As we all know, Bitcoin (BTC) has risen to $ 10510. This may be Chinese President Xi Jinping’s decision to accelerate the acceptance of blockchain technology. Xi Jinping commented on the trend of blockchain technology at the Politburo Committee meeting on October 24.
Blockchain is vital
The Politburo Committee is a committee composed of the highest level of the Chinese Communist Party.
Xi Jinping emphasized that the implementation of integrated blockchain technology is essential for promoting technological innovation and industrial transformation.
He told the committee:
We need to take blockchain as a major breakthrough for independent innovation of core technologies, clarify main directions, increase investment, focus on a number of key technologies and accelerate the development of blockchain and industrial innovation.
Due to the country’s history of cryptocurrency, Xi Jinping’s desire to accept more blockchain is surprising. For example, in 2017, the country banned ICOs and scholarships. There are also rumors about the mining ban.
However, it is reported that the country is busy developing its own digital currency (CBDC).
Mark Zuckerberg has already mentioned China’s advantages in digital currency to convince US lawmakers to believe in its Libra stablecoins project.
China is fast on the way to launch a similar idea in the coming months. We cannot sit here and assume that since America is the leader today, it will always remain the leader if we do not innovate.