Blockchain is “Breakthrough” Tech Says Chinese President Xi Jinping

Chinese President Xi Jinping Shows Support for Blockchain Technology

The Chinese President, Xi Jinping surprised everyone in the community when he endorsed blockchain technology. During a meeting with the Chinese Academy of Sciences and the Chinese Academy of Engineering, he said that Blockchain technology is a ‘breakthrough’ technology.

According to CNBC, Mr. Xi gave a speech on how different technologies will change many different industries all over the world. He was talking about artificial intelligence, Internet of Things (IoT), and mobile communications, and not just about blockchain.

There are some important companies that are embracing distributed ledger technology (DLT) including IBM, Microsoft or the giant Chinese retailer

The position taken by the Chinese government is completely different to the one that it has shown towards cryptocurrencies. In 2017, China banned Initial Coin Offerings (ICOs) and crypto related activities (including virtual currency trading). Since then, other minor measures have been taken, including closing down chat rooms about cryptocurrencies.

As reported by the Financial Times, China was the country that filed the most blockchain-related patents in the world. That number is even bigger than the number of patents filed by the United States. This is a clear signal that China is trying to become a blockchain hub in a global scale.

Xi Jinping Said:

“Since entering the 21st century, global science and technological innovation has entered into an unprecedented period of intensive activity. A new round of scientific and industrial revolution is reconstructing the global innovation map and reshaping the global economic structure.”

As mentioned before, China does not support cryptocurrencies as it does with blockchain technology. Instead, the government fears that it could totally disrupt the economy, something that is against the willingness of its leaders.

In the future, the blockchain industry could see even better results in the Asian country and does not show signs of stopping.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitfinex & Tether Class Lawsuit Revised; Adding Bittrex and Poloniex to Alleged BTC Price Manipulation

Revised lawsuit on Bitfinex’s alleged price manipulation of the market using Tether (USDT) during the 2017 bull run to $19,800 has added two...

‘Masked Hero' Calling to ‘Buy Bitcoin' Amidst the Peaceful Protests and Riots in the US

Bitcoin is taking an active part in the riots across America. People are protesting since last week over the death of George Floyd,...

DiversiFi, Formerly Ethfinex, Launches Its DEX 2.0 With Starkware; Processing 9,000 + TPS

Bitfinex sister decentralized exchange, DEX in short, DiversiFi, which relabeled from Ethfinex in August last year, announced a relaunch of their platform, now...

Bitcoin Difficulty Sees 2nd Largest Drop of 2020 to 9.29%; Hashrate & Price Continue to Dance

Today, the bitcoin network difficulty took a drop of 9.29% to 13.73 trillion, as per Coinwarz. This is the fourth downwards adjustment this year after...

Japan’s Top Banks Join Crypto Exchange-Led ‘Study Group' to Discuss Digital Payment System

Three Japanese banking industry heavyweights are joining arms in a study group to focus on digital payment settlement networks in the country. The...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today