A subsidiary of the Bank of China has launched a new, exclusive token safety on the Ethereum (ETH) blockchain.
BOCI, an investment financial institution wholly owned by the government-owned Bank of China, announced the implementation of CNH 200 million (27.9 million) thoroughly digital structured banknotes. USD).
According to the announcement, the banknotes are developed by economic giant UBS on the Ethereum network and comply with Swiss and Hong Kong laws.
“By issuing these digital securities, each BOCI and UBS have taken new measures in terms of regulatory law and blockchain sorts. This transaction marks the 1st merchandise of its sort in Asia Pacific, integrated underneath the laws of Hong Kong and Switzerland and encrypted on the key Ethereum blockchain, effectively introducing a regulated safety on the Ethereum blockchain. public blockchain.
Ying Wang, deputy executive director of the Chinese government company, explained BOCI is committed to “digital transformation and innovative development of Hong Kong’s financial sector”.
“BOCI is excited to be at the forefront of digital finance and technology finance innovation… In partnership with UBS, we are driving the simplification of digital asset products and markets for our customers. Asia Pacific through the development of blockchain-based digital structured products designed specifically for customers in Asia Pacific.”
Aurelian Troendle, an executive at UBS, explained the business needs to use blockchain to advantage traders and broaden its solutions as a result of tokenization.
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