China's Central Bank Uses Blockchain to Issue 28B Worth Of Financial Bonds

The adoption rate of blockchain technology in China continues to impress as the People’s Bank of China (PBoC) has reportedly issued 20 billion yuan ($2.8 billion) in blockchain-based special financial bonds for small and micro enterprises.

According to local news outlet Sina Finance in early December, the funds are specifically used to issue loans to these Chinese small and micro-sized companies to support their continued development in the economy.

As of the end of September, the PBoC issued around 404 billion yuan ($57.7 billion) to 410,000 small and micro enterprise customers, representing an increase of 35% since a year ago.

As a reference, micro-enterprises generally have fewer than 10 employees, while small companies have up to 50 employees. more