According to Xi Jinping, the mantra could be 'seize the chain' in lieu of 'seize the day'.
As part of a broader technology strategy outlined to the Chinese Communist Party’s Central Committee, Xi Jinping urged the acceleration of blockchain initiatives. speeding up innovation He highlighted blockchain's potential as a primary technological driver for China's continued advancement.
Xi Jinping's remarks were his first public statements about blockchain, marking a significant policy focus on this burgeoning technology.
The president advocated for increased funding in blockchain developments to enhance numerous domestic sectors, including digital finance and supply management.
A report by the Xinhua News Agency summarized Xi's vision, highlighting China’s readiness to promote blockchain and its integration with the economy.
Per that transcript, Jinping added:
Xi emphasized that China's blockchain strategy must address SME financing issues and other financial challenges, and should expand into fields like education, healthcare, and public welfare.
An Explosion of Interest?
Had Xi Jinping denounced blockchain, it could have stifled blockchain enthusiasm globally. Instead, his support has invigorated the sector.
His endorsement of blockchain as a cornerstone for China's sovereignty has sparked considerable conversation in cryptocurrency circles.
Su Zhu of Three Arrows Capital noted the far-reaching effects of Jinping's blockchain advocacy, predicting immediate and enduring impacts.
https://twitter.com/zhusu/status/1187709966926282752
Following Xi's remarks on October 25th, cryptocurrency markets experienced a surge, reflecting traders' optimistic reception.
While cryptocurrencies offer just one facet of blockchain's potential, the markets responded positively to the emphasis on related technological innovation.
In the wake of Xi's comments, major cryptocurrencies rallied with considerable gains, as observed majorly in Bitcoin, Ethereum, and Binance Coin.
A Tense Clash Over Libra and Digital Yuan Unfolds in the U.S.
Amidst growing competition, China has intensified efforts for a digital currency, paralleling Facebook’s Libra project. digital yuan Facebook is leveraging China's moves to persuade U.S. lawmakers, who remain cautious yet concerned about falling behind in tech innovation.
Addressing U.S. officials, Mark Zuckerberg suggested Libra is pivotal for maintaining U.S. leadership against competitors like China.
Zuckerberg asserted that backing Libra primarily with the dollar would bolster American financial prominence and uphold democratic ideals.
William M. Peaster, an expert in the cryptocurrency space, writes about Ethereum, Bitcoin, and more, and is currently learning Solidity. Reach out to him on Telegram at @wmpeaster.
