During the Political Bureau of the CPC Central Committee conducted the 18th collective study on the status quo and trends of blockchain technology development on Thursday, China president Xi Jinping eagerly expressed his interest in blockchain technology.   

President Xi asserts China should seize the opportunity in blockchain technology. He uttered that the country should hold the leading position in break-though technology. According to him, the committee should consider blockchain as a core technology and urged China to push the development of this technology as it signifies the innovation. He also asserted that the country should determine the possible ways as its direction to accelerate the development of this technology and speed up the industrial 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, reads translated version of the official blog.

The proposed mission was discussed with the political bureau of the party’s Central Committee. However, the meeting was a regular series of a workshop but on Thursday, the country’s leaders have dedicated the session to study the current and future development of blockchain technology. Notably, it is likely the first-ever meeting where the country’s top executives collectively discussed the emerging blockchain technology.

According to Xi, China already holds a solid foundation to develop blockchain technology, henceforth remarked that China should seize the opportunity and take the leading position in the emerging field of blockchain. He also mentioned that China will also look forward to solving real problems in the current financial system by integrating blockchain and leveraging benefits out of it. To achieve this, “it would be necessary to implement the rule of law networks”, Xi said.

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