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Briefing: China releases new guidance for blockchain in agriculture finance
China: New Guidance to Implement Blockchain in Agriculture Finance Sector – Cointelegraph
What happened: China released the “Guiding Opinions on Rural Service Revitalization of Financial Services,” according to an official announcement on Monday. The implementation of new technologies will streamline the collection and sharing of agricultural data and “improve the identification, monitoring, early warning, and disposal levels of agricultural credit risks,” according to the announcement. Furthermore, new technologies are expected to encourage financial service providers to develop exclusive loans products and small payment settlement for rural e-commerce.
Agriculture fintech’s potential RMB three trillion market in China
Why it’s important: The new guidance, trying to help promote and implement blockchain and other new technologies in the rural regions, is part of the country’s plan to improve the efficiency of agriculture finance services. Although Chinese regulators continue to hold a tight grip over blockchain and cryptocurrency, overall, the country is very eager to apply the technology to various industries. China is now one of the leaders in the research and development of blockchain applications. In 2017, China was the most active patent filer of blockchain applications.