President Xi wants China to take the leading position in blockchain

China’s President Xi Jinping said China should take a leading position in the development, research, and investment in blockchain technology. He made the remarks in the 18th Political Bureau of the Central Committee held on Oct 24, 2019.

Addressing the committee, Xi Jinping stresses that it is necessary to promote collaborative research and provide safe, controllable support for the development of blockchain applications. He adds breakthroughs in emerging technologies like blockchain can help China gain a new industrial advantage.

Xi Jinping also adds that it is necessary to promote the deep integration of the blockchain with China’s real economy. The integration can solve the problems in banking and financing. Also, create a convenient, efficient, fair and competitive, stable and transparent business environment.

He also asked related departments to strengthen the blockchain talent team by establishing improved training platforms.

China is planning the social integration of their state-developed blockchain technology. Recently China’s central bank became the first central bank to develop state-backed digital currency. The digital currency issuance to China’s public is expected by the end of this year.