Oct 25 / 2019
Latest News / Blockchain news

Bullish? President Xi: China Should ‘Seize Opportunity’ to adopt Blockchain

The president of the People’s Republic of China, Xi Jinping, released a statement saying that the country needs to “seize the opportunity” afforded by blockchain technology.

Speaking as part of the 18th collective study of the Political Bureau of the Central Committee on Thursday in Beijing, Xi said blockchain technology has a wide array of applications within China, listing topics ranging from financing businesses to mass transit and poverty alleviation.

We must take the blockchain as an important breakthrough for independent innovation of core technologies, Xi told committee members. [We must] clarify the main direction, increase investment, focus on a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation.

The Chinese president’s statements on blockchain are believed to be his first in-depth remarks on the technology.

Xi went on to say that it would be “necessary to implement the rule of law network” into existing and future blockchain systems. To this end, Xi argued for a top-down approach with regards to implementation, calling for guidance and regulation. Xi said testing of the tech should be ubiquitous, including the investments in training platforms and “innovation teams” prior to implementation.

The Communist party leader also called for the creation of “Blockchain+,” a platform alluding to personal development such as education, employment and food and medicinal safety, among other basic needs.

This comes as a complete u-turn on the People’s Bank of China’s decision back in 2017 to ban cryptocurrencies in the country. As is to be expected, a digital renminbi is being developed by the central bank and will most likely launch soon.

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