Chinese President Xi Jinping Calls for Accelerated Adoption of Blockchain Technology

October 28, 2019 / by Crypto.IQ

On Thursday, China’s President Xi Jinping said that the country should fast-track the adoption of blockchain tech as core innovation. Jinping wants China to lead in the adoption of blockchain technology as he considers it a vital innovation breakthrough. His remarks come after Russia had earlier indicated that it would lead blockchain development. 

Jinping considers blockchain to be an innovative tech

Blockchain has received praise from world leaders as a great technology that could potentially transform interactions between government and people. The technology developed to support cryptocurrency has gained traction across the globe. However, some governments and regulators have been critical of cryptocurrencies

The president was speaking at the Politburo Committee meeting on blockchain trends. The call for enhanced adoption comes at a time when the country has been cracking down on cryptocurrencies. Chinese authorities banned ICO’s back in 2017 with a ban on crypto exchanges following later. There are also reports that there is a possibility of banning crypto mining by authorities.

China developing its central bank digital currency

Despite cracking the whip on cryptocurrencies, China wants to develop its own cryptocurrency. Although reports indicated that they were going to launch it this summer, Central Bank officials indicated last month that there was no timeline for the launch.

According to Jingpin, China has the infrastructure and foundation for developing blockchain technology. He added that it was important that China lead in developing the technology. The president said that China needed to fast-track standardization of research in blockchain tech. He further urged relevant departments to be keen on the status quo as well as the trend of developing blockchain technology.  As a result, it will give the country power in setting standards and rules globally.  

Facebook CEO alludes that China will soon become a blockchain leader

Meanwhile, Mark Zuckerberg, the CEO of Facebook, has referred to the threat that China presents in becoming a leader in blockchain. During a recent House committee hearing, he indicated that if the US continues stifling innovation, China will take advantage of US complacency and become a leader. He was talking about the regulatory hurdles that Libra is facing from US regulators and lawmakers.

In a statement, Zuckerberg said that China would move quickly and launch a similar project in the future. He asserted that America should not presume that since it is a leader, it will remain so even when it doesn’t innovate.