According to CDN (China Development Network), the country's Central Bank has issued over 20 billion yuan ($2.8 billion) worth of special bonds which have been sold by the institution to fund micro-enterprise and small businesses.
This amount of money issued as business loans this year is more than 35% on last year and went to help support the business growth of over 410,000 small and medium scale businesses throughout the country. The way the bonds were issued piqued the interest of industry followers because they were not issued the expected manner – the Central Bank made use of Blockchain technology to organize the affair. Paul Moynan co-founder of Dragon welcomes the move; he said, ‘this move comes as no surprise when you take into consideration China’s stance on Blockchain innovation, and it's great to see the country supporting the economic growth of SME businesses.’
Its the first time this bond issuance system was demonstrated in the country. It is charged with the responsibility of handling as well as tracking the administration of these special bonds with a specific coupon rate of about 3.2%, with all transactions being recorded on the Blockchain.
The combination of strong traditional values and modern innovative technologies are set to bring further wealth and prosperity to the Chinese economy. As you can see, China is ready to embrace the tremendous opportunities of Blockchain technology.
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