Blockchain Gets Stamp of Approval from Chinese Leader Xi Jinping
Cryptovest
Published May 31, 2018 04:52AM ET
Blockchain Gets Stamp of Approval from Chinese Leader Xi Jinping
Chinese President Xi Jinping publicly endorsed blockchain in a speech on Monday, mentioning it alongside other transformative technologies and stressing that China should strive to lead the world in science and innovation.
Speaking during a forum of the Chinese Academy of Sciences and the Chinese Academy of Engineering, one of the most powerful leaders in the world said:
“A new generation of technology represented by artificial intelligence, quantum information, mobile communications, internet of things and blockchain is accelerating breakthrough applications.”
Xi said that China should consider technological development a priority and build a global hub of innovation.
“Since entering the 21st century, global science and technological innovation has entered into an unprecedented period of intensive activity. A new round of scientific and industrial revolution is reconstructing the global innovation map and reshaping the global economic structure,” he added.
While the country leader was speaking in Beijing, the 2018 Boao Asia Blockchain Conference, which also started on Monday, sparked anger on social media as the event was opened by an actor impersonating former leader Mao Zedong. Some blockchain watchers were afraid the incident might cast the whole blockchain community in a bad light, risking a reaction from government institutions.
The most recognized application of blockchain is cryptocurrency, Bitcoin being the one typically in the spotlight. China took a tough stance on cryptocurrency trading when it banned local crypto exchanges and initial coin offerings (ICOs) - a form of crowdfunding and fundraising. It went even further by hinting it would prohibit any type of crypto activity, including peer-to-peer trading .
Even though China has rejected blockchain’s main application, it does not oppose the technology itself. In fact, the country is very active when it comes to blockchain development, with giants like Baidu, Tencent, and JD.com showing interest in the technology.
Last week, we reported on a new document released by the Chinese Ministry of Industry and Information Technology (MIIT), which This article appeared first on Cryptovest 
Get The News You Want
Written By: Cryptovest
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.