Speaking at the Political Bureau of the Central Committee’s 18th collective study, Chinese President Xi Jinping stressed that the country needs to take advantage of Blockchain technology and seize every opportunity it presents.
Following President Xi’s speech, the price of Bitcoin had climbed by 42% to $10,550 after a five-month consecutive decline. BTC price is currently stabilizing at $9300.
Xi started his speech by discussing how China harnesses Blockchain across a variety of industries, particularly in business and finance. He also noted that this technology has an array of applications that can help improve public transportation and alleviate poverty.
As a groundbreaking technology that has given birth to several innovations, President Xi emphasized that the country should have a clear roadmap. He also talked about focusing on particular core technologies and increasing investments to speed up developments and innovations.
However, aside from laying out his plans for the betterment of China, the president clarified that Blockchain systems must seek guidance from authorized bodies before implementation. Furthermore, tech testing should be widely adopted, and developers must invest in training platforms to achieve responsible innovation. As closing remarks, President Xi noted that firm regulations must be in place.
As noted by the committee members and the media, President Xi’s speech at the Beijing event marks the first time he expressed his belief and trust towards Blockchain.
In 2017, China implemented a blanket ban on cryptocurrencies. China is in development of a central bank digital currency (CBDC) dubbed digital renminbi.
Mati Greensapn, Senior Market Analyst @wToro said that the Chinese president’s remarks are good for the crypto community. As one of the most influential leaders in the world, his stance towards Blockchain, in one way or another, can encourage more industry players to join the space.