China's President
China’s President Xi Jinping Urges Accelerated Blockchain Technology Adoption
October 27, 2019
China's President
China’s President Xi Jinping Urges Accelerated Blockchain Technology Adoption
October 27, 2019

Xi Jinping, China’s President has called for the country to accelerate its adoption of blockchain technologies as a core for innovation. Xi made the comments at a Politburo Committee Session on blockchain technology trends on October 24.

Xi stressed that the implementation of integrated blockchain technologies is key in promoting technological innovation and transforming industries.

He told the committee:

“We must take blockchain as an important breakthrough for independent innovation of core technologies, clarify the main directions, increase investment, focus on a number of key technologies, and accelerate the development of blockchain and industrial innovation.”

Xi Jinping

Blockchain, not Bitcoin

Xi’s push for greater blockchain adoption comes against the backdrop of China’s long-standing aversion to — and a crackdown on — cryptocurrencies.

Likewise, authorities in the country first banned ICOs in 2017, quickly followed by cryptocurrency exchanges.

There have been reports that at least one government agency is considering a ban on cryptocurrency mining.

But unfortunately, the one cryptocurrency that the Chinese Government does not seem to have an issue with is its proposed Central Bank Digital Currency (CBDC). Despite reports throughout the summer that the launch of this was imminent, last month, officials from China’s Central Bank said that there was no timetable for the launch of the CBDC.

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Meanwhile, Mark Zuckerberg has been referencing the threat of Chinese superiority in the digital currency space in an attempt to sell U.S. lawmakers his plans for the Libra stablecoin.

He argued in an official statement:

“China is moving quickly to launch a similar idea in the coming months. We can’t sit here and assume that because America is today the leader that it will always get to be the leader if we don’t innovate.” 

Mark Zuckerberg

Source: xinhuanet.com | cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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