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China’s President Xi Urges to Speed up Blockchain Adoption, Crypto Market is Greatly Boosted

China’s president Xi Jinping said that the country should seize the opportunity to speed up blockchain adoption.

Speaking at the 18th collective study of the Political Bureau of the Central Committee on Thursday in Beijing, Xi stressed that the integrated blockchain technologies play a significant role in promoting technological innovation and industrial transformation. He told the committee,

“We must take blockchain as an important breakthrough for independent innovations of core technologies, focus on a number of key core technologies and accelerate the development of blockchain technology and industrial innovation with a clear striving direction and more investment.”

Xi’s push for greater blockchain adoption immediately goes viral in the country. With the great encouragement from the country’s top-level designer, the entire blockchain/crypto community is excited claiming the spring of blockchain has come. People from different industries have come to an unprecedented consensus that blockchain technology is the trend.

The president’s speech is believed to help shake off the prejudice that cryptocurrencies and its underpinning technology are scams, and will set off a wave of blockchain/crypto learning frenzy in the country.

In his speech, Xi proposed many directional suggestions, such as to promote the integration of blockchain and entity economy, use blockchain technology to explore digital economy innovation, explore blockchain application in improving people’s livelihood, as well as blockchain in smart city construction, etc.

And a large number of such application cases has already took place or been under way. The country’s social media giant Tencent has issued over 6 million blockchain-based e-invoices since its launch; The blockchain-powered receivables platform developed by Hyperchain has accumulated more than 100 billion yuan; E-commerce behemoth Alibaba has leveraged blockchain in tracing 150 million overseas commodities on last year’s Double 11…

Xi’s latest speech has put blockchain under the spotlight once again, which sets a good foundation for the country’s imminent central bank digital currency (CBDC) that was said to be rolled out this November though officials negated it.

Apart from arousing average people’s interest in blockchain, Xi’s comments in support of blockchain seems to boost sentiment towards the crypto market as well. Following his speech, bitcoin price shot up nearly 15% on Friday night.

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