China’s Reliance upon Foreign Blockchain Code is Dangerous: Ex-Bank of China President

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The former head of one of China’s big six state-owned banks says the country’s dependence upon blockchain code which isn’t developed domestically poses a hazard.

Li Lihui (李礼辉), the former president of Bank of China (BOC) and currently head of the blockchain team at the National Internet Finance Association of China (NIFA), said that at present the original source code used for blockchain technology isn’t China’s own, and that this technological dependence could cause considerable problems for future development.

Li made the remarks during a speech delivered on 7 December in Sanya at the Sanya-Caijing International Forum (2019三亚·财经国际论坛).

Li said that China should vigorously support technological innovation and strive to seize “guidance authority” when it comes to digital technologies, as well as clarify tax advantages that industrial policy will provide to digital technology research and development enterprises and professional talent.

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