In a speech yesterday, China President Xi Jinping lavished praise on blockchain saying that blockchain is necessary for gaining economic advantage. China needs to “seize the opportunity” afforded by blockchain technology says Xi Jinping, President of the People’s Republic of China. The Chinese president’s statements on blockchain are believed to be his first in-depth remarks on the technology.

Speaking as part of the 18th collective study of the Political Bureau of the Central Committee on Thursday in Beijing, Xi said blockchain technology has a wide array of applications within China, listing topics ranging from financing businesses to mass transit and poverty alleviation.

“We must take the blockchain as an important breakthrough for independent innovation of core technologies”

China President Xi Jinping

Xi further said it would be “necessary to implement the rule of law network” into existing and future blockchain systems. To this end, Xi argued for a top-down approach concerning implementation, calling for guidance and regulation. Xi said testing of the tech should be widespread, including the investments in training platforms and “innovation teams” before implementation.

He pointed to multiple use-cases, from supply chains to IoT technology, and argued that it is necessary for China to continue building out blockchain technology and widely promoting it. He pointed out that China already has a good standing with it.

His comments were made on the same day the Political Bureau of the Central Committee of the Communist Party of China released its 18th study on blockchain technology. Its findings were explained by Chen Chun, a professor at Zhejiang University.

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