Local companies have transferred $580 million across international borders using a blockchain-based platform developed by authorities in the Chinese province of Yunnan, state-owned newspaper Spring City Evening News reported today.

• As of June, 208 companies had used the platform for 638 transactions, the newspaper said.
• The system, launched in December, helps export-oriented firms in Yunnan cut red tape, reducing the time needed for international money transfers to 15 minutes from as long as two days, the report said.
• The project started in June 2020 and was developed by the local branch of the State Administration of Foreign Exchange.
• In addition to being efficient for companies, the platform helps local authorities monitor transactions and implement regulations, the report said.
• China's central government wants to boost blockchain innovation in the country, particularly with regards to applications that make government more efficient.

CORRECTION (JULY 30, 12:15 UTC): Corrects to value of transfers to $580 million; original had $508 million.