China’s President Xi Urges Accelerated Blockchain Technology Adoption

[cotton ball]

That is one unique thing that I have always read about blockchain, generally speaking everyone irrespective of your believe or political system agrees that blockchain is the technology of the future. Although, the President might not know how it works because largely he might not be technology inclined but his people would have showed this to me. However, this should not be interpreted to mean as an endorsement for bitcoin and other crypto using the blockchain technology because doing that would be farther away from the truth however, there is a bonus there that in as much as there is a loud support for blockchain, there is a subtle support for bitcoin and other crypto whether they want to admit it or not.

I don't know what mean by China president with adoption blockchain bitcoin or altcoin as legal transaction payment, we want to play with bitcoin price for get profit or just playing drama with bitcoin and altcoin price, if they are serious want to adopt bitcoin maybe China president have asking for their institution for prepare needed to adopt bitcoin and altcoin transaction, but now still not have seriously how to adopt bitcoin in China.

[redsun114]

I still don't understand how china of all places could be supportive of blockchain.

Blockchain is a technology (that we use mainly on money but could probably used for something else) that decentralized the power and considering China is a nation that is ruled by dictatorship and gangrapes prisoners and harvest their organs and burn alive the opposers of the regime and all the crazy horribly bad Hitler level and even worse stuff they do, they can't deal with blockchain.

What is the purpose of giving the power back to people if you are running a fully automated human killing and dictator enriching nation? Sure, you can use it just for yourself and your part and ban it for the people who you despise (lets be honest Xİ hates Chinese, why would he act like to them if he liked them) but that doesn't seem to be the reason for it.

If I am to reverse your statement, I would say that I see no reason why china has not even embraced the Blockchain technology long time ago knowing fully well how it will be more helpful to their population in terms of economic benefit first, and in terms of job creation. You see, one of the fear of government has been the tax before, they feel that with Blockchain technology, people will start avoiding the tax until they found a way around it which is why they are creating their own personal cryptocurrency that they can have full time control over.

Blockchain can be used in so many areas, they will use if fully to develop those areas other than the financial aspect where they would still want to have full control over, in which one of it is the crypto they are making.

[riso2015]

I don't know what mean by China president with adoption blockchain bitcoin or altcoin as legal transaction payment, we want to play with bitcoin price for get profit or just playing drama with bitcoin and altcoin price, if they are serious want to adopt bitcoin maybe China president have asking for their institution for prepare needed to adopt bitcoin and altcoin transaction, but now still not have seriously how to adopt bitcoin in China.

What I know is that they only want to adopt Blockchain technology, not want to adopt Bitcoin, because they will most likely make their own Crypto for use in China. But if later they want to adopt Bitcoin I think it is a good step for the world of Crypto because it could be that the price of Crypto will increase.

[angrybirdy]

I don't know what mean by China president with adoption blockchain bitcoin or altcoin as legal transaction payment, we want to play with bitcoin price for get profit or just playing drama with bitcoin and altcoin price, if they are serious want to adopt bitcoin maybe China president have asking for their institution for prepare needed to adopt bitcoin and altcoin transaction, but now still not have seriously how to adopt bitcoin in China.

What I know is that they only want to adopt Blockchain technology, not want to adopt Bitcoin, because they will most likely make their own Crypto for use in China. But if later they want to adopt Bitcoin I think it is a good step for the world of Crypto because it could be that the price of Crypto will increase.

Yep! As we have understood on the Chinese President's statement, their main focus is blockchain technology, not bitcoin nor altcoins. They wanted to lead the development of blockchain technology and use it to their advantage. They may create their own coin to regulate and run it to increase their socioeconomic status.

[Mike Mayor]

I don't know what mean by China president with adoption blockchain bitcoin or altcoin as legal transaction payment, we want to play with bitcoin price for get profit or just playing drama with bitcoin and altcoin price, if they are serious want to adopt bitcoin maybe China president have asking for their institution for prepare needed to adopt bitcoin and altcoin transaction, but now still not have seriously how to adopt bitcoin in China.

What I know is that they only want to adopt Blockchain technology, not want to adopt Bitcoin, because they will most likely make their own Crypto for use in China. But if later they want to adopt Bitcoin I think it is a good step for the world of Crypto because it could be that the price of Crypto will increase.

Yep! As we have understood on the Chinese President's statement, their main focus is blockchain technology, not bitcoin nor altcoins. They wanted to lead the development of blockchain technology and use it to their advantage. They may create their own coin to regulate and run it to increase their socioeconomic status.

