President Of China Xi Jinping Calls For Accelerated Blockchain Development

China’s President Xi Jinping, at a Politburo Committee session on blockchain technology trends on Oct. 24, called for the acceleration of the country’s blockchain development and industrial innovation.

Xi stressed that being able to assimilate blockchain technologies was of crucial importance for technological innovation and industrial transformation.

“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 stated to committee members.

The president feels that this technology can be applied to many different fields such as digital finance, intelligent manufacturing, supply chain management, digital asset trading and many others.

What is believed to Xi’s first statements on blockchain comes only a few years after China’s banning of initial coin offerings (ICO) and cryptocurrency exchanges in 2017.

Xi also stated that it is “necessary to implement the rule of law network” into existing and future blockchain systems. Xi wants widespread testing of the blockchain technology before any sort of implementation to promote safe and orderly development.

By Ramsey Baker

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