Chinese President Xi Jinping Called Blockchain Applications “Breakthrough”

Chinese President Xi Jinping Called Blockchain Applications “Breakthrough”

China is known to be harsh when it comes to cyber tokens and ICO. Despite this, it is still a world's centre for the DLT evolution.

Moreover, the Chinese leader sounds supportive concerning this developing tech trend. Recently, Xi Jinping, the leader of China, said that the blockchain could be applied in "breakthrough" ways.

Even Xi Jinping Supports DLT

Taking the floor at the 19th meeting of the Academic Academy of China and the 14th Academic Meeting of the Chinese Engineering Academy this week, the Chinese leader embraced the applications of the blockchain. As it is known, this tech trend is an underpinning technology for lots of cryptos as well as means of recording information.

In particular, Xi Jinping said that the novel formation of technology is embodied by:

  • AI
  • quantum information
  • mobile communications
  • IoT
  • blockchain

All of them, according to his words, are speeding up the field through "breakthrough applications."

Furthermore, the head of China also stressed that his country needs to concentrate on the tech evolution as well as turn into a “global centre of science and innovation.”

The Chinese leader also said that currently, the world of science is experiencing activity, which has never been seen before. He said that in the current century worldwide science and tech discoveries have become uniquely active, so the new set of modern and scientific reconstruction is changing the entire world as well as its economy.

Still Strict

From the first sight, it may seem that on par with DLT China is looking forward to the adoption of crypto. However, it is not. The country barred its residents as well as visitors from selling virtual tokens via ICOs. The ban was announced at the start of the last year fall.

Due to governmental pressure, lots of major cyber money exchanges had to shut down their offices in China and move to different countries. There has also been a concern that the Chinese gov't try to tackle crypto-miners.

Blockchain Hub

In spite of that, China remains a centre of the DLT evolution. It is known that a range of startups is collaborating with the local Chinese state to study or to integrate this tech trend into life.

On April 9, there was set off the Xiong’An Global Blockchain Innovation Fund with 10 bln yuan (or $1.6 bln) to support green projects, being run in the blockchain-ecosystem.

According to Sohu.com, the local media online outlet, it was announced about the fund’s launch at the opening ceremony of the Hangzhou Blockchain Industrial Park in China. This park is known for being a sort of “sitting” of startups. It is situated in one of the most significant technological hubs in the country – Hangzhou in Zhejiang province, which also appears to be the homeland of Alibaba.

Albert Xuan, a project supervisor at Liaoyuan, an advisory company, and an incubator for startups, told CNBC:

"In China, blockchain's still developing, really great."

According to Xuan’s words, in May, there were nearly 100-200 people who travelled from China to New York to be present at Liaoyuan's "Blockchain Without Borders" gathering. The last one, by the way, attracted approximately 650 people and hosted minimum two panels in the Chinese language.

And that’s not all. In the State Council's 13th five-year economic plan, published by the Chinese gov't two years ago, blockchain is named, and even two times.

As it is known, blockchain is a constantly expanding list of records that are connected with each other and safeguarded thanks to encryption. Blockchain appears to be a core of lots of cyber assets. However, it can also be widely applied in other spheres of humans’ lives – from the recording of shipment to tracing medicine and creating new devices.