The declaration of the Chinese president took place during the 18th Collective Study on the status quo and the trend of the development of Blockchain.

Recently, Chinese President Xi Jinping said that the integrated application of Blockchain technology “plays an important role in technological innovation and industrial transformation” of the country.

The declaration of the Chinese president took place during the 18th Collective study on the status quo and the trend of the development of Blockchain technology, carried out by the Political Bureau of the Central Committee of the Communist Party of China (CCP) and reviewed by the local Xinhuanet media .

On the subject, Xi Jinping stated:

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

According to the source, Chen Chun, a professor at Zhejiang University and a representative of the Chinese Academy of Engineering, explained the issue and discussed opinions and suggestions. Also, the members of the Political Bureau of the CPC Central Committee listened carefully to the explanations and discussed them.

For his part, Xi Jinping delivered a speech while presiding over the study. He noted that the application of Blockchain technology has been extended to digital finance, Internet of things, smart manufacturing, supply chain management, digital asset trading and other fields.

Currently, the world’s leading countries are accelerating the development of Blockchain technology. China has a good base in the field of Blockchain. It is necessary to accelerate the development of Blockchain technology and industrial innovation, and actively promote its development and economic and social integration.

Other implications

Among other areas mentioned by Xi Jinping, in which he considers Blockchain to be present, Xinhuanet mentions collaborative research and innovation, Blockchain application development, Blockchain standardization, industrial development, artificial intelligence, big data.

He also mentioned human resources, commerce, banking and finance, kinetic energy, education, medical health, food security, public welfare, social assistance, etc. He also said that it is necessary to build smart cities and promote greater interconnectivity between them.

Xi Jinping said that intelligent transport and blockchain in the management of capital, talents and credit information need to be created, as well as to ensure the orderly and efficient flow of production factors within the region and provide a better experience of government service to people.

Without a doubt

Continuing his speech, Xi Jinping emphasized that it is necessary to strengthen the orientation and regulation of Blockchain technology.

Also, Xi Jinping noted that the relevant departments and their responsible leaders should pay attention to the status quo, as well as the trend of the development of Blockchain technology.

Another important point to which he referred, is related to improving the application and management of Blockchain capabilities. This would allow Blockchain to help develop the digital economy and promote the country’s economic and social development.

It is believed that the comments of the Chinese president on Blockchain are his first in-depth comments on technology. Also, the AMBCrypto media believes that it is a positive signal and will help to solve many problems in the banking and financial industry.

Despite being his first comments openly, Jinping advanced Blockchain approval as leader of the technological revolution.

Since a decision of the Chinese central bank, the People’s Bank of China (PBoC) in 2017, cryptocurrencies are banned in the country. However, the agency is developing its own stable central bank currency (CBDC) and is likely to be launched soon. Other countries such as South Korea and Peru have analyzed the issue.

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