China’s President Xi Urges Accelerated Blockchain Technology Adoption

[ecnalubma]

China’s President Xi Jinping has called for the country to accelerate its adoption of blockchain technologies as a core for innovation. Xi made the comments at a Politburo Committee session on blockchain technology trends on Oct. 24.

Blockchain adoption promotes innovation
Xi stressed that the implementation of integrated blockchain technologies is key in promoting technological innovation and transforming industries. He told the committee:

“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.”

Blockchain, not Bitcoin
Xi’s push for greater blockchain adoption comes against the backdrop of China’s long-standing aversion to — and a crackdown on — cryptocurrencies. Authorities in the country first banned ICOs in 2017, quickly followed by cryptocurrency exchanges.

There have even been reports that at least one government agency is considering a ban on cryptocurrency mining.

Digital currency arms race
Unsurprisingly, the one cryptocurrency that the Chinese government doesn’t seem to have an issue with is its proposed central bank digital currency (CBDC). Despite reports throughout the summer that the launch of this was imminent, officials from China’s Central Bank last month said that there was no timetable for the launch of the CBDC.

Meanwhile, Facebook’s Mark Zuckerberg has been referencing the threat of Chinese superiority in the digital currency space in an attempt to sell U.S. lawmakers his plans for the Libra stablecoin.

"China is moving quickly to launch a similar idea in the coming months. We can't sit here and assume that because America is today the leader that it will always get to be the leader if we don't innovate,” he argued in an official statement.

Source

Blockchain technology is undoubtedly the real deal in some countries despite their crackdown on cryptocurrencies, They really can't deny their fascination for this kind of innovation. In your opinion do you think blockchain can transform Governments?

[blckhawk]

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.

[audaciousbeing]

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.

[target]

Mark must have meant that china will soon take over being a leader once we don't innovate like the Chinese did. There has to be really something to make the adoption to be accelerated and facebook could be the right tool to spread the word for it but since the regulation has killed it already, we might just be seeing China to be the first. I have to really admire the strategy they are doing here.

[boltz]

This rush transformed the blockchain adopting tech into China vs USA as both countries are hurrying up to have the best tech and also China is building its own cryptocurrency and USA barely makes moves towards Libra to regulate it. Lets see how this adoption will go on both sides but in my opinion China has a superior advantage when it comes to Blockchain and devs around it. Also China president its pro against cryptos when Trump barely speaks about them and when he does he says things against bitcoin ....

[lionheart78]

China is in a hurry to kill or disable Bitcoin in its country.  Chinese Pres Xi, thinks that if China create a new national currency, his citizen will probably forget about Bitcoin and patronize their own cryptocurrency.  In line with that, they are also adopting the blockchain technology so that people won't be suspicious about their plan of shutting down BTC in its domain.

[rijaljun]

I was thinking this is a big turn over but basically they just want to create their own currency or something similar by adopting blockchain as soon as possible, and probably they will use the decentralized word in order to save their centralized products.

This is done of course to avoid their citizen from using Bitcoin. Could be a good news while actually a bad news for long-term.

[Wexnident]

I was thinking this is a big turn over but basically they just want to create their own currency or something similar by adopting blockchain as soon as possible, and probably they will use the decentralized word in order to save their centralized products.

This is done of course to avoid their citizen from using Bitcoin. Could be a good news while actually a bad news for long-term.

Indeed. They hurry up and chase their benefactors tails while banning them or shunning them from their own countries. China has already started the development of its own cryptocurrency and you can already guess how it would go once it is released since China is a country that is or would be monitored by the government 24/7. Plus, with their own cryptocurrency in the country, I'd believe that the government would start a strict crackdown on BTC users, stopping its growth inside China.

[CaVO32]

wow this thread has posts from crytotalk sig campaigners alone. been a while. missing new happenings here. 

but this is really good news for all crypto enthusiasts, another boost to suddenly increase the bitcoin's price within 24 hours. great!

