April 23, 2024

Xi Jinping urged to accelerate the implementation of blockchain in China

President of the People's Republic of China Xi Jinping called for accelerating the implementation of blockchain in the country,calling the latest technology the basis for transformations in industry, finance and other industries.

Xi Jinping said this at a meeting of the Politburo Committee, which discussed trends in the development of distributed registry technologies.

“We must determine the main directions inwhich we will use blockchain technology, and also allocate the necessary funds for this. Blockchain will help us make a major breakthrough in the economy, ”said the President of the People’s Republic of China, addressing the members of the Committee.

According to the head of China, China may takea leading position in the field of latest technologies, if it starts to use blockchain not only in the economy, but also in the field of artificial intelligence, big data and the Internet of things. Meanwhile, the statement of Xi Jinping about the early implementation of the blockchain contradicts the struggle of the Chinese authorities with bitcoin and other cryptocurrencies.

Let us remind you that in 2017 China bannedconducting ICOs, as well as trading on cryptocurrency exchanges. The only cryptocurrency that the Chinese government has nothing against is the state-owned digital currency from the People's Bank of China, which is developing it.

Formerly Calibra CEO David Marcus (DavidMarcus) said that while US regulators reject innovation (we are talking about the Libra project), China may launch a similar stablecoin in the near future. According to David Marcus, if the Chinese stablecoin is launched earlier than Libra, the US dollar could lose dominance in the global economy. Recall that this month, Chinese regulators have already approved 309 blockchain-based services operating in various industries.