President Xi: China should seize the opportunity for a blockchain adoption

President Xi: China should seize the opportunity for blockchain adoption

Xi Jinping, President of the People’s Republic of China, said the country should seize the opportunity to harness the innovative power of blockchain technology. Speaking to a committee in Beijing on 24 October, President Xi praised the technological benefits of the blockchain, including improvements in the financial sector and integration into mass transit.

Xi said the blockchain must be seen as an important breakthrough for independent innovation of core technologies. And he continued:

“We need to clarify the main direction, increase investment, focus on a number of key technologies and accelerate the development of blockchain technology and industrial innovation.”

 

The Chinese President’s statements on blockchain are considered his first detailed remarks on technology.

Xi further said it would be “necessary to implement the rule of law network” in existing and future blockchain systems. To this end, Xi advocated a top-down approach to implementation, which calls for guidance and regulation. Xi said that testing the technology should be widespread, including investment in training platforms and “innovation teams” before implementation.

In his speech, he also called for the creation of “Blockchain+”, a platform that would include personal development such as education, employment, food and drug safety.

While China has adopted strict rules for trade and cryptographic extraction, it has pioneered digital currencies. Earlier this year, it was reported that the country’s central bank was ready to introduce a digital currency and start selling it in November 2019.