Xi Jinping Says China Should Be Focused on Blockchain Technology

The president of the People’s Republic of China, Xi Jinping, emphasized the use of blockchain on a national scale to help accelerate the country’s industrial innovation, during his speech at the 18th collective study of the Political Bureau of the Central Committee that took place in Beijing last Thursday.

Xi, who is also the General Secretary of the Communist Party of China, said that the country needs to capture the opportunities generated by blockchain technology as they possess wide applications ranging all the way from financial businesses to public transportation and other social aspects of the tech-focusing country.

Xinhua News Agency, who covered the event, published the core of the president’s speech: 

“We must take the blockchain as an important breakthrough for independent innovation of core technologies…”

While we all know China is not a newbie when it comes to distributed ledger technologies, so much that they are the first nation to plan their own state-backed cryptocurrency, yet it is the first time that the president himself posited an in-depth speech regarding the innovative technology. 

Xi Jinping said that the country must focus its lens on blockchain technology, and if possible become the leader in the field, something that he added could be achieved with excessive research, global analysis, and development and testing of various applications that run on blockchain.  

Furthermore, he made clear that regulations, as well as easy-to-understand guidelines,  must be created in order to have a comprehensive vision of the risks and opportunities the technology has to offer. 

He suggested that the country’s research power must be focused on understanding international laws subjecting blockchain, and monitor global trends in the field, whether its cryptocurrencies or more sophisticated use-cases utilizing the tech. 

Finally, Xi Jinping publically asked all governmental department leaders to acknowledge the importance of blockchain technology and they should start implementing it in their respective clusters, offering a few examples that would help government bodies to find their starting point. 

Some of the tips promoted better environment and management of blockchain applications, blockchain-based networks that could be integrated into the power grid business, and most importantly developing and promoting digital economies run on blockchain. 

In our previous articles, we showcased China’s will to create its own national cryptocurrency DC/EP (digital currency/electronic payments), which is said to be launched as soon as this November, and distributed by local payment giants such as WeChat, AliPay, and UnionPay. 

The government in association with the People’s Bank of China (PBOC) later announced that it is true that a DC/EP is nearly ready to be deployed, but assuming it will be released on a public level this November is just speculation, noting that the currency will be first tested on a private network among fintech companies and central banks. 

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