[NathanJB]

This is not a total surprise from china since their courts were already recognizing Bitcoin as a property. But this one is very special because it is the president himself who proclaims that the blockchain technology should be utilized and with a little sense of urgency with it. This is Xi Jinping talking, the most powerful man in china. This will have a massive effect on blockchain and its use, and most likely on Bitcoin as well, the coin that comes to mind when talking of blockchain.

[hatshepsut93]

Knowing China, they are probably excited about the "track all transactions in one place without any way to delete them" aspect of blockchain, rather than freedom and decentralization. They can even try to put their other dystopian projects like social credit score on blockchain, or try to integrate blockchain with facial recognition to have immutable history of every citizens movements. Anyway, this isn't good news for Bitcoin, and if you think otherwise, you're a newbie.

[Murat]

And look the effect on the Bitcoin price within a couple of hours, It's a massive come back of Bitcoin within a night also, I think this is the right track and this speed should be kept for the rest of the months of this years, I think if this will be continued then Bitcoin price will reach at least 20k within this year, not only that but also cryptocurrency platform get a boom in the coming days but we have to look over very carefully that a group of people could take an opportunity to make money by this situation, it's really a matter of delighting that this platform has got another favorable blow which could make this platform again stronger than ever.

[SamboNZ]

The sudden price increase of bitcoin is affecting the altcoins, its dumping and hurting it. I hope this isnt manipulation or bitcoin stabilizes before increasing again. Idon think this is a healthy increase.

[bitzizzix]

The sudden price increase of bitcoin is affecting the altcoins, its dumping and hurting it. I hope this isnt manipulation or bitcoin stabilizes before increasing again. Idon think this is a healthy increase.

The current increase is very surprising and I heard because it was influenced by the news that Chinese president Xi Jinping asked the country to accelerate the application of blockchain technology as the core for innovation and that was very good news.
but vigilance must still be anticipated because the decline could come suddenly in the near future, but that is not the desired expectation and hopefully this is a good start for Bitcoin and Altcoin to reach the highest prices.

[nasipadang]

In fact blockchain technology has long been an attraction for the government, they prefer technology rather than cryptocurrency. Cryptocurrency is now still unprofitable if adopted for the government, because they could have made their own cryptocurrency. Considering yesterday the US government emphasized regulation on Libra, now China is proposing to adopt a blockchain. Is there a world technological war here?

[Lance203sin]

Blockchain is not a crypto, so this is not gurantee anything good about bitcoin and crypto in general, guys

[Upgrade00]

China wants to be superpowers in the cryptocurrency sphere, and are tapping into their huge market base to patronize their very own currency. But I still think they need to control Bitcoin inorder to really influence cryptocurrency.
There could be a buying war between nations for control of the limited number of bitcoins which can be made available.

[AniviaBtc]

China is quick enough when it comes to adoptation of blockchain tech into their country. They build their own cryptocurrency to promote this currency platform in their country. China will become successful when it comes to implementing this cryptocurrency. They have the advantage in blockchain technology because of their population.

[jaocoincrypto18]

The sudden price increase of bitcoin is affecting the altcoins, its dumping and hurting it. I hope this isnt manipulation or bitcoin stabilizes before increasing again. Idon think this is a healthy increase.

The current increase is very surprising and I heard because it was influenced by the news that Chinese president Xi Jinping asked the country to accelerate the application of blockchain technology as the core for innovation and that was very good news.
but vigilance must still be anticipated because the decline could come suddenly in the near future, but that is not the desired expectation and hopefully this is a good start for Bitcoin and Altcoin to reach the highest prices.

Although it is good to see that the Bitcoin prise is heading fast towards the psychological $10,000 mark but this development also might prove that China can really influenced the market movement so hopefully this is not a self interest agenda by China that they are just saving the market from moving lower.

[gentlemand]

I'll be disappointed if this is one the causes of the pump but knowing how literal and dim many are it probably is.

'blockchain' is a dream technology for authoritarians as much as it is for the diametrically opposed.

And if you think a fully blockchained China is good for btc there think again.

With normal banking/apps P2P stuff can probably continue to slip through the cracks.

A legit government crypto ups the control and surveillance to truly gross levels.