China- To Reconsider the Ban Placed on Cryptocurrencies After Xi’s Motivational Speech on Blockchain

Many users are feeling hopeful that China may reconsider the possibility of opening its doors to cryptocurrencies, as president, Xi Jinping gave a moving speech on blockchain technology at the 19th Chinese Academy of Sciences’ Conference on May 28, 2018.

The famous crypto ban in China was set in place since September 2017. Ever since the 19th annual conference, many believe its time China takes a look into lifting the ban. Xi Jinping spoke highly of the tech industry, in which he said that “breakthroughs” are constantly making a presence.

A translated bit of the speech was made available via Reddit, where Xi underlined blockchain’s role in reshaping the economy through the discovery of new methods and technology altogether. In particular, the translation states,

“Ever since the start of the 21st century, a new generation of industrial revolution is substantially reshaping global economic structure with artificial intelligence, internet of things and Blockchain constantly making application breakthroughs.”

Reactions To The Blockchain Speech

Since the speech was given, the first to respond and make comments about its entirety, was a Chinese-English news resource, referred to as “Global Times”, where the assumption of reconsidering the likes of Bitcoin to make its way into the Chinese economy was made.

In particular, the piece suggested that the ban could put China at risk, merely for missing out on the opportunity to participate in a technological and digital revolution – giving its competitors more pieces of the pie! Here is an extract of the Global Times’ piece that went straight to the point:

“… Fencing off bitcoin exchanges can’t effectively end bitcoin trade… bitcoin bubble could leave China behind in the digital currency revolution.”

Most importantly, the piece suggests that instead of removing cryptos altogether, the Chinese government should take measures that “ensure the technological advance works in the economy’s favor.”

Will China finally encourage blockchain technology and virtual currency? Will we see more Chinese projects implemented in the near future? For the time being, the country has decided on implementing Blockchain principles by 2019 year-end.

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