China’s President Xi Urges Accelerated Blockchain Technology Adoption

[NathanJB]

This is what we are waiting for, the big boys are now recognizing and trying to get into the blockchain technology revolution and this is a good news for the end and for the start of next year because we can expect that there will be more blockchain technology related projects that are created by the chinese government since they are now a fan of this kind of technology.

But be careful because with this development it seems that the big boys are only interested about the blockchain technology and that in the process, they might simply dump at the sidewalk the existing cryptocurrencies including the top Bitcoin and Ethereum. This announcement implies that they will utilize it for many reasons and one of these reasons is of course the creation of their very own cryptocurrency or digital renminbi which is nothing but an improved version of fiat, but still fiat.

[bryant.coleman]

But be careful because with this development it seems that the big boys are only interested about the blockchain technology and that in the process, they might simply dump at the sidewalk the existing cryptocurrencies including the top Bitcoin and Ethereum. This announcement implies that they will utilize it for many reasons and one of these reasons is of course the creation of their very own cryptocurrency or digital renminbi which is nothing but an improved version of fiat, but still fiat.

Xi Jinping never mentioned about Bitcoin or Ethereum (or for that matter any other cryptocurrency) during his speech. He was only concerned about Blockchain technology. My guess is that he wants to separate Blockchain from the existing cryptocurrencies and then integrate it with fiat currency. In the end we'll get something similar to Tether (USDT).

The Chinese government and the central bank continues to harass the cryptocurrency users in that country. And there is no indication that their stance will change, despite the recent statement by Xi. For the Chinese government, Blockchain may become another tool in their powerful surveillance machinery. And if that happens, it will be exact opposite of what Satoshi Nakamoto wanted. 

[andycarrol]

I am very happy to hear information like this because this can have a very good effect on the price of bitcoin and can trigger other cryptocurrency that has a very useful and very good platform that can be used more, meaning that demand will increase and the price will be very expensive because of the people who have high demand.

[Pamadar]

But be careful because with this development it seems that the big boys are only interested about the blockchain technology and that in the process, they might simply dump at the sidewalk the existing cryptocurrencies including the top Bitcoin and Ethereum. This announcement implies that they will utilize it for many reasons and one of these reasons is of course the creation of their very own cryptocurrency or digital renminbi which is nothing but an improved version of fiat, but still fiat.

Xi Jinping never mentioned about Bitcoin or Ethereum (or for that matter any other cryptocurrency) during his speech. He was only concerned about Blockchain technology. My guess is that he wants to separate Blockchain from the existing cryptocurrencies and then integrate it with fiat currency. In the end we'll get something similar to Tether (USDT).

The Chinese government and the central bank continues to harass the cryptocurrency users in that country. And there is no indication that their stance will change, despite the recent statement by Xi. For the Chinese government, Blockchain may become another tool in their powerful surveillance machinery. And if that happens, it will be exact opposite of what Satoshi Nakamoto wanted. 

You have a good point there, There's no mentioning of particular coin/s but the system of blockchain where the Chinese government will be able to seek for more useful usage of this system in order to make things for this nation's advantages. If they are really aiming deeper might have a chance to introduce their  own versions of blockchain token and be use privately  for the citizen, China's idealistic approach for greater power to enjoy.

[Tylev]

In fact, these statements by the Chinese president are nothing new. The Chinese government has always massively introduced blockchain technology in all sectors of its economy and issued the largest number of patents for inventions using this technology. However, a statement at such a high level was, of course, not yet. In recent decades, China has been surprising the whole world with its achievements in the development of new technologies. Therefore, the current statement by the Chinese president is quite logical.
However, such a statement, unfortunately, has nothing to do with the adoption and use of decentralized cryptocurrency.

[gentlemand]

Sad but true.



It seems even the cheeky Chinese themselves have difficulty untangling the thought that 'blockchain' has little to do with Bitcoin in the minds of those up the top.

[Sithara007]

It seems even the cheeky Chinese themselves have difficulty untangling the thought that 'blockchain' has little to do with Bitcoin in the minds of those up the top.

Obviously Xi Jinping is as hostile as ever to the idea of cryptocurrency. He wants to use the Blockchain technology, because it can become a very efficient weapon to track the spending habits of the Chinese citizens and it can give the power to the Chinese government machinery to keep a log of each and every activity done by these people.

But it is going to be very difficult to differentiate Blockchain from Bitcoin, because both of them are part of the same innovation or idea. The inventor is the same for both. And unfortunately, the Chinese government probably want to use Blockchain technology for something diametrically opposite to what Saotshi Nakamoto thought about it.

[huu78]

I think the blockchain is very useful for its transaction system. But the bank is still using their system by adopting a blockchain may be more transparent when the transaction occurs where the money flow is sent.
So I think yes could be blockchain can change the government if the authority of the country is legalized.

[el kaka22]

Dude, both ban mining but then suggests their own currency, then bans ICO but then suggest blockchain technology adoption. He doesn't really know what he is doing with crypto world, first he looks like he is against it then he says something he supports it, even the Chinese don't know what they should think about the situation there. They supported to have bitcoins for example but they are banned from mining it.

How could you both be supportive of buying bitcoins and be against mining it at the same time? It makes no sense. This dude is so used to doing whatever the hell he pleases that nobody even questions him, he can do the most stupidest things ever and the Chinese are forced to like him no matter what because if they say anything against him then they will be killed, along with their families as well.

[gentlemand]

Dude, both ban mining but then suggests their own currency, then bans ICO but then suggest blockchain technology adoption. He doesn't really know what he is doing with crypto world, first he looks like he is against it then he says something he supports it, even the Chinese don't know what they should think about the situation there. They supported to have bitcoins for example but they are banned from mining it.