That's because they cannot control or profit from bitcoin. It makes sense they want their people to adopt their own crypto which is under their control. It is a bit odd though TBH since they don't like bitcoin and spoke about it like they were against it. They not against technology they against whoever controls it. Now they can mine their own currency and mind their own business and have their own blockchain separate from ours.
One thing I do wonder is how much of Chinese mining hash rate will be used for its new coin?

[adzino]

You can't "accelerate" blockchain technology by just urging people. You will need to take proper steps so that people adopts the technology. Moreover, the government is more focused on the centralized shitty state crypto currency they are trying to make. That coin won't give you any financial freedom. It is just going to make it easier for the government to track all your transaction and spy on your financial aspects anytime anywhere.

[bitzizzix]

That is one unique thing that I have always read about blockchain, generally speaking everyone irrespective of your believe or political system agrees that blockchain is the technology of the future. Although, the President might not know how it works because largely he might not be technology inclined but his people would have showed this to me. However, this should not be interpreted to mean as an endorsement for bitcoin and other crypto using the blockchain technology because doing that would be farther away from the truth however, there is a bonus there that in as much as there is a loud support for blockchain, there is a subtle support for bitcoin and other crypto whether they want to admit it or not.

I don't know what mean by China president with adoption blockchain bitcoin or altcoin as legal transaction payment, we want to play with bitcoin price for get profit or just playing drama with bitcoin and altcoin price, if they are serious want to adopt bitcoin maybe China president have asking for their institution for prepare needed to adopt bitcoin and altcoin transaction, but now still not have seriously how to adopt bitcoin in China.

You have to find this news clearly, because of what I know and read in a number of articles about the statement of the President of China to implement blockchain technology in his country and plan to make his own crypto coins, not bitcoin or other cryptos.
and the possibility of the news can only affect the increase in bitcoin or other crypto.

[alyssa85]

I don't know what mean by China president with adoption blockchain bitcoin or altcoin as legal transaction payment, we want to play with bitcoin price for get profit or just playing drama with bitcoin and altcoin price, if they are serious want to adopt bitcoin maybe China president have asking for their institution for prepare needed to adopt bitcoin and altcoin transaction, but now still not have seriously how to adopt bitcoin in China.

Maybe the Chinese president thinks talking about blockchain makes him seem hip and happening. We saw a lot of Wall Street types talking about blockchain for that very reason!

[White Christmas]

Blockchain could really transform the way government officials work under the administration. Blockchain follows principles such as transparency, and security through blocks hash. However, it's seems that China is not going to tolerate decentralized system, instead they're making their own "digital currency" that would still be monitored, but at least transparent provided that the ledger is distributed and not hidden centralized.  Corrupt acts would potentially lessen and therefore makes progress faster for the country.

There was also the sayings of the many people in which because of the announcement of President Xi to the Chinese community that they will adapt the process of blockchain technology to be able to make their own digital currency that may help them to manage and transact a good and transparent transaction to the people of cryptocurrency through the help of their new digital currency.

[Obito]

They really could specially those corrupt officials who are certainly hiding behind. Blockchain is something like a system that we do not need to even trust the other participants. Everyone on the networks has a copy it is more like a transparency in each for everyone. Plus it cannot be changed. We don't even need an institutions in the middle to work with it. Which on the other hand Governments are trying to opposed because it could be a bridge for people to commit fraud, and other sorts of illegal transaction. I guess it may changed the government a bit but I don't think it will go through in full effect.

[Zeke_23]

I don't know what mean by China president with adoption blockchain bitcoin or altcoin as legal transaction payment, we want to play with bitcoin price for get profit or just playing drama with bitcoin and altcoin price, if they are serious want to adopt bitcoin maybe China president have asking for their institution for prepare needed to adopt bitcoin and altcoin transaction, but now still not have seriously how to adopt bitcoin in China.

What I know is that they only want to adopt Blockchain technology, not want to adopt Bitcoin, because they will most likely make their own Crypto for use in China. But if later they want to adopt Bitcoin I think it is a good step for the world of Crypto because it could be that the price of Crypto will increase.

Yep! As we have understood on the Chinese President's statement, their main focus is blockchain technology, not bitcoin nor altcoins. They wanted to lead the development of blockchain technology and use it to their advantage. They may create their own coin to regulate and run it to increase their socioeconomic status.

That's because they cannot control or profit from bitcoin. It makes sense they want their people to adopt their own crypto which is under their control. It is a bit odd though TBH since they don't like bitcoin and spoke about it like they were against it. They not against technology they against whoever controls it. Now they can mine their own currency and mind their own business and have their own blockchain separate from ours.
One thing I do wonder is how much of Chinese mining hash rate will be used for its new coin?

