China President Xi Jinping is excited about the potential of blockchain technology to improve the nation’s economy and recently encouraged the acceleration of measures to adopt the technology in different sectors.
According to a local news agency, Xinhua, Xi Jinping made the call following a study session on blockchain technology held on Oct. 24 by China’s communist party, which the President belongs to.
The meeting reportedly focused on the current and future landscape of blockchain technology and notably marked the first time that the party’s Central Committee has devoted time to study the landmark innovation.
Following the conclusion of the session, President Xi Jinping highlighted that China already has a strong foundation to develop blockchain technology and thus should aim for the leadership role.
Specifically, he recommended that China takes “the leading position in the emerging field of blockchain" by accelerating the research of possible blockchain applications, which would, in turn, give the country power to set rules and standards at the international stage.
Xi Jinping also noted that China would work to promote the adoption of blockchain technology within the real-world economy, and even use it to combat existential problems in the banking and finance industries.
On the issue of regulating the emerging space, the President mentioned that it is essential to “strengthen the guidance and regulation of blockchain technology, strengthen the research and analysis of blockchain security risks, closely track development trends, and actively explore development laws.”
Meanwhile, the President’s call for the swift adoption of blockchain technology in China comes amid earlier reports that the country is already working towards the creation of a blockchain-based digital currency issued by the central bank.
If China manages to pull that off, then it is likely to be the first economically developed nation to adopt such type of currency.