Xi Jinping Calls for Greater Focus on Independent Blockchain Development


President Xi Jinping has called for China to devote greater effort towards the independent development of blockchain innovations.

At a blockchain technology study session held by the Chinese Politburo on 24 October, Xi said that the China must “make the blockchain a core technology for key breakthroughs in independent innovation.”

Xi called for “expanding the vigour of investment, and accelerating the drive for innovative growth in blockchain technologies and industries.”

According to a report from the Xinhua News Agency President Xi stressed that blockchain technology applications already extended to areas including digital finance, the Internet of Things, smart manufacturing, supply chain management and digital asset transactions.

Xi further called for “strengthening guidance and standardisation of blockchain technology, strengthening research and analysis of blockchain security and risks…and closely tracking developmental trends.”

This will involve the establishment of a “security protection system” suitable for blockchain technology; guiding and driving blockchain developers and platform operators to strengthen industry self-discipline, and applying the rule of law to blockchain regulation.