Xi Jingping says China must seize opportunity to adopt blockchain technology! Xi Jingping says China must seize the opportunity during the 18th collective study of the Political Bureau of the Central Committee.
Xi Jingping, the President of the People’s Republic of China and the General Secretary of the Communist Party of China made his remarks about blockchain technology while touting the wide array of applications it could serve within China. Topics included from financing, business, mass transit, and poverty alleviation. He noted:
“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.”
This was Xi Jingping’s first in-depth remarks on blockchain technology that have been published publicly.
Xi Jingping also said that it would be necessary to “implement the rule of law network” into existing and future blockchain systems. To accomplish this, he favors a top-down approach concerning key areas of blockchain adoption and implementation, calling for guidance and regulation.
His speech to the 18th collective study of the Political Bureau of the Central Committee called for the creation of “Blockchain+,” a platform dedicated to personal development, education, employment, food, and medicinal safety, among other basic needs.
As of 2017, the People’s Bank of China has banned cryptocurrencies – although a digital renminbi is currently being developed by the central bank and is likely to launch soon.
What do you think? We’ve talked about the rumors of the powerful Central Bank of China and cryptocurrency before, but we haven’t broached the topic of its most powerful man, Xi Jingping. Let us know what you think on our Facebook page!