China Merchants Bank building
China Merchants Bank building in Shanghai, China. Wikimedia Commons

Another top official from the Chinese government has endorsed the adoption of blockchain technology in the country, Reuters reported on 28 October.

Speaking at a forum in Shanghai the head of the People’s Bank of China’s technology department, Li Wei, urged commercial banks to integrate blockchain technology into their operations.

During the forum, Wei spoke about the digital economy, and the potential blockchain has in it.

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He also said:

“The potential is huge. We need to study blockchain technology in depth, promote the deep integration of blockchain. […] The digital transformation of commercial banks must also attach great importance to the blockchain.”

While Wei focused on how blockchain could be a solution to China’s current banking problems, the country’s president Xi Jingping has previously gone beyond banking, and said that the technology could help in areas such as education, employment, food safety, and others.

President Xi made his comments on 24 October, when he was speaking during a Politburo Committee session in Beijing.

He said:

“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.”

It seems that China is trying to take the lead when it comes to blockchain technology.

The country has already made plans to launch its own “digital yuan”, which development has been hastened ever since Facebook announced their plans to create a global cryptocurrency, Libra.

The country has also recently passed a new cryptography law, which aims at tackling regulatory and legal challenges in the commercial cryptography use-cases, as they play a big role in the development of the Chinese economy.

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