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   1024

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 to Launch Crypto-Fiat Exchange at Jersey

The new exchange will feature BTC / GBP, ETH / GBP, BTC / EUR and ETH / EUR trading pairs
16 January 2019   72

Binance has opened a branch at Jersey island, targeting Europe and the UK. Its clients will be able to trade Bitcoin and Ethereum for the euro and the British pound. 

The new exchange will feature BTC / GBP, ETH / GBP, BTC / EUR and ETH / EUR trading pairs. To start trading, users must undergo KYC verification.

According to Binance CFO Ju Wei, bidding cryptocurrencies for fiat money will provide Europeans with new opportunities in the face of uncertainty with Brexit affecting the euro and the pound.

Wei also stressed that a strong legal framework makes Jersey one of the leaders in the development of blockchain technology.