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The People's Bank of China (PBoC) announced details of the forthcoming strategic document - the five-year plan of China's financial industry development.

The bank plans to include the development of blockchain and artificial intelligence in this document. The details of the future strategy were announced yesterday. According to the posting made by the People's Bank of China that plays the role of the Central Bank in the country, the regulator intends to actively promote the distributed ledger technology and to develop the artificial intelligence.

The bank also aims at continuing the research of different fintech applications for cloud computing and big data. According to the announced details, the plan envisages five goals for the fintech industry, in particular: establishing a world-leading infrastructure, facilitating innovations in financial sector, implementing the financial industry standardization strategy and improving the competency and management of the financial network security system.

In its press-release, PBoC remarked as well that in the next five years it plans to help China's financial industry embrace economic reform. In the beginning of June it was revealed that PBoC will elaborate the norms to regulate Initial Coin Offering (ICO) - one of the methods to finance projects or companies’ that envision the selling of tokens that serve as the analogy of the traditional securities for fiat currencies, bitcoin, ethers or other cryptocurrencies. In January 2017 the Central Bank of China undertook the test trials of virtual currency on blockchain. The aim back then was to understand how transactions and settlements might take place via a custom distributed ledger system.