And this is the only solution they have. Stop demanding to control bitcoin and try to make their own.
China doesn't have any other option. It is impossible to control bitcoin that's why they come up to this decision. They wanted to gain the same popularity and they have seen the possibility of using blockchain technology for future purposes.

[Xxmodded]

Blockchain could really transform the way government officials work under the administration. Blockchain follows principles such as transparency, and security through blocks hash. However, it's seems that China is not going to tolerate decentralized system, instead they're making their own "digital currency" that would still be monitored, but at least transparent provided that the ledger is distributed and not hidden centralized.  Corrupt acts would potentially lessen and therefore makes progress faster for the country.

There was also the sayings of the many people in which because of the announcement of President Xi to the Chinese community that they will adapt the process of blockchain technology to be able to make their own digital currency that may help them to manage and transact a good and transparent transaction to the people of cryptocurrency through the help of their new digital currency.

China president want to make panic investor or serious want to adopt bitcoin or altcoin as transaction payment, if the China president urgent for adopting blockchain technology and bitcoin become legal transaction payment will bring China economic increase by investor will be invest money with bitcoin, other way we can claim China president want to play and get profit with bitcoin by make issues with bitcoin on higher price.

[sana54210]

I think you could make a centralized dictatorial blockchain as well if you want. Blockchain offers you the right to be decentralized and secure and transparent but that doesn't mean you have to use it that way. From this "urges accelerated blockchain technology adoption" I kinda understand "find me a way that is still blockchain but I can still be a dictator" if you ask me.

Like who the hell would think dude wants a decentralized system to get bigger in his nation, we all know that dude won't give up his power at all, which means he wants to take advantage of the good parts of blockchain but remove the bad parts from it (good for us, bad for him) which is the "accelerated blockchain" in his mind, he can't come up and say "lets remove decentralization out of blockchain" directly.

[alexsandria]

Blockchain already change everything. Look how they react, some of them are even engaging in a sense of they are hoping for lift up from unfortunate situation like Venezuela. Others are creating their own crypto currency it is just undoubty inevitable once you grasp the essence of blockchain and the whole crypto currency though.

[fiulpro]

My take on this :-

They want China to dominate in every sector and seeing how it's a farm for technical advancements and also the cryptocurrencies and Bitcoins are doing well in this they think it could be a major step towards that.
Trust me the countries who can adopt it and can take that as a serious matter are gonna be so so much ahead of the time and China is not letting that slip from their hand.

[BigBoy89]

Most funny stuff around the new Chinese crypto is how the Chinese government is deleting all old articles about cryptocurrency ban and how evil are cryptocurrencies

I'm curious to see their interpretation and implementation of blockchain... and how it will be connected to the Chinese rating system. My guess is everybody will have one and only one government wallet, connected with their rating ID.

[noninum]

Blockchain technology will have many devotees, Especially after the Chinese president issued a statement that they will adopt Blockchain technology. Of course the presidents of other countries I think will follow the steps taken by the Chinese government. If that happens then we will see a new era of the Crypto world

[SaShiRaJaVu]

Blockchain is a technology (that we use mainly on money but could probably used for something else) that decentralized the power and considering China is a nation that is ruled by dictatorship and gangrapes prisoners and harvest their organs and burn alive the opposers of the regime and all the crazy horribly bad Hitler level and even worse stuff they do, they can't deal with blockchain.

There is good and bad qualities for blockchain, the Chinese government is planning to take the blockchain aspect to implement a centralized currency so that each and every transactions made by its users can be monitored and i am sure they will have all the wallet details and you need to provide your KYC to get a wallet  . If it is used in a decentralized set up it can be anonymous but if blockchain is used in centralized set up all the transactions can be verified and followed by the government.

[Febo]

...  China is a nation that is ruled by dictatorship and gangrapes prisoners and harvest their organs and burn alive the opposers of the regime and all the crazy horribly bad Hitler level and even worse stuff they do, ...

I dont know where you learned this but is very wrong. China is peoples republic. Ruled by its citizens. It is not a dictatorship. How much capital have influence on government I have no ideas. But for sure much less then in most other countries.


Blockchain and its cryptography and economics is important technology and sciences that have to be studied. Not only in China but also as we see lately in France and I am sure in other part of world.

[gentlemand]

China is peoples republic. Ruled by its citizens. It is not a dictatorship.

Erm, try running for president out of the blue and see how many body parts you finish up with. Anywhere calling itself 'Peoples' or 'Democratic' is a surefire giveaway that they're anything but.