China’s President Xi Jinping held a study session on blockchain technology on Thursday and stressed that the country should adopt this emerging technology.
October 25, 2019, | AtoZ Markets – China’s President Xi Jinping said on Thursday that the country’s communist party needs to “seize the opportunity” afforded by blockchain technology, according to a report from Xinhua.net.
Chinese President wants the country to take the lead in blockchain technology
The president made this remark while speaking in a meeting with the political bureau of the party’s Central Committee in Beijing. Xi said blockchain technology has a wide array of applications within China and further listed topics ranging from financing businesses to mass transit and poverty alleviation.
Xi told the committee members:
“We must take the blockchain as an important breakthrough for independent innovation of core technologies.”
“[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,” he added.
The Chinese president’s statements on blockchain technology are believed to be his first in-depth remarks on the technology.
Xi stressed that it would be “necessary to implement the rule of law network” into existing and future blockchain systems. To this end, he argued for a top-down approach concerning implementation, calling for guidance and regulation. According to Xi, testing of the tech should be widespread, including the investments in training platforms and “innovation teams” before implementation.
Blockchain, not Bitcoin
His speech 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.
It is worth remembering that China banned Bitcoin and other cryptocurrencies since 2017. Nevertheless, a national digital currency is being developed by the central bank and its likely to launch in the near future.
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