Unless it's from someone's own mouth or hand there's no real way of knowing what their attitude is. Government everywhere is totally sprawling and may not have a clue what some department elsewhere is up to. I remember a former UK PM saying the first time they heard about a new policy was when it was launched by another office somewhere.

From what's emerging it looks like they are acknowledging actual crypto a little more than I first expected.

This is probably the most informative place to keep an eye on developments - https://twitter.com/DoveyWan

[airdnasxela]

President Xi Jinping is really a pro-blockchain technology. Even me can't argue that blockchain is really a good innovation and development for a country. Blockchain is not just about cryptocurrency, there are also different fields where we can apply the said technology. It can really transform the government for good, even the development of the country. But it can also transform a government for bad if it will be use for personal benefits.
Though we still can't figure out what will happen and the plans of the president because he's not really into crypto- only blockchain. And we don't know how it'll will affect the market in the future.

[ufaiz50]

The government is a variety of regulations in the regional order. thinking about increasingly advanced technology, it's possible the government has to keep up with the technological progress. The government will definitely adapt the conditions where the ego of one character is compared to the benefits for many people. If the government adopts the blockchain they will transform the concept in this case financial management.

[alyssa85]

This is what we are waiting for, the big boys are now recognizing and trying to get into the blockchain technology revolution and this is a good news for the end and for the start of next year because we can expect that there will be more blockchain technology related projects that are created by the chinese government since they are now a fan of this kind of technology.

But be careful because with this development it seems that the big boys are only interested about the blockchain technology and that in the process, they might simply dump at the sidewalk the existing cryptocurrencies including the top Bitcoin and Ethereum. This announcement implies that they will utilize it for many reasons and one of these reasons is of course the creation of their very own cryptocurrency or digital renminbi which is nothing but an improved version of fiat, but still fiat.

This. It's all about sidelining the independent cryptocurrencies like bitcoin, ethereum etc and replacing it with something only the govt can develop and mine (and thus is controlled by the govt).

[gentlemand]

This. It's all about sidelining the independent cryptocurrencies like bitcoin, ethereum etc and replacing it with something only the govt can develop and mine (and thus is controlled by the govt).

But the harder they go at making their own crypto, the more compelling the case will be for the real ones. It's a pretty much guaranteed correlation.

Current fiat currencies are an epic and unfathomable mess of ancient and modern systems rubbing up against each other. Driving people into apps like Wechat certainly helps to get past that but a proper ground up governmentcoin will massively increase their power.

I guess what they're aiming for is a system so all encompassing that they can trace and penalise any P2P transaction for proper crypto. If there's no cash any more and anyone can be booted from the one and only monetary system then it just might work even then people might resort to barter or proxies.

[1Referee]

But it is going to be very difficult to differentiate Blockchain from Bitcoin, because both of them are part of the same innovation or idea. The inventor is the same for both.

Satoshi is not the inventor of blockchain. I'm not exactly sure about how long chains of blocks already exist, but they did so before the internet boom in 2000 already.

What Bitcoin does is put the same principle to work in the most valuable possible way, which unfortunately, is something people completely disregard as they only focus on the crap that has been launched in the more recent years where the term blockchain is only used to gobble up investor money.

In the real world, people have no clue whether they use blockchains or not, nor do they care about that, all they want is something to work and the price for that something to be low. Bitcoin has contributed to that by forcing institutions to improve services and make them cheaper to use.

[fullhdpixel]

Understanding blockchain very well, we will see that it can really transform the government, both politically, economically and structurally because these 3 are all connected, and if any of these three gets it right, then others have also gotten it right.

For china to have reconsidered their stand of blockchain technology which the news was what made the value of bitcoin to spike of recent, they must have seen the very high advantage of blockchain technology along the line, which is why I even think that they were not too quite in making that decision of banning mining of cryptocurrency, although I know that with time, when they are fully ready with their own technology, they might actually be regulating most of these external cryptocurrency activities other than their own.

[Apes]

Does this issue have anything to do with trade war. It could be that China is designing a system that was originally an ordinary blockchain into cryptocurrencies blockchain. Nowadays many are trying to terminate their trading business, maybe if they use cryptocurrencies for trading, making their buyers & seller to be anonymous and tax-free.  This is just my crazy idea, don't think about it.

[abhiseshakana]

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?

Talking about financial technology, of course, is inseparable from Jack ma, founder of Alibaba, who is also a member of the communist party. Since the beginning, Jack Ma has been anti-bitcoin and other cryptocurrencies but is very supportive and appreciative of bitcoin technology that provides security and privacy for its users.

Do you think blockchain can transform governments?
What is meant by transformation is a change in form, appearance or nature. Maybe the right choice of words is the transformation of government policy rather than his government.

The purpose of the call for accelerating the application of blockchain technology for commercial banks in China is for the purpose of overseas Chinese interests. This is related to China's foreign policy to become a superpower and hopes to be the first leader. China is transformed from an imitation country into an innovative country, it is hoped that innovation in the blockchain will prevent American domination in this field.

2020 is a political year for the United States, they concentrate on securing American elections from foreign intervention. The Chinese president sees this as a good opportunity to steal a start so that America does not lead.

[barabarian1]

Blockchain technology has many advantages and can be applied in all fields. and by adopting a blockchain I think a country's economy will be more advanced. because the transaction process will be safer, transparent, cheaper and can also prevent corruption. because every transaction process can be seen by all parties. and I also heard that China will make its own currency. therefore the Chinese government now gives orders to immediately adopt blockchian technology.

[justdimin]

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.