The People’s Bank of China has announced a five-year plan to promote the integration of blockchain technology, which serves as the underlying infrastructure for most major cryptocurrencies. The bank has also looked into using a cryptocurrency of its own, which could mean that China might be the first government in the world to fully embrace cryptocurrency technology. It is unknown if the bank intends to develop a new currency, or convert the Yuan to blockchain technology, however, it is still a major seal of approval for the cryptocurrency market from the world’s second-largest economy.
