<span style="font-weight: 400">China is massively adopting blockchain technology. A phenomenon that is greatly impressing the Bank of China that reportedly issues 20 Billion Yuan ($2.8 Billion) worth of special financial bonds for <a href="https://www.cryptoknowmics.com/crypto/andjela-todorovic-cubic-corporation-to-join-the-use-of-artificial-intelligence-by-startups-and-smes-panel-discussion-at-tce2019-prague/">SMEs</a>. The beneficiary firms will utilize the funds as loans from the central bank for their continued development and growth, which subsequently improves the economy. Meanwhile, The Bank of China issued more than $57.7 billion (404 billion yuan) to more than 410,000 micro-enterprise customers. A number that represents up to 35% since one year ago. </span>
<h2><b>China and Blockchain technology</b></h2>
<span style="font-weight: 400">Nonetheless, the news follows the Chinese government's decision to support the digital economy. At the start of December, Forcast Insights undertook a comprehensive study at how blockchain technology was integrating business and innovation in China. Moreover, the Asia based Research arm for Forkast suggested that blockchain technology was facing rapid maturity in China and ; would provide numerous real-world practical use cases, which are far beyond the experimental stage. </span>

<span style="font-weight: 400">In fact, most blockchain experts believe that China’s blockchain development will; ideally witness a 65.7 compound annual growth between 2018 and 2023. </span><span style="font-weight: 400">In fact, with a high probability of exceeding $2 billion by the year 2023. </span>
<h2><b>People’s Bank of China to Lead Real-world Pilot of Digital Yuan</b></h2>
<span style="font-weight: 400">Meanwhile, it is evident that the Central Bank of China is ahead of its global peers to launching a digital token that will challenge the United States Dollar. The bank is currently undertaking plans to conduct the first real-world test of its Central Bank Digital Currency. Nonetheless, the initial pilot phase will take place in the</span><a href="https://en.wikipedia.org/wiki/Shenzhen"><span style="font-weight: 400"> City of Shenzhen </span></a><span style="font-weight: 400">by the end of this year. There are also reports noting that the test phase could include another city, Suzhou. Under the regulation of the People’s Bank of China (PBoC), four major banks; and key economic participants such as China Telecom will rest the digital currency payment using the CBDC. </span>

Bank of China Implements Blockchain to Issue $2.8B Worth of Financial Bonds

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience.

Bank of China Implements Blockchain to Issue $2.8B Worth of Financial Bonds

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