Chinese President Xi Jinping endorses Blockchain

Chinese President Xi Jinping has made a glowing endorsement for Blockchain technology.

During a speech this week, China’s leader spoke positively about the nascent tech for the first time in public.

Mr. Jinping made the statement on Monday whilst speaking at an annual academic conference hosted by the Chinese Academy of Sciences.

The Chinese President declared that Blockchain is a vital part of a technology “revolution.”

Xi stated that China should seize the opportunity to thrive in the global economy, telling the audience:

“Ever since the start of the 21st century, a new generation of industrial revolution is substantially reshaping the global economic structure …

“with artificial intelligence, internet of things and blockchain constantly making application breakthroughs.”

The Chinese President further noted that his country will need to act in order to lead the way amid global economic competition.

To do so, he announced that China will launch high-tech national laboratories to foster development and research of technology infrastructure.

Although President Jinping didn’t divulge any further details on how blockchain will be used, his statement comes just days after the his government also mentioned blockchain in a high-level report.

China’s State Council sent an order to the country’s Guangdong Free-trade Zone on May 24, according to CoinDesk.

The council demanded that Blockchain development and application must be accelerated as part of the region’s economic reform.

The State Council has already moved forward with the idea of using Blockchain as part of their information technology reform strategy.

In fact, the concept was included in the nation’s 13th five-year economic development agenda that spans from 2016 to 2020.