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


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.

Related stories

Hainan Free Trade Zone Launches Bil­lion Yuan Blockchain Fund

Chi­nese Cen­tral Bank Flags For­mu­la­tion of New Fin­tech and Blockchain Stan­dards

Peo­ple’s Daily Warns against “Ma­lig­nant Com­pe­ti­tion” in Blockchain De­vel­op­ment

Chi­nese Cen­tral Bank Re­cruits Blockchain Ex­perts for Dig­i­tal Cur­rency De­vel­op­ment, Of­fers Monthly Salaries over USD$11,000