President Xi Jinping: China Needs To ‘Seize the Opportunity’ To Be Leading in Blockchain Tech

In a meeting with the political bureau of China’s communist party’s Central Committee, President Xi Jinping stressed taking the “leading position” in the emerging field of blockchain, according to a report by Xinhua News Agency.

The President of the country emphasized the role of blockchain technology in new technological innovation and industry transformation. Furthermore, he pointed out that the application of blockchain technology has extended to digital finance, the Internet of Things, intelligent manufacturing, supply chain management, digital asset trading, and other fields.

China, he said already has a good foundation in the field of blockchain but with major countries in the world accelerating the development, China needs to “take the leading position.” He further emphasized the necessity to “seize the opportunity.”

Promoting Blockchain Technology in all Aspects of Life & Economy

To promote the deep integration of blockchain and the real economy, the country needs to strengthen the high-level innovation and talent team with leading figures and build a variety of high-level talent training platforms.

Xi Jinping talks about the promotion of blockchain technology in all aspects of life and economy from data sharing, financing loans for SMEs, departmental supervision, supply-side structural reforms, commodity anti-counterfeiting, to construction of new smart cities, information infrastructure, smart transportation, energy and power, capital, talents, and credit information.

It further extends to education, employment, pension, precision poverty alleviation, medical health, and bring better government service experience to the people. This includes, the need to strengthen the research and analysis, track trends, and explore development laws.

“Currency means Interest, Power, Global Politics, and Diplomacy,”

The country is already close to releasing its central bank digital currency, after five years of research. The People's Bank of China might be the world’s first major bank to issue a national digital currency.

With the electronic version of yuan, the bank has thrown a gauntlet to WeChat Pay and AliPay for China’s $27 trillion payments industry.

“Currency means interest, power, global politics, and diplomacy,” said Wang In, director of the People’s Bank of China's research bureau, during a conference this year.

“If a payments tool can provide the function of a currency, then it will definitely have an impact on legal tender, and affect how a country manages its currency and financial system.”

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