President Xi Says China Needs to ‘Seize the Opportunity’ Afforded by Blockchain

The President of the People’s Republic of China and General Secretary of the Communist Party of China, Xi Jinping, stated the nation should “seize the opportunity” presented by blockchain innovation. 

Talking as a part of the eighteenth collective study of the Political Bureau of the Central Committee on October 24 in Beijing, Xi stated that blockchain innovation has a wide cluster of uses inside China, listing topics extending from funding businesses to mass transit and alleviation of poverty.

“We must take the blockchain as an important breakthrough for independent innovation of core technologies,” Xi said to members of the committee.

“[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 remarks on blockchain are trusted to be his first in-depth comments on the innovation.

Xi added it would be “necessary to implement the rule of law network” into existing and future blockchain frameworks. To this end, Xi contended for a top-down approach when it comes to usage, calling for regulation, and guidance. Xi stated testing of the technology ought to be widespread, incorporating the interests in training platforms, and “innovation teams” before usage.

His talk also asked for the establishment of “Blockchain+,” a platform promoting self-development like employment, education, food, and medicinal safety, among other fundamental needs.

Since a 2017 decision by the People’s Bank of China, digital currencies are prohibited in the nation, albeit a digital renminbi is being created by the central bank and will probably launch soon.