President of China Xi Jinping spoke at a meeting of the Chinese Academy of Sciences and the Chinese Academy of Engineering on Monday, where he described blockchain as a ”breakthrough” technology.

”A new generation of tech”

As reported by CNBC, President Xi Jinping’s remarks translate as: “A new generation of technology represented by artificial intelligence, quantum information, mobile communications, internet of things and blockchain is accelerating breakthrough applications.”

Continuing, Xi noted, “Since entering the 21st century, global science and technological innovation have 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.”

Xi went on to address his perceived requirements of China, noting that this includes focusing on technological development to become the leading country regarding science and innovation.

Blockchain, crypto and China

While Bitcoin was the first and most well-known use of blockchain, Beijing currently holds a ban on domestic Bitcoin trading and sales of new digital tokens via initial coin offerings (ICOs). Pundits have suggested that speculation on the potential of blockchain technology had a large role to play in Bitcoin prices skyrocketing in 2017.

Despite the relationship between blockchain and cryptocurrencies, China is indeed a hub for blockchain developments. Earlier this week, an official from the Chinese government verified that the country’s plans to launch a national blockchain standardization committee should be ready to launch by the end of this year.

Several start-ups have partnered with local government authorities in China to pursue research and implementation of blockchain technology. Albert Xuan, project manager at Liaoyuan, a consulting firm and incubator for start-ups said on the subject: “In China, blockchain’s still developing, really great.”

According to Xuan, somewhere between 100 and 200 people left China for New York to participate in Liaoyuan’s Blockchain Without Borders conference. The event hosted roughly 650 people, with at least two panels reported to have been held in Mandarin.

 

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