockchain platform that digitizes payment checks from local companies. This is reported by Coindesk.

The project, which took about a year to develop, was created to prevent fraudulent transactions with checks in the Chinese market.

As the deputy head of the People's Bank of China laboratory for studying digital currencies Di Gang said, the new blockchain-platform uses the algorithm of the "practical Byzantine paradigm of fault tolerance" (PBFT) and is able to tokenize checks, while all transactions are controlled by smart contracts.

Once the smart contract rules are set in the blockchain, any participant cannot alter the system easily. Even for code updates, regulators will have full access to the record, which increases regulatory efficiency and reduces the cost by removing a manual cross-checking process for transactions.
 

Di Gang

Deputy head of the digital currency research lab, People's Bank of China

According to him, the main advantage of the technology lies in the fact that the Central Bank will have full access to all records on the check.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   210

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.