China Calls For Accelerated Blockchain Adoption
- Speaking at a Politburo Committee session, the Chinese President said that blockchain technology is key to promoting technological innovation.
- He also stated that a platform needs to be created to help with blockchain adoption in areas such as education, employment, and food safety.
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.
- The head of China’s central bank digital currency institute said the e-CNY has undergone a major upgrade, and should be made available as an option in all retail scenarios.
- The PBOC official noted that platforms can integrate the CBDC in the short term using QR codes, and focus on upgrading their payment tools in the long run.
Office building of the People’s Bank of China. Flickr
- The team behind Multichain confirmed that their CEO was detained in China on 21 May, and that all of his electronic devices were confiscated by the local police.
- The CEO’s sister moved the project’s remaining funds to wallets under her control on 9 July, and several days later was also detained by the police, leaving the team with no funds.
- A new 13-count superseding indictment has accused Sam Bankman Fried of bribing one or more Chinese officials in order to unfreeze accounts connected to Alameda.
- In early 2021, Chinese authorities froze certain Alameda accounts on two of China’s largest crypto exchanges”, which reportedly held more than $1 billion worth of crypto assets.