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The People’s Bank of China will include blockchain in the country's five-year development plan

28 June 2017 10:22, UTC

Today China is a country that has got very critical role in cryptocurrency as it dominates in Bitcoin mining and trading. According to the State Council website, China is going to support the development of blockchain by way of its recently-announced five-year plan. This official document has been recently published by the Chinese monetary regulator. It substantiates the importance to develop financial technologies actively.

Particularly, it’s said that in the period of the 13th Five-Year Plan (2016-2020), the Central Bank intends to develop such promising areas as blockchain and artificial intelligence in every way.

Moreover, the Central Bank regulators need to intensify efforts in studying the global experience of regulation of this industry, as well as explore Big Data and cloud computing. Social and economic development within the confines of the new five-year plan calls up to create an advanced infrastructure and promote innovations in the financial area.

And still People’s Bank of China and a number of commercial banks continue to test the national digital currency, but  “the real economy development” is impossible without financial and technological innovation. It means that Chinese market has to encourage as much venture capital investment as they can in order to increase the entrepreneurship and innovation in the country.