China Should ‘Seize Opportunity’ To Adopt Blockchain, President Xi Says

China Should ‘Seize Opportunity’ To Adopt Blockchain, President Xi Says

adopt blockchain
Chinese President Xi Jinping gave credibility to blockchain technology by calling on his country to adopt blockchain tech, describing it as a “breakthrough”. Edit by Autumn Keiko – Original photo: Chinese President Xi Jinping talks during a welcome ceremony at the Great Hall of the People in Beijing, Wednesday, Nov. 6, 2019. (AP Photo/Mark Schiefelbein)

China President Xi Jinping says the Asian economic giant should “seize the opportunity” to adopt affordable blockchain technology.

Xi referenced the wide array of blockchain technology applications as important for China to consider in a bid to open up financing for businesses and mass transit, and alleviate poverty.

That’s a big attitude change since Sept. 2017, when China banned crypto exchanges, bitcoin trading platforms and mining. Now President Xi is calling for more research and investment into blockchain tech.

Call to adopt blockchain

“We must take the blockchain as an important breakthrough for independent innovation of core technologies,” Xi told committee members during the 18th collective study of the Political Bureau of the Central 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.”

This is believed to be the first time the Chinese president has made meaningful remarks on blockchain technology. Xi’s comments represent a change of attitude towards blockchain for China.

In recent years, the financial sector has entered into a revolutionary new digital era with the advent of blockchain.

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Xi 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.

The president’s positive comments on blockchain have caused speculation that the price of cryptocurrencies such as bitcoin could experience a boost.