Chinese President Xi Jinping called for more research and investments to be made into blockchain technology which he touted as playing a key role in the «next round» of transformation.
«[The] important role of blockchain technology in the new round of technological innovation and industrial transformation,» was underlined by Xi during meeting of the Politiburo, a senior Chinese Communist Party committee, according to a «Xinhua» report.
«More efforts should be made to strengthen basic research and boost innovation capacity to help China gain an edge in theories, innovation and industries of the emerging field», Xi said, adding that blockchain technology could be applied to a myriad of fields including finance, education, employment, elderly care, poverty alleviation, health care and food security, infrastructure management and public services.
«Rule-Making Power»
Xi stressed that major countries were «stepping up efforts in planning blockchain technology developments» highlighting application in sectors such as digital finance, Internet of Things (IoT), smart manufacturing, supply chain management and digital asset trading.
In light of this, he urged the need for China itself to accelerate «research on the standardization of blockchain to increase China's influence and rule-making power in the global arena».
Interestingly, the report made no mention of any digital currencies including its own central bank-backed one. Concurrently, Bitcoin surged 40 percent to break $10,300, partially fuelled by news of Xi’s encouragement of greater blockchain development.
