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Here’s how China plans to take on the world of Blockchain Technology

A study session on blockchain technology was held by China’s President Mr. Xi Jinping on Thursday, October 24.

Xi Jinping

China stressed its commitment to develop blockchain and take the leading position in this emerging technology.

The Chinese government on October 24, expressed its desire of Blockchain to be regarded as the core technology behind every important and innovative breakthrough.

Through the mouth of the Chinese President, Mr. Xi Jinping, the government made clear its commitment to accelerate the development of Blockchain technology.

The Chinese president made these remarks in a meeting with the political bureau of the party’s central committee. The meeting was a part of the workshop series held by the committee and aimed at learning the current and future state of development in this technology. The meeting was the first time blockchain was studied collectively by the party’s central committee.

Mr. Jinping also stressed on having a solid foundation for the development of blockchain technology. “It is important for the country to strengthen and take a leading position in the emerging field of Blockchain. We need to accelerate the standardization in blockchain research, which will give China a foreword hand and supposedly more power in setting rules internationally”, Xi said.

According to further reports, China also plans on promoting the integration of blockchain with the real-world economy. The country hopes this step would help resolve issues about the existing banking and financial systems.

Moreover, with China already researching on developing its national digital currency for the last five years, it will be interesting to see the future implications with the country already planning to launch it shortly.

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