People’s Bank of China Showcases Plans to Pursue Blockchain-based Projects

By Daniel Zo Blockchain, China, Fintech

During the last couple of months, China has been showcasing an interesting approach towards Bitcoin and the other digital currencies available on the market, but also towards the blockchain network which is basically the system that powers everything up.

With this in mind, recent reports indicate that the People’s Bank of China, also known as the PBoC, is preparing to start up a development plan that will continue over the period of five years, meant to bring in improvements, upgrades and advancements in the country’s financial market. For long, China has been seen as one of the world’s most promising economies, given their huge market infrastructure, the billions of dollars-worth of investments being made in areas from all around the world, and their attitude towards small and big businesses. However, they’ve been fairly close-minded to the idea of digital currencies for a while now, due to the possible risks they may pose to the country’s own financial system. However, the Beijing Government will finally take the example of other countries and likely become a bit more open to digital currencies.

People's Bank of China

According to an announcement that has been made by the country’s central bank, China will likely go ahead and push, but also facilitate the development of blockchain-based technologies, but also artificial intelligence for financial purposes during the next five years.

To put things better into perspective, according to the report that we referred to earlier, it is worth pointing out the fact that the goals that China will pursue, include, but are not limited to facilitating numerous innovations to be carried out in the financial sector, establishing a leading financial infrastructure, but also improving the management and competency associated with the security system that is bound to the financial system in the country.

It is also important to point out the fact that a few months ago, the People’s Bank of China, also tested their very own blockchain-based currency, and has since published a couple of research papers into the domain, and stated its opinion on the possible blockchain securities rules.

Based on everything that has been outlined so far, according to the PBoC’s new report, it is clear that during the next couple of years, China will be actively pushing the development of blockchain-based financial solutions, which is simply great for the market, and will likely have a positive influence in the long run. What do you personally think about China’s blockchain-related plans? Will they also include a friendlier approach towards existing digital currencies, such as Bitcoin or Ethereum? Let us know your thoughts in the comment section below.