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China’s President Xi Turning Page on Blockchain Technology

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Last Thursday (Oct. 24), China’s President Xi Jinping delivered a speech calling for greater levels of research and investment into blockchain during a meeting with Communist Party officials. Xi also noted that blockchain would serve “an important role in the next round of technological innovation and industrial transformation.” Chinese investors snapped up shares related to blockchain across the board on Monday.

Blockchain technology, which is most notable for its use in cryptocurrencies such as bitcoin, was noted as “a key breakthrough that can facilitate China’s progress in core technologies” by Xi.

As governments worldwide have stepped up their efforts in developing blockchain, China’s recognition to the potential of blockchain and the need to be in the game so that the country may have greater say in forming global standards for the technology, came at the right timing since Xi’s government’s ban on cryptocurrencies since 2017.

Positive reception by the crypto community

the Chinese president’s remarks seemed to have garnered positive reception by the crypto community as being the “right response from a superpower to any promising technology”. Xi’s statement will potentially benefit blockchain players outside of China as well.

However, in line with Beijing’s guiding strategy of pursuing advancements in innovative technologies while maintaining tight control, China’s vision of developing blockchain could be slightly different from what the crypto community may have expect.

Reignite the blockchain fire

Xi’s speech has also seemingly reignited interest in blockchain in China, with some of the country’s top universities rolling out courses relating to blockchain overnight following his remarks. He added that China wanted to gain an “edge” over other major countries in terms of blockchain research and development.

Major countries are stepping up their efforts to plan the development of blockchain technology. Greater effort should be made to strengthen basic research and boost innovation capacity to help China gain an edge in the theoretical, innovative and industrial aspects of this emerging field
– Xi Jinping, President of the People’s Republic of China.

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