A bird's eye view of Shanghai, China. Freepik

The People’s Republic of China’s President, Xi Jingping, has said that the country needs to accelerate its adoption of blockchain technology, the New China News Agency reported on 25 October.

According to the report, the President made his statement this Thursday during a Politburo Committee session in Beijing, where he also stated that the technology has a wide range of applications within China.

He also said that this innovative technology is the key to promoting technological innovation and industry transformation.


He told the committee members:

“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.”

The Chinese president also said that it is “necessary to implement the rule of law network” into blockchain systems, and argued that a top-down approach to implementation would be the best.

During his speech he also called for the development of “Blockchain+” platform, which would help in areas such as education, employment, and food safety.

While China has been against cryptocurrency for the past couple of years, banning ICO’s in the country in 2017, it has viewed blockchain technology in a different light.

As previously reported, a blockchain company won a bid to put China’s power grid on the Blockchain.

The one digital currency that China is definitely not against is the Central Bank Digital Currency (CBDC), with the People’s Bank of China (PBC) reportedly hastening the development of its own version.