China’s President Xi Jinping urged the country to speed up blockchain technology adoption. As he claimed at a study session of the Politburo on Thursday, blockchain technology is at the core of innovation.
“We must take blockchain as an important breakthrough for independent innovation of core technologies, clarify the main directions, increase investment, focus on a number of key technologies, and accelerate the development of blockchain and industrial innovation,” Xi said.
It is not the first time Xi Jinping has mentioned blockchain in his speeches. “A new generation of technology represented by artificial intelligence, quantum information, mobile communications, internet of things and blockchain is accelerating breakthrough applications,” he said back in May 2018.
The President’s comments fall within the contradictory Chinese stance against crypto. In 2017, the People’s Bank of China banned ICOs and cryptocurrency exchanges in the country. Nevertheless, the Chinese government is planning to launch its central bank digital currency (CBDC). According to Mu Changchun, deputy director of payments and settlements department at People’s Bank of China, the Chinese digital currency launch is “imminent.”