According to reports, the funding will be spread over three years and will go into in-depth research and development on various facets of the blockchain project.
It was first announced in September 2018 and a report specified that by December 2019, the platform had seen 87 billion yuan (roughly $12.4 billion). At the time, 38 banks were on board.
In December last year, Kryptomoney reported that the PBoC signed a Memorandum of Understanding (MoU) with the Hong Kong Monetary Authority (HKMA). The two bodies planned to create a proof-of-concept platform to facilitate trade finance.
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